Legislation to create an investor task force for seniors at the Securities and Exchange Commission is advancing in Congress.
The Senior Security Act, which passed the House Financial Services Committee in late May, would create an SEC task force to strengthen protections and safeguards for senior investors.
“Millions of seniors across the country, including my own mother, have been the victims of financial scams, and far too many have been cheated out of their retirement savings," Rep. Josh Gottheimer, D-N.J., said in a statement.
"We must protect our seniors’ retirement savings and make it easier for our small businesses to grow and thrive,” he said.
The task force would be appointed by the SEC chairman and include individuals from the Division of Enforcement, Division of Examinations as well as the Office of Investor Education and Advocacy.
The senior task force would "identify challenges that senior investors encounter, including problems associated with financial exploitation and cognitive decline," the bill states, and "identify areas in which senior investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations."
The task for would also consult, as appropriate, with state securities and law enforcement authorities.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.