119-hr1469

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1469 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 1469

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

 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,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``National Senior Investor Initiative 
Act of 2025'' or the ``Senior Security Act of 2025''.

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').
 ``

    (2) Director of the taskforce.--The head of the Taskforce 
 shall be the Director, who shall--
 ``
        (A) report directly to the Chairman; and
 ``
        (B) be appointed by the Chairman, in consultation 
 with the Commission, from among individuals--
 ``
            (i) currently employed by the Commission 
 or from outside of the Commission; and
 ``
            (ii) having experience in advocating for 
 the interests of senior investors.
 ``

    (3) Staffing.--The Chairman shall ensure that--
 ``
        (A) the Taskforce is staffed sufficiently to 
 carry out fully the requirements of this subsection; 
 and
 ``
        (B) such staff shall include individuals from the 
 Division of Enforcement, Office of Compliance 
 Inspections and Examinations, and Office of Investor 
 Education and Advocacy.
 ``

    (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;
 ``
            (C) coordinate, as appropriate, with other 
 offices within the Commission, other taskforces that 
 may be established within the Commission, self-
 regulatory organizations, and the Elder Justice 
 Coordinating Council; and
 ``
            (D) consult, as appropriate, with State 
 securities and law enforcement authorities, State 
 insurance regulators, and other Federal agencies.
 ``

    (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 2025 has been issued and considered 
 by the Taskforce, containing--
 ``
        (A) appropriate statistical information and full 
 and substantive analysis;
 ``
        (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;
 ``
        (G) recommendations for such changes to the 
 regulations, guidance, and orders of the Commission and 
 self-regulatory organizations and such legislative 
 actions as may be appropriate to resolve problems 
 encountered by senior investors; and
 ``
        (H) any other information, as determined 
 appropriate by the Director of the Taskforce.
 ``

    (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.
 ``

    (10) Senior investor defined.--In this subsection, the 
 term `senior investor' means an investor over the age of 65.
 ``

    (11) Use of existing funds.--The Commission shall use 
 existing funds to carry out this subsection.''.

SEC. 3. GAO STUDY.

    (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
            (D) any other relevant costs that--
            (i) result from the financial exploitation 
 of senior citizens; and
            (ii) the Comptroller General determines are 
 necessary and appropriate to include in order 
 to provide Congress and the public with a full 
 and accurate understanding of the economic 
 costs resulting from the financial exploitation 
 of senior citizens in the United States;

    (2) frequency of senior financial exploitation and 
 correlated or contributing factors--
        (A) information about percentage of senior citizens 
 financially exploited each year; and
        (B) information about factors contributing to 
 increased risk of exploitation, including such factors 
 as race, social isolation, income, net worth, religion, 
 region, occupation, education, home-ownership, illness, 
 and loss of spouse; and

    (3) policy responses and reporting of senior financial 
 exploitation--
        (A) the degree to which financial exploitation of 
 senior citizens unreported to authorities;
        (B) the reasons that financial exploitation may be 
 unreported to authorities;
            (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;
            (ii) information regarding what information 
 is being collected by such agencies; and
            (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;
            (D) an analysis of gaps that may exist in 
 empowering Federal, State, and local agencies to 
 prevent senior exploitation or respond effectively to 
 suspected senior financial exploitation; and
        (E) an analysis of the legal hurdles that prevent 
 Federal, State, and local agencies from effectively 
 partnering with each other and private professionals to 
 effectively respond to senior financial exploitation.
            (c) Senior Citizen Defined.--In section, the term ``senior 
citizen'' means an individual over the age of 65.

 Passed the House of Representatives July 21, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.