Why it Matters
Rep. Ryan Zinke backed bipartisan legislation aimed at protecting older Americans from financial exploitation on June 25. The bill introduced in March allows investment companies and brokers to temporarily halt securities redemptions by up to 15 business days — with a possible 10-day extension — when they suspect financial exploitation of adults aged 65 or older or those with cognitive impairments. Investment firms would have to notify the Securities and Exchange Commission if they use these procedures.
The bill, which passed the chamber with a vote of 414 Yes to 2 No, aims to protect seniors and vulnerable adults from financial abuse. It establishes procedures that allow investment companies to delay the redemption of securities if they suspect an older individual or someone with certain impairments has been financially exploited.
How Congress Voted
Zinke's Yes vote aligned with his party's position. Republicans voted 206 Yes to 2 No, while Democrats voted 207 Yes to 0 No. An Independent also voted Yes. The measure required a two-thirds majority to pass under suspension of the rules, which it easily achieved.
Zinke did not break with the Republican majority on this vote.
The Financial Exploitation Prevention Act was introduced by Rep. Ann Wagner, a Missouri Republican. The bill has 11 cosponsors — 7 Republicans and 4 Democrats — and was referred to the House Committee on Financial Services.
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