Washington, D.C. – U.S. Senators Susan Collins (R-ME) and Kyrsten Sinema (I-AZ) introduced the Senior Security Act – bipartisan legislation that would protect seniors from financial crimes and scammers.
“As a Senator representing the oldest state in the country, I have consistently worked to fight fraud and financial exploitation targeted at older Americans,” said Senator Collins. “This bipartisan bill would create a task force within the Securities and Exchange Commission to coordinate state authorities’ and regulators’ efforts to reduce senior investors’ risk of being defrauded.”
“Arizona seniors deserve peace and mind and security in their retirements. That’s why we’re introducing our bill to protect Arizonans from fraudsters and criminals,” said Senator Sinema.
This bipartisan legislation would create a task force at the Securities and Exchange Commission (SEC) to examine and identify challenges that seniors face while investing. Every two years, the task force will report its findings to Congress and recommend changes to regulations or law. Additionally, within two years of the legislation being enacted, the U.S. Government Accountability Office would study and report the economic costs of the financial abuse of senior citizens.
Senator Collins has long been committed to combatting fraud that targets seniors. In 2018, the Senior $afe Act, a bipartisan bill Senator Collins authored with then-Senator Claire McCaskill (D-MO), was signed into law. This legislation provides support to regulators, financial institutions, and legal organizations to educate their employees about how to identify, prevent, and report financial exploitation. Then-Representative Sinema was the lead sponsor of the Senior $afe Act in the U.S. House of Representatives.