118TH CONGRESS 

1ST SESSION H. R. 2593 

AN ACT 

To create an interdivisional taskforce at the Securities and 

Exchange Commission for senior investors. 

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

2 This Act may be cited as the ‘‘National Senior Inves3 tor Initiative Act of 2023’’ or the ‘‘Senior Security Act 

4 of 2023’’. 

5 SEC. 2. SENIOR INVESTOR TASKFORCE. 

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

7 U.S.C. 78d) is amended by adding at the end the fol8 lowing: 

9 ‘‘(l) SENIOR INVESTOR TASKFORCE.— 

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

11 within the Commission the Senior Investor 

12 Taskforce (in this subsection referred to as the 

13 ‘Taskforce’). 

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

15 head of the Taskforce shall be the Director, who 

16 shall— 

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

18 ‘‘(B) be appointed by the Chairman, in 

19 consultation with the Commission, from among 

20 individuals— 

21 ‘‘(i) currently employed by the Com22 mission or from outside of the Commis23 sion; and 

24 ‘‘(ii) having experience in advocating 

25 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 

8 Compliance Inspections and Examinations, and 

9 Office of Investor Education and Advocacy. 

10 ‘‘(4) NO COMPENSATION FOR MEMBERS OF

11 TASKFORCE.—All members of the Taskforce ap12 pointed under paragraph (2) or (3) shall serve with13 out compensation in addition to that received for 

14 their services as officers or employees of the United 

15 States. 

16 ‘‘(5) MINIMIZING DUPLICATION OF EFFORTS.— 

17 In organizing and staffing the Taskforce, the Chair18 man shall take such actions as may be necessary to 

19 minimize the duplication of efforts within the divi20 sions and offices described under paragraph (3)(B) 

21 and any other divisions, offices, or taskforces of the 

22 Commission. 

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

24 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-reg7 ulatory 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 

12 Justice Coordinating Council; and 

13 ‘‘(D) consult, as appropriate, with State 

14 securities and law enforcement authorities, 

15 State insurance regulators, and other Federal 

16 agencies. 

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

18 as appropriate, with the Office of the Investor Advo19 cate and self-regulatory organizations, and in con20 sultation, as appropriate, with State securities and 

21 law enforcement authorities, State insurance regu22 lators, and Federal agencies, shall issue a report 

23 every 2 years to the Committee on Banking, Hous24 ing, and Urban Affairs and the Special Committee 

25 on Aging of the Senate and the Committee on Fi-
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1 nancial Services of the House of Representatives, the 

2 first of which shall not be issued until after the re3 port described in section 3 of the National Senior 

4 Investor Initiative Act of 2023 has been issued and 

5 considered by the Taskforce, containing— 

6 ‘‘(A) appropriate statistical information 

7 and full and substantive analysis; 

8 ‘‘(B) a summary of recent trends and inno9 vations that have impacted the investment land10 scape for senior investors; 

11 ‘‘(C) a summary of regulatory initiatives 

12 that have concentrated on senior investors and 

13 industry practices related to senior investors; 

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

15 areas needing improvement, involving senior in16 vestors identified during examinations, enforce17 ment actions, and investor education outreach; 

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

19 encountered by senior investors, including 

20 issues involving financial products and services; 

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

22 policies and procedures of brokers, dealers, in23 vestment advisers, and other market partici24 pants related to senior investors and senior in25 vestor-related topics and whether these policies 
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1 and procedures need to be further developed or 

2 refined; 

3 ‘‘(G) recommendations for such changes to 

4 the regulations, guidance, and orders of the 

5 Commission and self-regulatory organizations 

6 and such legislative actions as may be appro7 priate to resolve problems encountered by senior 

8 investors; and 

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

10 appropriate by the Director of the Taskforce. 

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

12 shall make any report issued under paragraph (7) 

13 available to a Member of Congress who requests 

14 such a report. 

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

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

17 date of the enactment of this subsection. 

18 ‘‘(10) SENIOR INVESTOR DEFINED.—For pur19 poses of this subsection, the term ‘senior investor’ 

20 means an investor over the age of 65. 

21 ‘‘(11) USE OF EXISTING FUNDS.—The Commis22 sion shall use existing funds to carry out this sub23 section.’’. 
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1 SEC. 3. GAO STUDY. 

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

3 of enactment of this Act, the Comptroller General of the 

4 United States shall submit to Congress and the Senior In5 vestor Taskforce the results of a study of financial exploi6 tation of senior citizens. 

7 (b) CONTENTS.—The study required under sub8 section (a) shall include information with respect to— 

9 (1) economic costs of the financial exploitation 

10 of senior citizens— 

11 (A) associated with losses by victims that 

12 were incurred as a result of the financial exploi13 tation of senior citizens; 

14 (B) incurred by State and Federal agen15 cies, law enforcement and investigatory agen16 cies, public benefit programs, public health pro17 grams, and other public programs as a result of 

18 the financial exploitation of senior citizens; 

19 (C) incurred by the private sector as a re20 sult of the financial exploitation of senior citi21 zens; and 

22 (D) any other relevant costs that— 

23 (i) result from the financial exploi24 tation of senior citizens; and 

25 (ii) the Comptroller General deter26 mines are necessary and appropriate to in-
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1 clude in order to provide Congress and the 

2 public with a full and accurate under3 standing of the economic costs resulting 

4 from the financial exploitation of senior 

5 citizens in the United States; 

6 (2) frequency of senior financial exploitation 

7 and correlated or contributing factors— 

8 (A) information about percentage of senior 

9 citizens financially exploited each year; and 

10 (B) information about factors contributing 

11 to increased risk of exploitation, including such 

12 factors as race, social isolation, income, net 

13 worth, religion, region, occupation, education, 

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

15 (3) policy responses and reporting of senior fi16 nancial exploitation— 

17 (A) the degree to which financial exploi18 tation of senior citizens unreported to authori19 ties; 

20 (B) the reasons that financial exploitation 

21 may be unreported to authorities; 

22 (C) to the extent that suspected elder fi23 nancial exploitation is currently being re24 ported— 
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1 (i) information regarding which Fed2 eral, State, and local agencies are receiving 

3 reports, including adult protective services, 

4 law enforcement, industry, regulators, and 

5 professional licensing boards; 

6 (ii) information regarding what infor7 mation is being collected by such agencies; 

8 and 

9 (iii) information regarding the actions 

10 that are taken by such agencies upon re11 ceipt of the report and any limits on the 

12 agencies’ ability to prevent exploitation, 

13 such as jurisdictional limits, a lack of ex14 pertise, resource challenges, or limiting cri15 teria with regard to the types of victims 

16 they are permitted to serve; 

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

18 empowering Federal, State, and local agencies 

19 to prevent senior exploitation or respond effec20 tively to suspected senior financial exploitation; 

21 and 

22 (E) an analysis of the legal hurdles that 

23 prevent Federal, State, and local agencies from 

24 effectively partnering with each other and pri-
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1 vate professionals to effectively respond to sen2 ior financial exploitation. 

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

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

5 the age of 65. 

Passed the House of Representatives June 5, 2023. 

Attest: 

Clerk. 

118TH CONGRESS 

1ST SESSION H. R. 2593 

AN ACT 

To create an interdivisional taskforce at the Securitors. ties and Exchange Commission for senior inves-