[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[House]
[Pages H4222-H4226]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
FINANCIAL EXPLOITATION PREVENTION ACT OF 2025
Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and
pass the bill (H.R. 2478) to amend the Investment Company Act of 1940
to postpone the date of payment or satisfaction upon redemption of
certain securities in the case of the financial exploitation of
specified adults, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 2478
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Exploitation
Prevention Act of 2025''.
SEC. 2. REDEMPTION OF CERTAIN SECURITIES POSTPONED.
(a) In General.--Section 22 of the Investment Company Act
of 1940 (15 U.S.C. 80a-22) is amended by adding at the end
the following:
``(h) Requirements With Respect to Non-institutional Direct
At-fund Accounts.--
``(1) Election.--
``(A) In general.--A registered open-end investment company
and a transfer agent described under paragraph (2) may elect
to comply with the requirements under paragraph (2) and
subsection (i) by notifying the Commission of such election.
``(B) Effect of election.--Paragraph (2) and subsection (i)
shall only apply to a registered open-end investment company
and a transfer agent that have made the election under
subparagraph (A).
``(2) Requirements.--In the case of a customer who is a
holder of a non-institutional account held directly with a
registered open-end investment company and serviced by a
transfer agent (a `direct-at-fund account'), the company and
transfer agent shall--
``(A) request from such customer the name and contact
information of at least one individual who--
``(i) is at the time of such request an adult; and
``(ii) may be contacted with respect to such account;
``(B) document and retain the information received pursuant
to subparagraph (A); and
``(C) disclose to such customer in writing (including
through electronic delivery) that such company or transfer
agent may contact an individual specified pursuant to
subparagraph (A) with respect to the account of such customer
to--
``(i) address possible financial exploitation of such
customer;
``(ii) confirm the contact information or health status of
the customer; or
``(iii) identify any legal guardian, executor, trustee, or
holder of a power of attorney of the customer.
``(i) Redemption of Certain Securities Postponed.--
``(1) In general.--Notwithstanding subsection (e), a
registered open-end investment company or a transfer agent
acting on behalf of such company may postpone the date of
payment or satisfaction upon redemption of any redeemable
security in accordance with its terms for more than seven
days after the tender of such security to such company or its
agent designated for that purpose for redemption if such
company or agent reasonably believes that--
``(A) the redemption is requested by a security holder who
is a specified adult; and
``(B) financial exploitation has occurred, is occurring, or
has been attempted with respect to such redemption.
``(2) Duration.--
``(A) In general.--Except as provided in subparagraphs (B)
and (C), a registered open-end investment company or a
transfer agent acting on behalf of such company may postpone
the date of payment or satisfaction upon redemption of a
redeemable security under paragraph (1) for a period of not
more than 15 business days.
``(B) Extension upon determination of exploitation.--The
period described in subparagraph (A) may be extended by an
additional 10 business days if the registered open-end
investment company or a transfer agent acting on behalf of
such company--
``(i) reasonably believes that--
``(I) the redemption is requested by a security holder who
is a specified adult; and
``(II) financial exploitation has occurred, is occurring,
or has been attempted with respect to such redemption;
``(ii) subject to subparagraph (D), not later than 2 days
after making a determination under clause (i), notifies the
individuals specified by such security holder under
subsection (h)(2)(A) in writing (including through electronic
delivery) of the extension of the period described in
subparagraph (A) under this subparagraph and the reason for
such extension;
``(iii) initiates an internal review of the facts and
circumstances relating to the determination under clause (i);
``(iv) holds amounts related to the delayed payment or
satisfaction upon redemption of the redeemable security in a
demand deposit account; and
``(v) documents and retains records related to carrying out
clause (iv) and includes such records in the first required
account statement of the security holder provided after the
date on which the determination is made under clause (i).
``(C) Extension by government.--A State regulator,
administrative agency of competent jurisdiction, or court of
competent jurisdiction may extend the period described in
subparagraph (A).
``(D) Notification.--
``(i) Exception.--Subparagraph (B)(ii) shall not apply if a
registered open-end investment company or transfer agent
acting on behalf of such company reasonably believes that an
individual required to be notified under such subparagraph
is, has been, or will subject the security holder who
identified such individual under subsection (h)(2)(A) to
financial exploitation.
``(ii) Reasonable efforts.--An open-end investment company
or transfer agent acting on behalf of such company shall be
considered in compliance with subparagraph (B)(ii) if such
company or transfer agent makes a reasonable effort to
contact the individuals specified by a security holder under
subsection (h)(2)(A).
``(E) Internal procedures.--An open-end investment company
or transfer agent acting on behalf of such company shall
establish procedures to carry out the requirements under this
subsection, including procedures--
``(i) related to the identification and reporting of
matters related to the financial exploitation of specified
adults;
``(ii) to determine whether to release or reinvest delayed
redemption proceeds, taking into account the facts and
circumstances of each case, should the internal review under
subparagraph (B)(iii) support the reasonable belief described
in subparagraph (B)(i);
``(iii) identifying each employee of the company or
transfer agent with authority to establish, extend, or
terminate a period described in paragraph (1) or subparagraph
(A);
``(iv) in the case of a transfer agent, that are reasonably
designed to ensure that the employees of such transfer agent
comply with this subsection; and
``(v) in the case of an open-end investment company,
establishing periodic reporting requirements under which a
transfer agent acting on behalf of such company shall notify
such company of--
``(I) each extension under subparagraph (B) authorized by
such transfer agent;
``(II) each finding by the transfer agent under
subparagraph (B)(i);
``(III) each notification under subparagraph (B)(ii)
carried out by such transfer agent; and
``(IV) the results of each internal review initiated by the
transfer agent under subparagraph (B)(iii).
``(F) Information included in certain statements.--An open-
end investment company shall include in each prospectus or
statement of additional information a notification that the
company or transfer agent acting on behalf of such company
may postpone redemption of certain securities under this
subsection.
``(G) Record retention.--An open-end investment company or
transfer agent acting on behalf of such company shall--
``(i) document and retain records of--
``(I) each postponement of redemption under subparagraph
(A), (B), or (C);
``(II) each finding under subparagraph (B)(i);
``(III) the name and position of each employee described in
subparagraph (E)(iii);
``(IV) each notification carried out under subparagraph
(B)(ii); and
``(V) the results of each internal review initiated under
subparagraph (B)(iii); and
``(ii) make such records available to the Commission at the
request of the Commission.
``(3) Specified adult defined.--In this subsection, the
term `specified adult' means--
``(A) an individual age 65 or older; or
``(B) an individual age 18 or older who a registered open-
end investment company or a transfer agent acting on behalf
of such company reasonably believes has a mental or physical
impairment that renders the individual unable to protect the
individual's own interests.''.
(b) Regulatory and Legislative Recommendations.--
(1) In general.--Not later than 1 year after the date of
the enactment of this section, the Securities and Exchange
Commission, in consultation with the entities specified in
paragraph (2),
[[Page H4223]]
shall submit to Congress a report that includes
recommendations regarding the regulatory and legislative
changes necessary to address the financial exploitation of
security holders who are specified adults (as defined in
subsection (i)(3) of section 22 of the Investment Company Act
of 1940 (15 U.S.C. 80a-22), as added by this section).
(2) Consultation.--The entities specified in this paragraph
are as follows:
(A) The Commodity Futures Trading Commission.
(B) The Director of the Bureau of Consumer Financial
Protection.
(C) The Financial Industry Regulatory Authority.
(D) The North American Securities Administrators
Association.
(E) The Board of Governors of the Federal Reserve System.
(F) The Comptroller of the Currency.
(G) The Federal Deposit Insurance Corporation.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arkansas (Mr. Hill) and the gentlewoman from California (Ms. Waters)
each will control 20 minutes.
The Chair recognizes the gentleman from Arkansas.
General Leave
Mr. HILL of Arkansas. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days to extend their remarks and include
extraneous material on this bill.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Arkansas?
There was no objection.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I include in the Record the Congressional Budget Office
estimate for this bill.
H.R. 2478, FINANCIAL EXPLOITATION PREVENTION ACT OF 2025, AS REPORTED BY
THE HOUSE COMMITTEE ON FINANCIAL SERVICES ON NOVEMBER 4, 2025
------------------------------------------------------------------------
By Fiscal Year, Millions of
Dollars--
-----------------------------------
2026 2026-2031 2026-2036
------------------------------------------------------------------------
Direct Spending (Outlays)........... * * *
Revenues............................ * * *
Increase or Decrease (-) in the * * *
Deficit............................
Spending Subject to Appropriation * * not
(Outlays).......................... estimated
------------------------------------------------------------------------
* = between -$500,000 and $500,000.
Increases net direct spending in any of the four
consecutive 10-year periods beginning in 2037? No.
Increases on-budget deficits in any of the four consecutive
10-year periods beginning in 2037? No.
Statutory pay-as-you-go procedures apply? Yes.
Mandate Effects:
Contains intergovernmental mandate? No.
Contains private-sector mandate? Yes, under threshold.
The bill would:
Allow certain investment companies and their agents to
postpone payments for the redemption of securities for up to
15 business days when they suspect the request of such action
is the result of the exploitation of one or more people age
65 or older or who have impairments that keep them from
protecting their own interests.
Require the Securities and Exchange Commission (SEC) to
report to the Congress within one year on regulatory and
legislative policies that could mitigate the financial
exploitation of such people.
Direct five federal agencies to consult with the SEC in
preparing that report.
Impose mandates on financial institutions if federal
financial regulators increase fees to implement the bill.
Estimated budgetary effects would mainly stem from:
Staffing costs for the SEC to study and report on policies
that could mitigate financial exploitation of vulnerable
adults.
Administrative costs for financial regulators to consult
with the SEC.
Bill Summary
H.R. 2478 would allow certain investment companies and
their agents to postpone payments for the redemption of
securities for up to 15 business days when they suspect the
request of such action is the result of the exploitation of
one or more people who are age 65 or older or who have
impairments that keep them from protecting their own
interests.
H.R. 2478 also would require the Securities and Exchange
Commission (SEC) to report to the Congress within one year on
regulatory and legislative policies that could mitigate the
financial exploitation of such people. The bill would direct
the Commodity Futures Trading Commission (CFTC), Consumer
Financial Protection Bureau (CFPB), Federal Deposit Insurance
Corporation (FDIC), Office of the Comptroller of the Currency
(OCC), and Federal Reserve to consult with the SEC on the
report.
Estimated Federal Cost
The costs of the legislation fall within budget function
370 (commerce and housing credit).
Basis of Estimate
CBO assumes that the bill will be enacted in fiscal year
2026. The costs for the federal agencies other than the SEC
would be minimal. Using information from the agencies, CBO
expects that each one would need less than one full-time-
equivalent employee to assist the SEC with its report.
Direct Spending and Revenues
CBO estimates that enacting H.R. 2478 would decrease
revenues and increase direct spending, on net, by less than
$500,000 over the 2026-2036 period; the net effect on the
deficit would be insignificant.
The operating costs for the FDIC and OCC are classified in
the budget as direct spending. Because the OCC is authorized
to collect fees from regulated institutions to cover
administrative expenses, CBO estimates that enacting H.R.
2478 would increase net direct spending by an insignificant
amount over the 2026-2036 period.
Under current law, the CFPB is permanently authorized to
spend amounts transferred from the combined earnings of the
Federal Reserve in an amount necessary to carry out its
responsibilities, subject to a statutory cap that was most
recently lowered by the 2025 reconciliation act. That
spending is classified as direct spending in the budget.
Because CBO expects that, under current law, the CFPB will
spend all transferred funds up to its statutory cap in the
years that the combined earnings of the Federal Reserve are
sufficient to fund the CFPB, we do not attribute any increase
in direct spending for the CFPB to this bill. Any spending by
the CFPB to implement the bill would necessitate a decrease
in spending for other activities of the agency.
Costs incurred by the Federal Reserve reduce remittances to
the Treasury, which are recorded in the budget as revenues.
CBO estimates that enacting H.R. 2478 would decrease revenues
by an insignificant amount over the 2026-2036 period.
Spending Subject to Appropriation
In June 2018, the SEC announced that it would not pursue
enforcement actions against investment companies or their
agents that delay the disbursement of redeemed securities
based on the belief that the request was the result of the
financial exploitation of a person who is age 65 or older or
is an impaired adult.
On that basis and using information from the commission
about the cost of similar reports, CBO estimates that
implementing H.R. 2478 would cost the SEC $2 million over the
2026-2031 period. CBO expects that the SEC would need five
employees, at an average cost of $340,000 per employee, for
one year to complete the study and report to the Congress.
Because the SEC is authorized to collect fees each year to
offset its annual appropriation, CBO expects that the net
effect on the commission's discretionary spending over the
2026-2031 period would be negligible, assuming appropriation
actions consistent with that authority.
CBO estimates that implementing the bill would increase
costs by an insignificant amount for the CFTC, whose
administrative costs are subject to appropriation.
Pay-As-You-Go Considerations
The Statutory Pay-As-You-Go Act of 2010 establishes budget-
reporting and enforcement procedures for legislation
affecting direct spending or revenues. CBO estimates that
enacting the bill would increase direct spending and decrease
revenues by less than $500,000 over the 2026-2036 period; the
effect on the deficit would not be significant.
Increase in Long-Term Net Direct Spending and Deficits
CBO estimates that enacting H.R. 2478 would not increase
net direct spending or on-budget deficits in any of the four
consecutive 10-year periods beginning in 2037.
Mandates
If federal financial regulators increase fees to offset the
costs associated with implementing the bill, H.R. 2478 would
increase the cost of an existing mandate on private entities
required to pay those assessments. CBO estimates that the
incremental cost of the mandate would be small and would fall
well below the annual threshold for private-sector mandates
established in the Unfunded Mandates Reform Act (UMRA) ($214
million in 2026, adjusted annually for inflation).
H.R. 2478 contains no intergovernmental mandates as defined
in UMRA.
Estimate Prepared By: Federal Costs: Sean Christensen,
Revenues: Nathaniel Frentz, Mandates: Rachel Austin.
Estimate Reviewed By: Justin Humphrey, Chief, Finance,
Housing, and Education Cost Estimates Unit; Kathleen
FitzGerald, Chief, Public and Private Mandates Unit; H.
Samuel Papenfuss, Deputy Director of Budget Analysis.
Estimate Approved By: Mark P. Hoeller, for Phillip L.
Swagel, Director, Congressional Budget Office.
Mr. HILL of Arkansas. Mr. Speaker, I rise today in full support of
our distinguished chair of our Subcommittee on Capital Markets, Mrs.
Wagner from Missouri, and her bill that she presents today, the
Financial Exploitation Prevention Act of 2025.
Every day, bad actors use fraud, scams, and deception to target the
most vulnerable in our society who may be less able to recognize or
respond immediately and timely to some form of financial abuse.
[[Page H4224]]
Literally, over the last few years, I have been inundated every time
I am in my district and community, like my hometown of Little Rock. I
hear directly from citizens, the elderly, customers, bankers, small
business owners, and all consumers who are grappling with check fraud,
wire fraud, and increasingly sophisticated digital scams.
My own family has been victim of check fraud more than one time. I am
grateful to the bank that helped identify that with their system.
Mr. Speaker, our financial institutions, our broker-dealers, and our
investment companies are all saddled with being in the first line of
defense against these schemes that are coming in every shape and form,
electronically, by paper, and over the telephone, that are targeting
the customers and clients of our financial services companies.
These banks, broker-dealers, and investment companies are uniquely
positioned to identify suspicious transactions and unusual account
activity. That is the whole mission. We have given those authorities,
and they have invested billions in surveillance technology to try to do
that.
When warning signs emerge, firms should have the ability to take
reasonable steps to put their customers first and to protect those
customers from potential harm.
Chair Wagner's bill, H.R. 2478, which has strong bipartisan support
and cosponsorship, strengthens those exact protections by providing
financial institutions and other financial professionals and investment
companies with the legal certainty needed to temporarily delay
transactions when financial exploitation or abuse is suspected.
This legislation is part of the Financial Services Committee's
broader effort to combat financial fraud and scams plaguing our
citizens, our neighbors, particularly seniors, and other vulnerable
Americans.
By creating a safe harbor for delaying suspicious transactions and
reporting concerns to the appropriate authorities, this bill helps
prevent devastating financial losses before they occur.
{time} 1220
Protecting Americans from financial exploitation requires strong
coordination among families, financial institutions, brokers, financial
advisers, and, of course, law enforcement. This bill would help
strengthen those partnerships and provide additional tools to safeguard
the most vulnerable among us from an avalanche of fraud and abuse.
Importantly, too, this bill is tailored to address suspected
exploitation while preserving the rights of customers and maintaining
appropriate oversight.
No American should lose their hard-earned money because an investment
firm or financial institution lacks the authority or certainty to
intervene where there are clear signs of exploitation that were
present.
H.R. 2478 is a commonsense, bipartisan measure that helps protect our
most vulnerable citizens from the growing number of financial
predators.
I thank Chair Wagner and Mr. Gottheimer of New Jersey for their
leadership on this important issue. I urge all my colleagues to support
this bill, and I reserve the balance of my time.
Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of H.R. 2478, the Financial
Exploitation Prevention Act of 2025, sponsored by Representative
Wagner.
This bill will help protect vulnerable Americans by allowing for
mutual fund companies to delay the redemption or sale of mutual funds
when the company believes there is an attempt to defraud a senior or an
adult who cannot protect themselves.
Financial fraud targeting older adults is a widespread and growing
problem. Millions of seniors are victimized each year, and reported
losses are just soaring. In 2025 alone, America's seniors lost nearly
$8 billion to fraud, an 80 percent increase over the prior year.
Seniors are especially vulnerable to scams and financial abuse
because they may not be familiar with the ever-increasing technological
sophistication with which current scammers operate. Scammers exploit
these factors through tactics like AI-powered deep fakes that emulate
the voice of a grandchild pretending to be in a difficult or dangerous
situation, romance schemes that prey on lonely seniors, tech support
hoaxes, lottery scams, and other tricks. The introduction of artificial
intelligence is making these scams all the more prevalent and harmful.
We should do all we can to stop these scammers and fraudsters.
Unfortunately, that is not what Congress and the President are doing.
The Trump administration, with Republican support in Congress, has been
shrinking, and in some cases dismantling, the financial cops who detect
fraud and hold bad actors accountable. Trump's administration has
walked away from court cases where fraudsters had admitted to harming
Americans and agreed to pay compensation. As a result, victims didn't
receive compensation, but the criminals' pockets were lined.
While this bill could empower financial industry participants to help
protect seniors when they suspect fraud, it is absurd that, at the same
time, Republicans are cheering on Trump's attempts to shut down the
Consumer Financial Protection Bureau and defang and defund the SEC. All
the while, Trump's family reaps in millions, if not billions, of
personal profits from their corrupt business dealings and private-
sector shakedowns.
Some of these actions have a direct impact on Americans. The Trump
meme coin scam, for example, has resulted in billions of dollars of
losses for Americans. We cannot talk about fraud without acknowledging
this massive elephant in the room.
The American people are asking for this House to hold the Trump
administration and family accountable. Until then, we are left taking
small steps, such as passing H.R. 2478.
Mr. Hill, the chairman of the committee and my friend, talked about
this having bipartisan support. I don't know if bipartisan support
means anything these days.
I am stunned that we worked hard for over 1 year on doing something
substantive about housing. We had bicameral and bipartisan support and,
all of a sudden, the President of the United States canceled the
signing of the bipartisan bill today.
What is up? What is going on?
Does it mean anything that Republicans worked very hard?
Mr. Hill spent a lot of time on the bill, and I spent a lot of time
on this bill. All of a sudden, the President says: Oh, I don't feel
like signing it today. As a matter of fact, I want something else. I
want the SAVE America Act that will undermine voting and strip those
who have been protected by the Civil Rights Act and the Voting Rights
Act from being able to vote in a way that our democracy demands and the
Constitution protects.
I am very pleased that Mrs. Wagner has this bill. I know she has
worked on it. I certainly support it, but we need more.
Mr. Speaker, I reserve the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield 5 minutes to the
gentlewoman from Missouri (Mrs. Wagner), who is the chair of the
Capital Markets Subcommittee. She has worked on this and has been a
leader in every way she can in the House to protect our friends and our
neighbors from financial fraud.
Mrs. WAGNER. Mr. Speaker, I thank the chairman of the Financial
Services Committee, my friend, Mr. Hill, for his tremendous support,
his leadership, and for yielding his time.
Mr. Speaker, I rise in strong support of my bipartisan bill, H.R.
2478, the Financial Exploitation Prevention Act.
Far too often, back home in Missouri and across this Nation, our
senior citizens are directly targeted for financial fraud. Like
Chairman Hill, I, too, hear from scores and scores of constituents in
my district who have fallen prey to these horrible, horrible scams and
fraudsters.
The consequences of this crime extend to millions of Americans, with
one out of every five senior investors falling victim to financial
fraud and exploitation.
Sadly, the problem is only getting more severe.
According to the FTC, fraud perpetrated against those over the age of
60 increased by nearly 400 percent between 2020 and 2024, Mr. Speaker.
[[Page H4225]]
The total cost to American seniors reached almost $2.5 billion. Even
worse, a significant portion of this increase is attributed to
individual financial losses of over $100,000.
Think about that for a moment, Mr. Speaker. Seniors and retirees
across our country work their entire lives to save for their future,
and they depend on their savings to pay the bills, keep the lights on,
and put food on the table. A loss of over $100,000 is absolutely
devastating, and these financial crimes are being committed every
single day.
We have the tools to fix this. There are gaps in Federal law that can
be addressed to prevent this exploitation from occurring, and that is
exactly what my bill does.
My bill, the Financial Exploitation Prevention Act, allows financial
institutions, including investment companies like mutual funds, to
temporarily delay a transaction if they have a reasonable belief that
the transaction is the result of financial exploitation.
By allowing for this pause, the bill creates a crucial window of up
to 15 days with the possibility of a 10-day extension that will provide
the time necessary to investigate the situation and notify the
appropriate authorities.
This gives potentially vulnerable investors, including our seniors,
as well as those with certain disabilities, a crucial, extra layer of
defense that will help preserve the hard-earned savings they have built
over decades.
This bill would also establish a safe harbor for financial
institutions that make a good-faith effort to prevent exploitation. By
removing the fear of litigation, this change will empower the financial
system to stop fraudsters in their tracks through timely and decisive
action.
Finally, my bill requires the Securities and Exchange Commission to
report to Congress on additional legislative solutions to further
combat the financial exploitation of seniors and vulnerable adults.
{time} 1230
This issue, fraud against our seniors, has gone on long enough, and
we must take action.
Many of us have had the personal experience of caring for a parent or
loved one as they grow older. They took care of us when we needed it
most, and it is our responsibility, our duty, to return the favor.
This legislation, with strong bipartisan support, will create a new
tool to protect parents, grandparents, and everyday American families
across the United States.
I thank Congressman Gottheimer for joining me in introducing this
bill. By working together, we can ensure that not only government but
also the American financial system is doing everything possible to
protect against fraud and exploitation.
Mr. Speaker, I strongly urge support of this legislation.
Ms. WATERS. Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, with the advent of new technologies like artificial
intelligence, senior fraud is more prevalent today than it ever has
been, and it is only going to get worse. We need to do everything in
our power to make sure that seniors have the appropriate protections to
comfortably enjoy retirement.
Chair Wagner's H.R. 2478 is part of that effort, allowing mutual fund
providers to delay redemptions of a senior's shares if they suspect
they may be falling victim to a scam.
Mr. Speaker, we are in a terrible time in this country. We are in a
terrible time because we have so many difficulties with the economy and
the groceries are higher. Gasoline is out of control. The price is
absolutely unusual and unnecessary, except the President of the United
States said he doesn't care.
As a matter of fact, the President of the United States said he loves
inflation, for example, and we know what his tariffs have done to our
economy. Yet, he is in another country saying that he doesn't care
about the financial situation that we are confronted with.
This is a good bill. This is a bill to try and protect our seniors.
Our seniors need protection. Many of them are on fixed incomes. Many of
them don't have a lot of money, and if they are ripped off, they may
end up homeless and on the street. The President doesn't care about
that. Yes, this is a bipartisan bill. Bipartisan, for those who are
listening, means that both sides of the aisle, Democrats and
Republicans, agree, but we don't know whether the President will agree.
For all I know, he may veto the bill. We don't know what to expect from
him.
We are in a terrible situation with the President of the United
States of America. We know he canceled the bill's signing that is
supported by both sides of the aisle, in both the House and the Senate,
knowing that we have 800,000 people who are on the streets in this
country every night and he is not willing to generously step up to the
plate and say: I support a bill that is going to get housing built for
the average family. We are going to support a bill to keep people off
the street, homelessness. We are going to support a bill that ensures
that people have an opportunity to pursue their talent and to do what
they can to make their lives more comfortable.
If he can't support that and he is canceling it today, I don't know
what we can expect about a good bill like this that is protecting
seniors. I just ask all of the Members of the House of Representatives,
vote ``aye'' on this bill. Vote ``aye'' on the bill.
Mr. Speaker, for those who have influence with the President of the
United States, call him and tell him: Mr. President, don't veto this.
Mr. President, come on back and sign this housing bill so we can deal
with this housing crisis. Mr. President, get us out of this war in
Iran. Mr. President, do something to deal with this economy where
people are getting hurt and harmed every day.
Mr. Speaker, we could go on talking about it. It is embarrassing. The
American people should not have to hear this kind of conversation, but
those of us who were sent here by the people we represent have to speak
truth to power. That is what we do when we come up with legislation
with both sides of the aisle supporting it, in both the House and
Senate supporting it. We have to get in the President's face and say:
Sign these bills. He has to talk about these problems. He has to deal
with this economy, and that is a bit of what we are doing today. I have
added to it a little bit, but that is my responsibility.
Mr. Speaker, I yield back the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my
time.
Mr. Speaker, I thank the ranking member and Mr. Gottheimer for
working with the majority on this bill. I will add that this is a very
complex subject across the board trying to protect our seniors and our
consumers across the country, particularly in financial services.
I think this bill is a step in the right direction, but we have many
other things that the committee has been working on on a bipartisan
basis. The Postal Service, the Secret Service, the Federal
communications oversight, Federal Trade Commission, all these Federal
agencies have influence on whether we are going to beat the criminals
at their game. As they get artificial intelligence and new technologies
to try to get in the pocketbooks, in the investment statements, into
the credit cards of American consumers and households, know that people
like Ann Wagner, Josh Gottheimer, Maxine Waters, and French Hill are
saying no.
We want to give the tools to our financial institutions and
enforcement to do something about it, but it also takes an education of
our families. You can't turn your password over to people. You can't
trust people when they call you on the phone and tell you to bring
$5,000 down to the courthouse or put money in a bitcoin ATM. We also
have that obligation every day on this House floor to educate our
families to trust but verify when somebody approaches them about their
very, very valuable financial information.
A Member of Congress from North Carolina called me and said: Is there
any way you would be willing to talk to this lawyer, this family in
North Carolina? Husband and wife retired, the spouse, the wife, said: I
have been called. I need to send $250,000 for this investment
opportunity. The husband said: I don't know that we should do that. She
said: Well, I have done my homework. She called the bank, Mr. Speaker,
and said: Would you wire
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$250,000 to this investment opportunity. And the banker said: Ms.
Jones, I mean, are you sure? You have never done this before. You don't
have that kind of money.
Mr. Speaker, I use that as a small example. It didn't turn out well,
but it is about educating. Again, the work that Chairwoman Wagner and
Representative Gottheimer are doing is what we need to be doing. We are
going to continue to bring bills to this House floor that protect our
households from the fraudsters that are now going parabolic in their
talent to steal our money through artificial intelligence, cell phones,
text messages, emails, romance schemes, whatever that is, but she
pointed it out, and I am with her. We are going to do this together.
Mr. Speaker, I urge a ``yes'' vote on this bill. I thank the
gentlewoman for bringing it to the floor today, and I yield back the
balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Arkansas (Mr. Hill) that the House suspend the rules and
pass the bill, H.R. 2478, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. HILL of Arkansas. Mr. Speaker, I object to the vote on the ground
that a quorum is not present and make the point of order that a quorum
is not present.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further
proceedings on this question will be postponed.
The point of no quorum is considered withdrawn.
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