The Bill
Senior citizens at risk of being financially defrauded may soon have more protection than ever. If the Financial Exploitation Prevention Act passes in the Senate, investment companies and transfer agents will 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. Zoe Lofgren (D-CA) voted in favor of the bill on June 25, joining an overwhelming bipartisan majority in the House.
The bill passed with 414 votes in favor and just two against, earning support from 206 Republicans and 207 Democrats, plus one independent. Lofgren, who has represented California's 18th congressional district in the House since 1995, sided with her party on the vote.
The bill allows for an additional 10-day delay on loans 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.
Lofgren has missed 10 votes this Congress, and one since April. The bill will now move on to the Senate.
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