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Bills
House Bill 500
118th Congress(2023-2024)
Financial Exploitation Prevention Act of 2023
Active
Active
Passed House on Jan 30, 2023
Overview
Text
Sponsor
Republican
Introduced
Jan 25, 2023
Latest Action
Jan 31, 2023
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
500
Congress
118
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Ann Wagner
Missouri
Democrat
Josh Gottheimer
New Jersey
Democrat
Nikema Williams
Georgia
Republican
Erin Houchin
Indiana
Republican
John James
Michigan
Republican
Bill Huizenga
Michigan
Republican
Young Kim
California
Republican
Byron Donalds
Florida
Republican
Andrew Garbarino
New York
Republican
Michael Lawler
New York
Republican
John Rose
Tennessee
Democrat
Al Green
Texas
Democrat
Marie Gluesenkamp Perez
Washington
Republican
Bryan Steil
Wisconsin
House Votes (2)
Senate Votes (0)
Question
On Motion to Suspend the Rules and Pass
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
94
House Roll Call Votes
Summary

Financial Exploitation Prevention Act of 2023

This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.)

Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests.

The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account.

Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

Text (3)
Referred in Senate
January 31, 2023
Engrossed in House
January 30, 2023
Introduced in House
January 25, 2023
Actions (11)
01/31/2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
01/30/2023
Motion to reconsider laid on the table Agreed to without objection.
01/30/2023
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
01/30/2023
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94).(text: CR H498-499)
01/30/2023
Considered as unfinished business. (consideration: CR H505)
01/30/2023
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
01/30/2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 500.
01/30/2023
Considered under suspension of the rules. (consideration: CR H498-501)
01/30/2023
Mr. McHenry moved to suspend the rules and pass the bill.
01/25/2023
Referred to the House Committee on Financial Services.
01/25/2023
Introduced in House
Public Record
Record Updated
Mar 17, 2023 5:46:16 PM
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