Senator Sinema Introduces Bill to Protect Seniors From Scams

U.S. Sen. Kyrsten Sinema (D-Ariz.) has introduced the Senior Security Act, developed in association with Sen. Susan Collins (R-Maine), to set up a task force at the Securities and Exchange Commission to protect seniors from financial exploitation, reports KVOA . The goal of the legislation is to examine and identify challenges confronting senior investors via the task force, which in consultation with other government officials will disclose its findings to Capitol Hill and recommend any regulatory or statutory amendments every two years. Within two years of the bill's enactment, the Government Accountability Office will analyze and report on economic losses stemming from financial exploitation of seniors. The new bill adds to Sinema's earlier efforts in last year's passage of the Senior Safe Act, which allows financial institutions to work with law enforcement to curb financial abuse of older men and women.