OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

National Senior Investor Initiative Act of 2021

Floor Speech

Date: April 19, 2021
Location: Washington, DC
Issues: Senior Citizens Criminal Justice

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Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.R. 1565, the Senior Security Act of 2021, which would help protect America's senior investors who can be disproportionately vulnerable to investment-related frauds.

In 2017 alone, State securities regulators conducted nearly 4,709 investigations, leading to more than 2,100 enforcement actions, including 255 criminal prosecutions. These actions have resulted in approximately $486 million in restitution for harmed investors, nearly $79 million in fines and/or penalties, and 1,985 years in incarceration or probation being ordered.

The National Council on Aging estimated that elder financial abuse and fraud costs older Americans from $2.9 billion to $36.5 billion annually. Moreover, in a February bulletin, the FINRA, the NASAA, and the SEC's Office of Investor Education and Advocacy noted that COVID- 19's unprecedented quarantines and social isolation may leave senior investors even more susceptible to financial fraud than ever before.

This bill would establish a Senior Investor Task Force within the U.S. Securities and Exchange Commission. In coordination and consultation with State securities administrators, self-regulatory
organizations, Federal law enforcement agencies, and others, the task force would be charged with identifying issues related to investors who are older than 65 years of age. The bill would also require biennial task force reports and require the GAO to complete a study on senior
financial exploitation.

I strongly support the safety of America's senior investors and their right to enjoy the retirement funds that they have worked so hard to earn. I also support regulators and law enforcement in holding fraudsters who prey upon the elderly accountable.

It is for all these reasons I urge my colleagues to join me in supporting the Senior Security Act of 2021.

Madam Speaker, I reserve the balance of my time.

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