Union Calendar No. 70
118th CONGRESS 1st Session |
[Report No. 118–93]
To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors.
April 13, 2023
Mr. Gottheimer (for himself and Mrs. Wagner) introduced the following bill; which was referred to the Committee on Financial Services
June 5, 2023
Additional sponsor: Mr. Lawler
June 5, 2023
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 April 13, 2023]
To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors.
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 “National Senior Investor Initiative Act of 2023” or the “Senior Security Act of 2023”.
SEC. 2. Senior Investor Taskforce.
Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following:
“(l) Senior Investor Taskforce.—
“(1) ESTABLISHMENT.—There is established within the Commission the Senior Investor Taskforce (in this subsection referred to as the ‘Taskforce’).
“(3) STAFFING.—The Chairman shall ensure that—
“(4) NO COMPENSATION FOR MEMBERS OF TASKFORCE.—All members of the Taskforce appointed under paragraph (2) or (3) shall serve without compensation in addition to that received for their services as officers or employees of the United States.
“(5) MINIMIZING DUPLICATION OF EFFORTS.—In organizing and staffing the Taskforce, the Chairman shall take such actions as may be necessary to minimize the duplication of efforts within the divisions and offices described under paragraph (3)(B) and any other divisions, offices, or taskforces of the Commission.
“(6) FUNCTIONS OF THE TASKFORCE.—The Taskforce shall—
“(A) identify challenges that senior investors encounter, including problems associated with financial exploitation and cognitive decline;
“(B) identify areas in which senior investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;
“(7) REPORT.—The Taskforce, in coordination, as appropriate, with the Office of the Investor Advocate and self-regulatory organizations, and in consultation, as appropriate, with State securities and law enforcement authorities, State insurance regulators, and Federal agencies, shall issue a report every 2 years to the Committee on Banking, Housing, and Urban Affairs and the Special Committee on Aging of the Senate and the Committee on Financial Services of the House of Representatives, the first of which shall not be issued until after the report described in section 3 of the National Senior Investor Initiative Act of 2023 has been issued and considered by the Taskforce, containing—
“(B) a summary of recent trends and innovations that have impacted the investment landscape for senior investors;
“(C) a summary of regulatory initiatives that have concentrated on senior investors and industry practices related to senior investors;
“(D) key observations, best practices, and areas needing improvement, involving senior investors identified during examinations, enforcement actions, and investor education outreach;
“(E) a summary of the most serious issues encountered by senior investors, including issues involving financial products and services;
“(F) an analysis with regard to existing policies and procedures of brokers, dealers, investment advisers, and other market participants related to senior investors and senior investor-related topics and whether these policies and procedures need to be further developed or refined;
“(8) REQUEST FOR REPORTS.—The Taskforce shall make any report issued under paragraph (7) available to a Member of Congress who requests such a report.
“(9) SUNSET.—The Taskforce shall terminate after the end of the 10-year period beginning on the date of the enactment of this subsection.
(a) Study.—Not later than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress and the Senior Investor Taskforce the results of a study of financial exploitation of senior citizens.
(b) Contents.—The study required under subsection (a) shall include information with respect to—
(1) economic costs of the financial exploitation of senior citizens—
(A) associated with losses by victims that were incurred as a result of the financial exploitation of senior citizens;
(B) incurred by State and Federal agencies, law enforcement and investigatory agencies, public benefit programs, public health programs, and other public programs as a result of the financial exploitation of senior citizens;
(C) incurred by the private sector as a result of the financial exploitation of senior citizens; and
(3) policy responses and reporting of senior financial exploitation—
(C) to the extent that suspected elder financial exploitation is currently being reported—
(i) information regarding which Federal, State, and local agencies are receiving reports, including adult protective services, law enforcement, industry, regulators, and professional licensing boards;
(iii) information regarding the actions that are taken by such agencies upon receipt of the report and any limits on the agencies’ ability to prevent exploitation, such as jurisdictional limits, a lack of expertise, resource challenges, or limiting criteria with regard to the types of victims they are permitted to serve;
Union Calendar No. 70 | |||||
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[Report No. 118–93] | |||||
A BILL | |||||
To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors. | |||||
June 5, 2023 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed |