Union Calendar No. 235
117th CONGRESS 2d Session |
[Report No. 117–315]
To amend the Investor Protection and Securities Reform Act of 2010 to provide grants to States for enhanced protection of senior investors and senior policyholders, and for other purposes.
November 9, 2021
Mr. Gottheimer introduced the following bill; which was referred to the Committee on Financial Services
May 10, 2022
Additional sponsors: Ms. Garcia of Texas, Mr. Huizenga, and Mr. Fitzpatrick
May 10, 2022
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on November 9, 2021]
To amend the Investor Protection and Securities Reform Act of 2010 to provide grants to States for enhanced protection of senior investors and senior policyholders, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Empowering States to Protect Seniors from Bad Actors Act”.
SEC. 2. Grants to eligible entities for enhanced protection of senior investors and senior policyholders.
(a) In general.—Section 989A of the Investor Protection and Securities Reform Act of 2010 (15 U.S.C. 5537) is amended to read as follows:
“SEC. 989A. Grants to eligible entities for enhanced protection of senior investors and senior policyholders.
“(a) Definitions.—In this section:
“(1) ELIGIBLE ENTITY.—The term ‘eligible entity’ means—
“(3) SENIOR FINANCIAL FRAUD.—The term ‘senior financial fraud’ means a fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that—
“(b) Grant program.—
“(1) TASK FORCE.—
“(A) IN GENERAL.—The Commission shall establish a task force to carry out the grant program under paragraph (2).
“(B) MEMBERSHIP.—The task force shall consist of the following members:
“(i) A Chair of the task force, who—
“(ii) If the Chair is not a representative of the Office of the Investor Advocate of the Commission, a representative of such Office.
“(C) DETAIL OF EXECUTIVE AGENCY EMPLOYEES.—Upon the request of the Commission, the head of any Federal agency may detail, on a reimbursable basis, any of the personnel of that Federal agency to the Commission to assist it in carrying out its functions under this section. The detail of any such personnel shall be without interruption or loss of civil service status or privilege.
“(2) GRANTS.—The task force shall carry out a program under which the task force shall make grants, on a competitive basis, to eligible entities, which—
“(A) may use the grant funds—
“(i) to hire staff to identify, investigate, and prosecute (through civil, administrative, or criminal enforcement actions) cases involving senior financial fraud;
“(ii) to fund technology, equipment, and training for regulators, prosecutors, and law enforcement officers, in order to identify, investigate, and prosecute cases involving senior financial fraud;
“(c) Applications.—An eligible entity desiring a grant under this section shall submit an application to the task force, in such form and in such a manner as the task force may determine, that includes—
“(1) a proposal for activities to protect seniors from senior financial fraud that are proposed to be funded using a grant under this section, including—
“(A) an identification of the scope of the problem of senior financial fraud in the applicable State;
“(d) Performance objectives; reporting requirements; audits.—
“(1) IN GENERAL.—The task force—
“(2) REPORT.—Not later than 2 years, and again not later than 5 years, after the date of the enactment of the Empowering States to Protect Seniors from Bad Actors Act, the task force shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that—
“(e) Maximum amount.—The amount of a grant to an eligible entity under this section may not exceed $500,000, which the task force shall adjust annually to reflect the percentage change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.
(b) Conforming amendment.—The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 989A and inserting the following:
“Sec.989A. Grants to eligible entities for enhanced protection of senior investors and senior policyholders.”.
Union Calendar No. 235 | |||||
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[Report No. 117–315] | |||||
A BILL | |||||
To amend the Investor Protection and Securities Reform Act of 2010 to provide grants to States for enhanced protection of senior investors and senior policyholders, and for other purposes. | |||||
May 10, 2022 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed |