The Bill
Senior citizens at risk of being financially defrauded will soon have more protection than ever. Investment companies and transfer agents will now be able to delay the redemption of securities for up to 15 days if they suspect that an older individual or someone with certain impairments has been financially exploited. However, this is in no part thanks to Rep. Julia Letlow (R-LA), who missed June 25's vote on the Financial Exploitation Prevention Act.
The bill passed with 414 votes in favor and just two against, earning support from 206 Republicans and 207 Democrats, plus one independent. Letlow, who has represented Louisiana's fifth district in Congress since 2021, was absent.
The bill allows for an additional 10-day delay if exploitation is confirmed. 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.
Letlow has missed 39 votes this Congress, and a staggering 25 votes since April. June 25's was one of them.
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