The Bill
Senior citizens who are at risk of being financially defrauded may soon have more protection. Rep. Dan Goldman (D-NY), however, did not vote on the Financial Exploitation Prevention Act. The bill would allow banks and investment companies to pause withdrawals or transfers of savings and investment income if there is suspicion that a scammer has duped a senior or person with mental impairment into moving their money. An overwhelming bipartisan majority passed the bill in the House on June 25, but Goldman was not present.
The new bill would enable banks and investment companies to delay the movement of funds for 15 days if they suspect fraud. If the fraud is confirmed, they will have another 10-day hold to reach out to clients to determine if they are being scammed. Companies that choose to use these protections must notify the Securities and Exchange Commission (SEC). The bill also requires the SEC to make recommendations to address financial exploitation of older adults and adults with impairments.
The bill passed with 414 votes in favor and just two against in the House, earning support from 206 Republicans and 207 Democrats, plus one independent. Goldman has represented New York's 10th congressional district in the House since 2023, and has missed 67 votes this Congress. He has missed 29 votes since April.
The bill still needs to pass the Senate to become law.
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