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House Passes Wagner Legislation to Protect Seniors and Vulnerable Adults From Financial Exploitation

Oct 25, 2021
Press Release

Washington, D.C.  – Congresswoman Ann Wagner (R-MO), Vice Ranking Member of the House Financial Services Committee, released the following statement after her Financial Exploitation Prevention Act passed the United States House of Representatives:

“Financial exploitation of seniors and other vulnerable adults is a serious and growing problem.  As more investors age into retirement, the risk of financial exploitation for elderly households only increases. I thank my colleagues for supporting my legislation that will provide our potentially vulnerable investors with an important layer of protection to help make sure that they receive the hard-earned savings that they have built up over the years.  The Financial Exploitation Prevention Act is needed to provide certainty to protect our seniors, and I hope the Senate takes swift action to pass this important legislation.”

The Financial Exploitation Prevention Act would give the financial industry better tools to address suspected financial exploitation and abuse of seniors and those with mental and physical disabilities. First, the bill requires the Securities and Exchange Commission to report to Congress on recommendations for legislative and regulatory changes on how to combat financial exploitation of seniors and vulnerable adults. Second, the bill permits a registered open-end investment company or transfer agent for that company, including mutual funds, to better protect seniors by delaying the redemption period of any redeemable security if it was reasonably believed that such redemption was requested through the financial exploitation of a security holder who is a senior or an individual unable to protect their own interests.

Read more about the Financial Exploitation Prevention Act here.