Senior Security Act of 2023

Subjects: Finance and Financial Sector, Aging, Banking and financial institutions regulation, Congressional oversight, Financial literacy, Financial services and investments, Fraud offenses and financial crimes, Government studies and investigations

Summary:  <p><b>National Senior Investor Initiative Act of 2023 or the Senior Security Act of 2023</b></p> <p>This bill establishes the Senior Investor Taskforce within the Securities and Exchange Commission. The taskforce must report on topics relating to investors over the age of 65, including industry trends and serious issues impacting such investors, and make recommendations for legislative or regulatory actions to address problems encountered by senior investors. </p> <p>The Government Accountability Office must report on the financial exploitation of senior citizens. </p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2593 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 2593

 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

_______________________________________________________________________

                                 A BILL


 
 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 2023'' or the ``Senior Security Act of 2023''.

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 2023 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.--For purposes of 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) In General.--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 goes 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.--For purposes of this section, the term 
``senior citizen'' means an individual over the age of 65.
                                 &lt;all&gt;
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