HR1469-119

What This Bill Does

The Senior Security Act establishes a Senior Investor Taskforce within the Securities and Exchange Commission. The taskforce director reports to the SEC Chairman and may be appointed from SEC staff or outside the agency if the person has experience advocating for senior investors. The taskforce must include staff from the Division of Enforcement, Office of Compliance Inspections and Examinations, and Office of Investor Education and Advocacy, coordinate with self-regulatory organizations, the Elder Justice Coordinating Council, state securities regulators, state insurance regulators, law enforcement, and other federal agencies, and issue a report every two years to House and Senate committees. The bill also requires the Government Accountability Office to study the economic costs, frequency, reporting gaps, and policy responses tied to senior financial exploitation.

Who Benefits and How

Senior investors over age 65, elder-fraud victims, families managing retirement accounts, investor advocates, adult protective services, state securities regulators, state insurance regulators, congressional oversight committees, and the Elder Justice Coordinating Council benefit from a dedicated SEC taskforce and GAO evidence base focused on scams, cognitive-decline risks, broker-dealer practices, investment-adviser practices, market innovations, reporting gaps, and regulatory fixes. The reports can support better disclosure, education, examination, enforcement, and legislative responses.

Who Bears the Burden and How

The SEC Chairman, Senior Investor Taskforce staff, SEC Division of Enforcement, SEC examination staff, SEC Office of Investor Education and Advocacy, self-regulatory organizations, broker-dealer compliance teams, investment adviser compliance teams, state regulators, law enforcement agencies, and GAO analysts must supply staff, coordinate information, analyze market practices, collect exploitation data, publish recurring reports, and respond to recommendations without additional compensation or dedicated new funds.

Key Provisions

• Establishes a Senior Investor Taskforce within the SEC led by a director who reports to the SEC Chairman.
• Requires taskforce staffing from SEC enforcement, examination, and investor education offices.
• Directs the taskforce to identify exploitation, cognitive-decline, market-practice, and regulatory problems affecting investors over age 65.
• Requires coordination with self-regulatory organizations, the Elder Justice Coordinating Council, state securities regulators, state insurance regulators, law enforcement, and federal agencies.
• Requires biennial reports to Senate Banking, Senate Aging, and House Financial Services committees.
• Directs GAO to study senior financial exploitation costs, frequency, risk factors, reporting gaps, and policy responses.
• Terminates the taskforce after ten years and requires SEC to use existing funds.