IB 

Union Calendar No. 70 

118TH CONGRESS 

1ST SESSION H. R. 2593 

[Report No. 118–93] 

To create an interdivisional taskforce at the Securities and Exchange 

Commission for senior investors. 

IN THE HOUSE OF REPRESENTATIVES 

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] 


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A BILL 

To create an interdivisional taskforce at the Securities and 

Exchange Commission for senior investors. 


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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Senior Investor 

5 Initiative Act of 2023’’ or the ‘‘Senior Security Act of 

6 2023’’. 

7 SEC. 2. SENIOR INVESTOR TASKFORCE. 

8 Section 4 of the Securities Exchange Act of 1934 (15 

9 U.S.C. 78d) is amended by adding at the end the following: 

10 ‘‘(l) SENIOR INVESTOR TASKFORCE.— 

11 ‘‘(1) ESTABLISHMENT.—There is established 

12 within the Commission the Senior Investor Taskforce 

13 (in this subsection referred to as the ‘Taskforce’). 

14 ‘‘(2) DIRECTOR OF THE TASKFORCE.—The head 

15 of the Taskforce shall be the Director, who shall— 

16 ‘‘(A) report directly to the Chairman; and 

17 ‘‘(B) be appointed by the Chairman, in con18 sultation with the Commission, from among in19 dividuals— 

20 ‘‘(i) currently employed by the Com21 mission or from outside of the Commission; 

22 and 

23 ‘‘(ii) having experience in advocating 

24 for the interests of senior investors. 


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1 ‘‘(3) STAFFING.—The Chairman shall ensure 

2 that— 

3 ‘‘(A) the Taskforce is staffed sufficiently to 

4 carry out fully the requirements of this sub5 section; and 

6 ‘‘(B) such staff shall include individuals 

7 from the Division of Enforcement, Office of Com8 pliance Inspections and Examinations, and Of9 fice of Investor Education and Advocacy. 

10 ‘‘(4) NO COMPENSATION FOR MEMBERS OF

11 TASKFORCE.—All members of the Taskforce appointed 

12 under paragraph (2) or (3) shall serve without com13 pensation in addition to that received for their serv14 ices as officers or employees of the United States. 

15 ‘‘(5) MINIMIZING DUPLICATION OF EFFORTS.—In 

16 organizing and staffing the Taskforce, the Chairman 

17 shall take such actions as may be necessary to mini18 mize the duplication of efforts within the divisions 

19 and offices described under paragraph (3)(B) and 

20 any other divisions, offices, or taskforces of the Com21 mission. 

22 ‘‘(6) FUNCTIONS OF THE TASKFORCE.—The 

23 Taskforce shall— 


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1 ‘‘(A) identify challenges that senior inves2 tors encounter, including problems associated 

3 with financial exploitation and cognitive decline; 

4 ‘‘(B) identify areas in which senior inves5 tors would benefit from changes in the regula6 tions of the Commission or the rules of self-regu7 latory organizations; 

8 ‘‘(C) coordinate, as appropriate, with other 

9 offices within the Commission, other taskforces 

10 that may be established within the Commission, 

11 self-regulatory organizations, and the Elder Jus12 tice Coordinating Council; and 

13 ‘‘(D) consult, as appropriate, with State se14 curities and law enforcement authorities, State 

15 insurance regulators, and other Federal agencies. 

16 ‘‘(7) REPORT.—The Taskforce, in coordination, 

17 as appropriate, with the Office of the Investor Advo18 cate and self-regulatory organizations, and in con19 sultation, as appropriate, with State securities and 

20 law enforcement authorities, State insurance regu21 lators, and Federal agencies, shall issue a report every 

22 2 years to the Committee on Banking, Housing, and 

23 Urban Affairs and the Special Committee on Aging 

24 of the Senate and the Committee on Financial Serv25 ices of the House of Representatives, the first of which 


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1 shall not be issued until after the report described in 

2 section 3 of the National Senior Investor Initiative 

3 Act of 2023 has been issued and considered by the 

4 Taskforce, containing— 

5 ‘‘(A) appropriate statistical information 

6 and full and substantive analysis; 

7 ‘‘(B) a summary of recent trends and inno8 vations that have impacted the investment land9 scape for senior investors; 

10 ‘‘(C) a summary of regulatory initiatives 

11 that have concentrated on senior investors and 

12 industry practices related to senior investors; 

13 ‘‘(D) key observations, best practices, and 

14 areas needing improvement, involving senior in15 vestors identified during examinations, enforce16 ment actions, and investor education outreach; 

17 ‘‘(E) a summary of the most serious issues 

18 encountered by senior investors, including issues 

19 involving financial products and services; 

20 ‘‘(F) an analysis with regard to existing 

21 policies and procedures of brokers, dealers, in22 vestment advisers, and other market participants 

23 related to senior investors and senior investor-re24 lated topics and whether these policies and proce25 dures need to be further developed or refined; 


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1 ‘‘(G) recommendations for such changes to 

2 the regulations, guidance, and orders of the Com3 mission and self-regulatory organizations and 

4 such legislative actions as may be appropriate to 

5 resolve problems encountered by senior investors; 

6 and 

7 ‘‘(H) any other information, as determined 

8 appropriate by the Director of the Taskforce. 

9 ‘‘(8) REQUEST FOR REPORTS.—The Taskforce 

10 shall make any report issued under paragraph (7) 

11 available to a Member of Congress who requests such 

12 a report. 

13 ‘‘(9) SUNSET.—The Taskforce shall terminate 

14 after the end of the 10-year period beginning on the 

15 date of the enactment of this subsection. 

16 ‘‘(10) SENIOR INVESTOR DEFINED.—For pur17 poses of this subsection, the term ‘senior investor’ 

18 means an investor over the age of 65. 

19 ‘‘(11) USE OF EXISTING FUNDS.—The Commis20 sion shall use existing funds to carry out this sub21 section.’’. 

22 SEC. 3. GAO STUDY. 

23 (a) STUDY.—Not later than 2 years after the date of 

24 enactment of this Act, the Comptroller General of the United 

25 States shall submit to Congress and the Senior Investor 


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1 Taskforce the results of a study of financial exploitation of 

2 senior citizens. 

3 (b) CONTENTS.—The study required under subsection 

4 (a) shall include information with respect to— 

5 (1) economic costs of the financial exploitation of 

6 senior citizens— 

7 (A) associated with losses by victims that 

8 were incurred as a result of the financial exploi9 tation of senior citizens; 

10 (B) incurred by State and Federal agencies, 

11 law enforcement and investigatory agencies, pub12 lic benefit programs, public health programs, 

13 and other public programs as a result of the fi14 nancial exploitation of senior citizens; 

15 (C) incurred by the private sector as a re16 sult of the financial exploitation of senior citi17 zens; and 

18 (D) any other relevant costs that— 

19 (i) result from the financial exploi20 tation of senior citizens; and 

21 (ii) the Comptroller General deter22 mines are necessary and appropriate to in23 clude in order to provide Congress and the 

24 public with a full and accurate under25 standing of the economic costs resulting 


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1 from the financial exploitation of senior 

2 citizens in the United States; 

3 (2) frequency of senior financial exploitation 

4 and correlated or contributing factors— 

5 (A) information about percentage of senior 

6 citizens financially exploited each year; and 

7 (B) information about factors contributing 

8 to increased risk of exploitation, including such 

9 factors as race, social isolation, income, net 

10 worth, religion, region, occupation, education, 

11 home-ownership, illness, and loss of spouse; and 

12 (3) policy responses and reporting of senior fi13 nancial exploitation— 

14 (A) the degree to which financial exploi15 tation of senior citizens unreported to authori16 ties; 

17 (B) the reasons that financial exploitation 

18 may be unreported to authorities; 

19 (C) to the extent that suspected elder finan20 cial exploitation is currently being reported— 

21 (i) information regarding which Fed22 eral, State, and local agencies are receiving 

23 reports, including adult protective services, 

24 law enforcement, industry, regulators, and 

25 professional licensing boards; 


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1 (ii) information regarding what infor2 mation is being collected by such agencies; 

3 and 

4 (iii) information regarding the actions 

5 that are taken by such agencies upon receipt 

6 of the report and any limits on the agencies’ 

7 ability to prevent exploitation, such as ju8 risdictional limits, a lack of expertise, re9 source challenges, or limiting criteria with 

10 regard to the types of victims they are per11 mitted to serve; 

12 (D) an analysis of gaps that may exist in 

13 empowering Federal, State, and local agencies to 

14 prevent senior exploitation or respond effectively 

15 to suspected senior financial exploitation; and 

16 (E) an analysis of the legal hurdles that 

17 prevent Federal, State, and local agencies from 

18 effectively partnering with each other and pri19 vate professionals to effectively respond to senior 

20 financial exploitation. 

21 (c) SENIOR CITIZEN DEFINED.—For purposes of this 

22 section, the term ‘‘senior citizen’’ means an individual over 

23 the age of 65. 


kjohnson on DSK79L0C42PROD with BILLS

kjohnson on DSK79L0C42PROD with BILLS
Union Calendar No. 70 

118TH CONGRESS 

1ST SESSION H. R. 2593 

[Report No. 118–93] 

A BILL 

To create an interdivisional taskforce at the Securitors. ties and Exchange Commission for senior invesJUNE 5, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


kjohnson on DSK79L0C42PROD with BILLS