To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors.
Sponsors
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Additional sponsor: Mr. Nunn of Iowa
Reported with an amendment, committed to the Committee of the …
Mr. Gottheimer (for himself and Mrs. Wagner) introduced the following …
Summary
What This Bill Does
This bill creates a Senior Investor Taskforce within the SEC to protect investors over age 65 from financial exploitation. The taskforce will identify challenges faced by senior investors (including cognitive decline issues), recommend regulatory changes, and report to Congress every 2 years. A GAO study will assess the economic costs and scope of elder financial exploitation.
Who Benefits and How
Senior investors benefit from dedicated SEC attention to their unique vulnerabilities. Financial exploitation victims may see improved reporting and prevention systems. Elder advocacy groups benefit from formalized federal focus on senior investor protection.
Who Bears the Burden and How
The SEC must staff the taskforce from existing funds, drawing from Enforcement, Compliance, and Investor Education offices. GAO must conduct a comprehensive 2-year study. Brokers, dealers, and investment advisers face potential increased scrutiny of their senior investor policies.
Key Provisions
- Creates Senior Investor Taskforce with Director reporting to SEC Chairman
- Taskforce staffed from Enforcement, Compliance, and Investor Education offices
- Biennial reports to Congress on senior investor challenges and regulatory recommendations
- GAO study on economic costs and scope of elder financial exploitation due within 2 years
- 10-year sunset clause
- No new funding - uses existing SEC resources
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Creates a Senior Investor Taskforce at the SEC to protect investors over age 65 from financial exploitation, with biennial reporting to Congress and a 10-year sunset.
Policy Domains
Legislative Strategy
"Establish interdivisional SEC taskforce focused on senior investor issues with GAO baseline study"
Likely Beneficiaries
- Senior investors (65+)
- Victims of elder financial exploitation
Likely Burden Bearers
- SEC (must staff taskforce from existing funds)
- GAO (must conduct study)
- Brokers/dealers/advisers (increased scrutiny)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "chairman"
- → SEC Chairman
- "commission"
- → Securities and Exchange Commission
- "comptroller_general"
- → Comptroller General (GAO)
Key Definitions
Terms defined in this bill
An individual over the age of 65 (for GAO study purposes)
An investor over the age of 65
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology