The House voted 371 to 48 Wednesday to pass a bill aimed at protecting senior citizens from increasingly frequent financial scams.
The Empowering States to Protect Seniors from Bad Actors Act would create a program within the Securities and Exchange Commission (SEC) to dole out $10 million in funding annually to investigate and stop fraud in collaboration with state securities regulators.
“Older Americans have given so much to our great country. We should always have their backs and help protect them from predators that want to take advantage of them,” Rep. Josh Gottheimer (D-N.J.), the bill’s lead sponsor, said on the House floor Wednesday. “It is incumbent on us to protect them from scammers and abuse.”
Older Americans lose an estimated $3 billion a year to financial scams, according to the Senate Special Committee on Aging.
The risk of fraud increased during the COVID-19 pandemic, with scammers offering vaccines, miracle cures and contract tracing services to often isolated elderly people by phone and on computers.
Continue reading at The Hill.