The U.S. House is getting ready to vote on a bill that could give state insurance regulators some influence over a new U.S. Securities and Exchange Commission (SEC) effort to protect senior investors.
House leaders have put H.R. 1876 — the Senior Security Act of 2019 bill — on a list of measures with broad, bipartisan support that are slated for quick action on the House floor and could come to the floor sometime this week.
The bill calls for the SEC chairman to set up an interdivisional task force that would do the following:
- Identify the challenges senior investors encounter, such as cognitive decline and financial exploitation.
- Identify areas in which senior investors would benefit from changes in SEC regulations, or changes in regulations at organizations such as FINRA.
- Coordinate with other arms of the SEC and self-regulatory agencies.
- Coordinate with entities outside the SEC.
The SEC chairman would name the task force director.
The list of officials and entities outside of the SEC that the task force would consult would include “State securities and law enforcement authorities, State insurance regulators, and other Federal agencies,” according to the bill text.
The task force would stay in operation for 10 years, and it would report to Congress on what it was seeing, and recommendations for changes, every two years.