The Bill
Senior citizens at risk of being financially defrauded will 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. Nicole Malliotakis (R-NY) 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. Malliotakis, who has represented New York's 11th congressional district since 2021, sided with her party on the vote.
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.
Malliotakis has missed eight votes this Congress, and four votes since April. The measure now moves to the Senate.
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