National Senior Investor Initiative Act of 2021

Floor Speech

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Mr. VICENTE GONZALEZ of Texas. Mr. Speaker, I rise today in support of H.R. 1565, the Senior Security Act.

This commonsense legislation will provide much-needed information for policymakers and regulators to fine-tune protections for elderly investors.

In south Texas, where we share the deep value of respect for our elders, we say society is judged on how we care for our parents, our grandparents, and beyond. We all know how closely financial health is tied to overall well-being. I am proud to support this legislation that equips us to identify better ways to protect our senior citizens and for them to protect themselves from fraud and scammers.

This Senior Security Act aims to protect our seniors and prevent these attacks from happening. This legislation will build upon the Senior Safe Act by creating an interdivisional task force at the Securities and Exchange Commission to examine and identify challenges facing seniors and investors.

Within 2 years of enactment, the U.S. Government Accountability Office must study and report the economic costs of the financial exploitation of our seniors. Let's be clear: Scammers will stop at nothing to take advantage of our seniors, and it is up to us in this House to stop them.

Mr. Speaker, I encourage my congressional colleagues to join me in supporting this important piece of legislation, and I urge its passage.

Mr. Speaker, H.R. 1565 will help our financial regulators better protect our Nation's seniors and the retirement funds they spent their entire lives building. I urge all of my colleagues to stand up for senior investors and vote ``yes'' on H.R. 1865.

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