A bill that passed the House this week would require the Securities and Exchange Commission to create a task force to help combat financial fraud against older adults, while another would require the agency to modernize its definition of a small business.
On Monday, the House passed the Senior Security Act of 2025, HR 1469. The bill was introduced by Reps. Josh Gottheimer, D-N.J. and Ann Wagner, R-Mo.
The Senior Security Act would establish an interdivisional task force at the SEC to investigate the challenges facing investors and report to Congress on potential measures that could enhance protections for seniors.
The bill also directs the Government Accountability Office to study and report on the economic impact and consequences of elder financial exploitation.
The Small Entity Update Act, H.R. 3382, passed the House on Tuesday. It calls on the SEC to modernize its definition of a small business.
Wagner introduced the bill in mid-May. It directs the SEC to conduct a study, followed by a rulemaking, to update the agency's definition of a "small entity" under the Regulatory Flexibility Act.
The Investment Adviser Association has said that it "strongly supports" the Small Entity Update Act.
"Currently, the SEC’s definition of a small adviser includes only those with less than $25 million in assets under management (AUM)," IAA said. "However, the threshold for SEC registration is $100 million AUM — with limited exceptions — effectively excluding small advisers from the protections and considerations intended by the Regulatory Flexibility Act."
Under the Regulatory Flexibility Act, small entities "receive special consideration during federal rulemaking to ensure that agency regulations do not impose disproportionate burdens on them," said William Nelson, IAA's director of public policy and associate general counsel, in an email.
The RFA requires the SEC to assess the impact of proposed rules on small entities and to consider less burdensome alternatives.
"The idea is to promote fairer, right-sized regulation for businesses with fewer resources to absorb compliance costs," Nelson said.
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