Financial Exploitation Prevention Act of 2025

Floor Speech

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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.

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.

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.

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