‘‘(2) SENIOR.—The term ‘senior’ means any in-
dividual who has attained the age of 62 years or 
older. 
‘‘(3) SENIOR FINANCIAL FRAUD.—The term ‘sen-
ior financial fraud’ means a fraudulent or otherwise 
illegal, unauthorized, or improper act or process of an 
individual, including a caregiver or a fiduciary, 
that— 
‘‘(A) uses the resources of a senior for mone-
tary or personal benefit, profit, or gain; 
‘‘(B) results in depriving a senior of right-
ful access to or use of benefits, resources, belong-
ings, or assets; or 
‘‘(C) is an action described in section 1348 
of title 18, United States Code, that is taken 
against a senior. 
‘‘(4) TASK FORCE.—The term ‘task force’ means 
the task force established under subsection (b)(1). 
‘‘(b) GRANT PROGRAM.— 
‘‘(1) TASK FORCE.— 
‘‘(A) IN GENERAL.—The Commission shall 
establish a task force to carry out the grant pro-
gram under paragraph (2). 
‘‘(B) MEMBERSHIP.—The task force shall 
consist of the following members: 
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‘‘(i) A Chair of the task force, who— 
‘‘(I) shall be appointed by the 
Chairman of the Commission, in con-
sultation with the Commissioners of 
the Commission; and 
‘‘(II) may be a representative of 
the Office of the Investor Advocate of 
the Commission, the Division of En-
forcement of the Commission, or such 
other representative as the Commission 
determines appropriate. 
‘‘(ii) If the Chair is not a representa-
tive of the Office of the Investor Advocate of 
the Commission, a representative of such 
Office. 
‘‘(iii) If the Chair is not a representa-
tive of the Division of Enforcement of the 
Commission, a representative of such Divi-
sion. 
‘‘(iv) Such other representatives as the 
Commission determines appropriate. 
‘‘(C) DETAIL OF EXECUTIVE AGENCY EM-
PLOYEES.—Upon the request of the Commission, 
the head of any Federal agency may detail, on 
a reimbursable basis, any of the personnel of that 
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Federal agency to the Commission to assist it in 
carrying out its functions under this section. The 
detail of any such personnel shall be without 
interruption or loss of civil service status or 
privilege. 
‘‘(2) GRANTS.—The task force shall carry out a 
program under which the task force shall make 
grants, on a competitive basis, to eligible entities, 
which— 
‘‘(A) may use the grant funds— 
‘‘(i) to hire staff to identify, inves-
tigate, and prosecute (through civil, admin-
istrative, or criminal enforcement actions) 
cases involving senior financial fraud; 
‘‘(ii) to fund technology, equipment, 
and training for regulators, prosecutors, 
and law enforcement officers, in order to 
identify, investigate, and prosecute cases in-
volving senior financial fraud; 
‘‘(iii) to provide educational materials 
and training to seniors to increase aware-
ness and understanding of senior financial 
fraud; 
‘‘(iv) to develop comprehensive plans to 
combat senior financial fraud; and 
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‘‘(v) to enhance provisions of State law 
to provide protection from senior financial 
fraud; and 
‘‘(B) may not use the grant funds for any 
indirect expense, such as rent, utilities, or any 
other general administrative cost that is not di-
rectly related to the purpose of the grant pro-
gram. 
‘‘(3) AUTHORITY OF TASK FORCE.—In carrying 
out paragraph (2), the task force— 
‘‘(A) may consult with staff of the Commis-
sion; and 
‘‘(B) shall make public all actions of the 
task force relating to carrying out that para-
graph. 
‘‘(c) APPLICATIONS.—An eligible entity desiring a 
grant under this section shall submit an application to the 
task force, in such form and in such a manner as the task 
force may determine, that includes— 
‘‘(1) a proposal for activities to protect seniors 
from senior financial fraud that are proposed to be 
funded using a grant under this section, including— 
‘‘(A) an identification of the scope of the 
problem of senior financial fraud in the applica-
ble State; 
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‘‘(B) a description of how the proposed ac-
tivities would— 
‘‘(i) protect seniors from senior finan-
cial fraud, including by proactively identi-
fying victims of senior financial fraud; 
‘‘(ii) assist in the investigation and 
prosecution of those committing senior fi-
nancial fraud; and 
‘‘(iii) discourage and reduce cases of 
senior financial fraud; and 
‘‘(C) a description of how the proposed ac-
tivities would be coordinated with other State ef-
forts; and 
‘‘(2) any other information that the task force 
determines appropriate. 
‘‘(d) PERFORMANCE OBJECTIVES; REPORTING RE-
QUIREMENTS; AUDITS.— 
‘‘(1) IN GENERAL.—The task force— 
‘‘(A) may establish such performance objec-
tives and reporting requirements for eligible enti-
ties receiving a grant under this section as the 
task force determines are necessary to carry out 
and assess the effectiveness of the program under 
this section; and 
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‘‘(B) shall require each eligible entity that 
receives a grant under this section to submit to 
the task force a detailed accounting of the use of 
grant funds, which shall be submitted at such 
time, in such form, and containing such infor-
mation as the task force may require. 
‘‘(2) REPORT.—Not later than 2 years, and 
again not later than 5 years, after the date of the en-
actment of the Empowering States to Protect Seniors 
from Bad Actors Act, the task force shall submit to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate a report 
that— 
‘‘(A) specifies each recipient of a grant 
under this section; 
‘‘(B) includes a description of the programs 
that are supported by each such grant; and 
‘‘(C) includes an evaluation by the task 
force of the effectiveness of such grants. 
‘‘(3) AUDITS.—The task force shall annually 
conduct an audit of the program under this section 
to ensure that eligible entities to which grants are 
made under that program are, for the year covered by 
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the audit, using grant funds for the intended purposes 
of those funds. 
‘‘(e) MAXIMUM AMOUNT.—The amount of a grant to 
an eligible entity under this section may not exceed 
$500,000, which the task force shall adjust annually to re-
flect the percentage change in the Consumer Price Index for 
All Urban Consumers published by the Bureau of Labor 
Statistics of the Department of Labor. 
‘‘(f) SUBGRANTS.—An eligible entity that receives a 
grant under this section may, in consultation with the task 
force, make a subgrant, as the eligible entity determines is 
necessary or appropriate— 
‘‘(1) to carry out the activities described in sub-
section (b)(2)(A); and 
‘‘(2) which may not be used for any activity de-
scribed in subsection (b)(2)(B). 
‘‘(g) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
$10,000,000 for each of fiscal years 2023 through 2028.’’. 
(b) CONFORMING AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by striking the item 
relating to section 989A and inserting the following: 
‘‘Sec. 989A. Grants to eligible entities for enhanced protection of senior investors 
and senior policyholders.’’. 
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Union Calendar No. 235 
117TH CONGRESS 
2D SESSION 
H. R. 5914 
[Report No. 117–315] 
A BILL 
To amend the Investor Protection and Securities 
Reform Act of 2010 to provide grants to States 
for enhanced protection of senior investors and 
senior policyholders, and for other purposes. 
MAY 10, 2022 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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