Senior Safe Act of 2016

Floor Speech

Mr. Speaker, H.R. 4538 is a bill intended to better aid our law enforcement agencies, State and Federal regulators, and agencies assisting seniors to quickly respond to and prevent financial abuse of elders.

Currently, financial institutions such as banks, credit unions, and financial advisers are required to report suspicious activity, including cases of suspected abuse of our Nation's seniors. Nevertheless, industry has raised concerns that they are prevented from doing so out of fear that they might later be sued.

Even though our regulators have taken considerable steps to allay such concerns, it seems that congressional action may be necessary to ensure that financial institutions take actions to stop elders from being swindled in their vulnerable years.

Like Ms. Sinema, I also want to ensure that when any employee at a financial institution sees something suspicious, she immediately says something to the appropriate authorities and regulators. Indeed, I recently introduced legislation with a similar objective of ensuring the continued flow of critically important reporting of suspicious activity as it relates to terrorism, money laundering, and other serious illicit activities.

Although it is not explicitly specified in the legislation before us today, the Consumer Financial Protection Bureau should also use its existing authority to set standards for this training, and is authorized to ensure that the training is being conducted.

H.R. 4538 is a good first step, but should not be the end of our efforts to rein in elder abuse. For example, State regulators are going further and mandating that financial firms make such reports to authorities instead of making the reports voluntary. The States and FINRA, the regulator of broker-dealers, also want to authorize financial advisers to put holds on financial transactions before a swindler can run off with the retirement savings of our Nation's grandparents.

Finally, I would like to acknowledge the numerous changes Ms. Sinema has incorporated to improve the bill. These edits ensure that the bill covers all financial institutions and will enhance reporting of suspected elder abuse. However, more changes are still needed before the bill can be enacted, including language suggested by the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and other advocates. I hope that the Senate's sponsors will work with the administration and others to ensure their suggested changes are incorporated into the bill before it is enacted into law.

However, today, Mr. Speaker, I support H.R. 4538.

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Ms. MAXINE WATERS of California. Sinema), the sponsor of this legislation.

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Ms. MAXINE WATERS of California. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

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