This bill establishes a federal grant program to help states combat financial fraud targeting seniors age 62 and older. Under the legislation, the Securities and Exchange Commission would distribute competitive grants to state securities commissions and insurance departments, with maximum awards of $500,000 per year for individual agencies or $1,000,000 for combined agencies. States could use these grants to hire staff for investigating fraud cases, purchase technology and training for law enforcement, create educational materials for seniors, and strengthen state protections against financial exploitation. The bill is driven by data showing that fraud losses exceeded $10 billion in 2023, with investment scams accounting for over $4.6 billion of that total. The legislation authorizes $10 million annually for fiscal years 2025 through 2030, and requires the SEC to report to Congress on grant recipients and program effectiveness after two and five years.
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