The Bill
Senior citizens who are at risk of being financially defrauded may soon have more protection. Rep. Michael Turner (R-OH) voted in favor of the Financial Exploitation Prevention Act on June 25, joining an overwhelming bipartisan majority in the House. Banks and investment companies would be able 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.
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. Turner, who has represented Ohio's 10th congressional district in the House since 2013, voted in line with his party. He has missed 20 votes this Congress, and four since April.
The bill still needs to pass the Senate to become law.
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