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April 03, 2008 at 12:36 PM
Senators have come up with a proposal for a strategy for protecting older consumers and others against sales representatives with misleading financial services credentials.
Sens. Herbert Kohl, D-Wis., and David Vitter, R-La., have introduced S. 2794, a bill that would create the Senior Investor Protection Act of 2008.
The bill would start by setting up a grant program to encourage state regulators to adopt a uniform standard for the accreditation of senior financial advisors.
The standards would be based on a model announced Monday by the North American Securities Administrators Association, Washington.
