I
119THCONGRESS
1
STSESSION H. R. 1469
To create an interdivisional taskforce at the Securities and Exchange
Commission for senior investors.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY21, 2025
Mr. G
OTTHEIMER(for himself and Mrs. WAGNER) introduced the following
bill; which was referred to the Committee on Financial Services
A BILL
To create an interdivisional taskforce at the Securities and
Exchange Commission for senior investors.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘National Senior Inves-4
tor Initiative Act of 2025’’ or the ‘‘Senior Security Act 5
of 2025’’. 6
SEC. 2. SENIOR INVESTOR TASKFORCE. 7
Section 4 of the Securities Exchange Act of 1934 (15 8
U.S.C. 78d) is amended by adding at the end the fol-9
lowing: 10
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‘‘(l) SENIORINVESTORTASKFORCE.— 1
‘‘(1) E
STABLISHMENT.—There is established 2
within the Commission the Senior Investor 3
Taskforce (in this subsection referred to as the 4
‘Taskforce’). 5
‘‘(2) D
IRECTOR OF THE TASKFORCE .—The 6
head of the Taskforce shall be the Director, who 7
shall— 8
‘‘(A) report directly to the Chairman; and 9
‘‘(B) be appointed by the Chairman, in 10
consultation with the Commission, from among 11
individuals— 12
‘‘(i) currently employed by the Com-13
mission or from outside of the Commis-14
sion; and 15
‘‘(ii) having experience in advocating 16
for the interests of senior investors. 17
‘‘(3) S
TAFFING.—The Chairman shall ensure 18
that— 19
‘‘(A) the Taskforce is staffed sufficiently to 20
carry out fully the requirements of this sub-21
section; and 22
‘‘(B) such staff shall include individuals 23
from the Division of Enforcement, Office of 24
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Compliance Inspections and Examinations, and 1
Office of Investor Education and Advocacy. 2
‘‘(4) N
O COMPENSATION FOR MEMBERS OF 3
TASKFORCE.—All members of the Taskforce ap-4
pointed under paragraph (2) or (3) shall serve with-5
out compensation in addition to that received for 6
their services as officers or employees of the United 7
States. 8
‘‘(5) M
INIMIZING DUPLICATION OF EFFORTS .— 9
In organizing and staffing the Taskforce, the Chair-10
man shall take such actions as may be necessary to 11
minimize the duplication of efforts within the divi-12
sions and offices described under paragraph (3)(B) 13
and any other divisions, offices, or taskforces of the 14
Commission. 15
‘‘(6) F
UNCTIONS OF THE TASKFORCE .—The 16
Taskforce shall— 17
‘‘(A) identify challenges that senior inves-18
tors encounter, including problems associated 19
with financial exploitation and cognitive decline; 20
‘‘(B) identify areas in which senior inves-21
tors would benefit from changes in the regula-22
tions of the Commission or the rules of self-reg-23
ulatory organizations; 24
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‘‘(C) coordinate, as appropriate, with other 1
offices within the Commission, other taskforces 2
that may be established within the Commission, 3
self-regulatory organizations, and the Elder 4
Justice Coordinating Council; and 5
‘‘(D) consult, as appropriate, with State 6
securities and law enforcement authorities, 7
State insurance regulators, and other Federal 8
agencies. 9
‘‘(7) R
EPORT.—The Taskforce, in coordination, 10
as appropriate, with the Office of the Investor Advo-11
cate and self-regulatory organizations, and in con-12
sultation, as appropriate, with State securities and 13
law enforcement authorities, State insurance regu-14
lators, and Federal agencies, shall issue a report 15
every 2 years to the Committee on Banking, Hous-16
ing, and Urban Affairs and the Special Committee 17
on Aging of the Senate and the Committee on Fi-18
nancial Services of the House of Representatives, the 19
first of which shall not be issued until after the re-20
port described in section 3 of the National Senior 21
Investor Initiative Act of 2025 has been issued and 22
considered by the Taskforce, containing— 23
‘‘(A) appropriate statistical information 24
and full and substantive analysis; 25
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‘‘(B) a summary of recent trends and inno-1
vations that have impacted the investment land-2
scape for senior investors; 3
‘‘(C) a summary of regulatory initiatives 4
that have concentrated on senior investors and 5
industry practices related to senior investors; 6
‘‘(D) key observations, best practices, and 7
areas needing improvement, involving senior in-8
vestors identified during examinations, enforce-9
ment actions, and investor education outreach; 10
‘‘(E) a summary of the most serious issues 11
encountered by senior investors, including 12
issues involving financial products and services; 13
‘‘(F) an analysis with regard to existing 14
policies and procedures of brokers, dealers, in-15
vestment advisers, and other market partici-16
pants related to senior investors and senior in-17
vestor-related topics and whether these policies 18
and procedures need to be further developed or 19
refined; 20
‘‘(G) recommendations for such changes to 21
the regulations, guidance, and orders of the 22
Commission and self-regulatory organizations 23
and such legislative actions as may be appro-24
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priate to resolve problems encountered by senior 1
investors; and 2
‘‘(H) any other information, as determined 3
appropriate by the Director of the Taskforce. 4
‘‘(8) R
EQUEST FOR REPORTS .—The Taskforce 5
shall make any report issued under paragraph (7) 6
available to a Member of Congress who requests 7
such a report. 8
‘‘(9) S
UNSET.—The Taskforce shall terminate 9
after the end of the 10-year period beginning on the 10
date of the enactment of this subsection. 11
‘‘(10) S
ENIOR INVESTOR DEFINED .—For pur-12
poses of this subsection, the term ‘senior investor’ 13
means an investor over the age of 65. 14
‘‘(11) U
SE OF EXISTING FUNDS.—The Commis-15
sion shall use existing funds to carry out this sub-16
section.’’. 17
SEC. 3. GAO STUDY. 18
(a) S
TUDY.—Not later than 2 years after the date 19
of enactment of this Act, the Comptroller General of the 20
United States shall submit to Congress and the Senior In-21
vestor Taskforce the results of a study of financial exploi-22
tation of senior citizens. 23
(b) C
ONTENTS.—The study required under sub-24
section (a) shall include information with respect to— 25
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(1) economic costs of the financial exploitation 1
of senior citizens— 2
(A) associated with losses by victims that 3
were incurred as a result of the financial exploi-4
tation of senior citizens; 5
(B) incurred by State and Federal agen-6
cies, law enforcement and investigatory agen-7
cies, public benefit programs, public health pro-8
grams, and other public programs as a result of 9
the financial exploitation of senior citizens; 10
(C) incurred by the private sector as a re-11
sult of the financial exploitation of senior citi-12
zens; and 13
(D) any other relevant costs that— 14
(i) result from the financial exploi-15
tation of senior citizens; and 16
(ii) the Comptroller General deter-17
mines are necessary and appropriate to in-18
clude in order to provide Congress and the 19
public with a full and accurate under-20
standing of the economic costs resulting 21
from the financial exploitation of senior 22
citizens in the United States; 23
(2) frequency of senior financial exploitation 24
and correlated or contributing factors— 25
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(A) information about percentage of senior 1
citizens financially exploited each year; and 2
(B) information about factors contributing 3
to increased risk of exploitation, including such 4
factors as race, social isolation, income, net 5
worth, religion, region, occupation, education, 6
home-ownership, illness, and loss of spouse; and 7
(3) policy responses and reporting of senior fi-8
nancial exploitation— 9
(A) the degree to which financial exploi-10
tation of senior citizens unreported to authori-11
ties; 12
(B) the reasons that financial exploitation 13
may be unreported to authorities; 14
(C) to the extent that suspected elder fi-15
nancial exploitation is currently being re-16
ported— 17
(i) information regarding which Fed-18
eral, State, and local agencies are receiving 19
reports, including adult protective services, 20
law enforcement, industry, regulators, and 21
professional licensing boards; 22
(ii) information regarding what infor-23
mation is being collected by such agencies; 24
and 25
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(iii) information regarding the actions 1
that are taken by such agencies upon re-2
ceipt of the report and any limits on the 3
agencies’ ability to prevent exploitation, 4
such as jurisdictional limits, a lack of ex-5
pertise, resource challenges, or limiting cri-6
teria with regard to the types of victims 7
they are permitted to serve; 8
(D) an analysis of gaps that may exist in 9
empowering Federal, State, and local agencies 10
to prevent senior exploitation or respond effec-11
tively to suspected senior financial exploitation; 12
and 13
(E) an analysis of the legal hurdles that 14
prevent Federal, State, and local agencies from 15
effectively partnering with each other and pri-16
vate professionals to effectively respond to sen-17
ior financial exploitation. 18
(c) S
ENIORCITIZENDEFINED.—For purposes of this 19
section, the term ‘‘senior citizen’’ means an individual over 20
the age of 65. 21
Æ
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