IB 
Union Calendar No. 94 
119TH CONGRESS 
1ST SESSION H. R. 1469 
[Report No. 119–124] 
To create an interdivisional taskforce at the Securities and Exchange 
Commission for senior investors. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 21, 2025 
Mr. GOTTHEIMER (for himself and Mrs. WAGNER) introduced the following 
bill; which was referred to the Committee on Financial Services 
JUNE 3, 2025 
Additional sponsor: Mr. NUNN of Iowa 
JUNE 3, 2025 
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 February 21, 2025] 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
A BILL 
To create an interdivisional taskforce at the Securities and 
Exchange Commission for senior investors. 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Be it enacted by the Senate and House of Representa-
tives 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 con-
sultation with the Commission, from among in-
dividuals— 
‘‘(i) currently employed by the Com-
mission or from outside of the Commission; 
and 
‘‘(ii) having experience in advocating 
for the interests of senior investors. 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
‘‘(3) STAFFING.—The Chairman shall ensure 
that— 
‘‘(A) the Taskforce is staffed sufficiently to 
carry out fully the requirements of this sub-
section; and 
‘‘(B) such staff shall include individuals 
from the Division of Enforcement, Office of Com-
pliance Inspections and Examinations, and Of-
fice of Investor Education and Advocacy. 
‘‘(4) NO
COMPENSATION
FOR
MEMBERS
OF 
TASKFORCE.—All members of the Taskforce appointed 
under paragraph (2) or (3) shall serve without com-
pensation in addition to that received for their serv-
ices as officers or employees of the United States. 
‘‘(5) MINIMIZING DUPLICATION OF EFFORTS.—In 
organizing and staffing the Taskforce, the Chairman 
shall take such actions as may be necessary to mini-
mize the duplication of efforts within the divisions 
and offices described under paragraph (3)(B) and 
any other divisions, offices, or taskforces of the Com-
mission. 
‘‘(6) FUNCTIONS
OF
THE
TASKFORCE.—The 
Taskforce shall— 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
‘‘(A) identify challenges that senior inves-
tors encounter, including problems associated 
with financial exploitation and cognitive decline; 
‘‘(B) identify areas in which senior inves-
tors would benefit from changes in the regula-
tions of the Commission or the rules of self-regu-
latory 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 Jus-
tice Coordinating Council; and 
‘‘(D) consult, as appropriate, with State se-
curities 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 Advo-
cate and self-regulatory organizations, and in con-
sultation, as appropriate, with State securities and 
law enforcement authorities, State insurance regu-
lators, 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 Serv-
ices of the House of Representatives, the first of which 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
shall not be issued until after the report described in 
section 3 of the National Senior Investor Initiative 
Act of 2025 has been issued and considered by the 
Taskforce, containing— 
‘‘(A) appropriate statistical information 
and full and substantive analysis; 
‘‘(B) a summary of recent trends and inno-
vations that have impacted the investment land-
scape for senior investors; 
‘‘(C) a summary of regulatory initiatives 
that have concentrated on senior investors and 
industry practices related to senior investors; 
‘‘(D) key observations, best practices, and 
areas needing improvement, involving senior in-
vestors identified during examinations, enforce-
ment actions, and investor education outreach; 
‘‘(E) a summary of the most serious issues 
encountered by senior investors, including issues 
involving financial products and services; 
‘‘(F) an analysis with regard to existing 
policies and procedures of brokers, dealers, in-
vestment advisers, and other market participants 
related to senior investors and senior investor-re-
lated topics and whether these policies and proce-
dures need to be further developed or refined; 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
‘‘(G) recommendations for such changes to 
the regulations, guidance, and orders of the Com-
mission 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 sub-
section, the term ‘senior investor’ means an investor 
over the age of 65. 
‘‘(11) USE OF EXISTING FUNDS.—The Commis-
sion shall use existing funds to carry out this sub-
section.’’. 
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 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Taskforce the results of a study of financial exploitation of 
senior citizens. 
(b) CONTENTS.—The study required under subsection 
(a) shall include information with respect to— 
(1) economic costs of the financial exploitation of 
senior citizens— 
(A) associated with losses by victims that 
were incurred as a result of the financial exploi-
tation of senior citizens; 
(B) incurred by State and Federal agencies, 
law enforcement and investigatory agencies, pub-
lic benefit programs, public health programs, 
and other public programs as a result of the fi-
nancial exploitation of senior citizens; 
(C) incurred by the private sector as a re-
sult of the financial exploitation of senior citi-
zens; and 
(D) any other relevant costs that— 
(i) result from the financial exploi-
tation of senior citizens; and 
(ii) the Comptroller General deter-
mines are necessary and appropriate to in-
clude in order to provide Congress and the 
public with a full and accurate under-
standing of the economic costs resulting 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
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 fi-
nancial exploitation— 
(A) the degree to which financial exploi-
tation of senior citizens unreported to authori-
ties; 
(B) the reasons that financial exploitation 
may be unreported to authorities; 
(C) to the extent that suspected elder finan-
cial exploitation is currently being reported— 
(i) information regarding which Fed-
eral, State, and local agencies are receiving 
reports, including adult protective services, 
law enforcement, industry, regulators, and 
professional licensing boards; 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(ii) information regarding what infor-
mation is being collected by such agencies; 
and 
(iii) information regarding the actions 
that are taken by such agencies upon receipt 
of the report and any limits on the agencies’ 
ability to prevent exploitation, such as ju-
risdictional limits, a lack of expertise, re-
source challenges, or limiting criteria with 
regard to the types of victims they are per-
mitted to serve; 
(D) an analysis of gaps that may exist in 
empowering Federal, State, and local agencies to 
prevent senior exploitation or respond effectively 
to suspected senior financial exploitation; and 
(E) an analysis of the legal hurdles that 
prevent Federal, State, and local agencies from 
effectively partnering with each other and pri-
vate professionals to effectively respond to senior 
financial exploitation. 
(c) SENIOR CITIZEN DEFINED.—In section, the term 
‘‘senior citizen’’ means an individual over the age of 65. 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6203
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Union Calendar No. 94 
119TH CONGRESS 
1ST SESSION 
H. R. 1469 
[Report No. 119–124] 
A BILL 
To create an interdivisional taskforce at the Securi-
ties and Exchange Commission for senior inves-
tors. 
JUNE 3, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
00:44 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00012
Fmt 6651
Sfmt 6651
E:\BILLS\H1469.RH
H1469
kjohnson on DSK7ZCZBW3PROD with $$_JOB