The Bill
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. Rep. Nancy Mace (R-SC), however, did not cast a vote on the Financial Exploitation Prevention Act when it came before the House floor on June 25.
The bill passed with 414 votes in favor and just two against, earning support from 206 Republicans and 207 Democrats, plus one independent.
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.
Mace has missed a staggering 103 votes this Congress, and 72 since April, including June 25's. Mace has been in office since 2021.
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