(1) Data from the Federal Trade Commission 
shows that consumers reported losing— 
(A) more than $10,000,000,000 to fraud 
in 2023, marking— 
(i) the first time that fraud losses 
have exceeded that amount; and 
(ii) a 14 percent increase over those 
reported losses in 2022; and 
(B) more money to investment scams (spe-
cifically, more than $4,600,000,000) than any 
other category in 2023, which represents a 21 
percent increase over those reported losses in 
2022. 
(2) Data from AARP, published in 2023, shows 
that 9 out of 10 adults in the United States encoun-
tered a fraud attempt in the past year. 
(3) In 2021, AARP found that servicemembers 
are nearly 40 percent more likely to lose money to 
scams and fraud than civilians. 
(4) For decades, State securities and insurance 
regulators have been leaders in the effort to protect 
older and sometimes vulnerable adults, including vet-
erans, from financial exploitation. 
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SEC. 3. GRANTS TO ELIGIBLE ENTITIES FOR ENHANCED 
PROTECTION OF SENIOR INVESTORS AND 
SENIOR POLICYHOLDERS. 
(a) IN GENERAL.—Section 989A of the Investor Pro-
tection and Securities Reform Act of 2010 (12 U.S.C. 
5537) is amended to read as follows: 
‘‘SEC. 989A. GRANTS TO ELIGIBLE ENTITIES FOR EN-
HANCED PROTECTION OF SENIOR INVES-
TORS AND SENIOR POLICYHOLDERS. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) ELIGIBLE ENTITY.—The term ‘eligible en-
tity’ means— 
‘‘(A) the securities commission (or any 
agency or office performing like functions) of 
any State; and 
‘‘(B) the insurance department (or any 
agency or office performing like functions) of 
any State. 
‘‘(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 
‘senior financial fraud’ means a fraudulent or other-
wise illegal, unauthorized, or improper act or process 
of an individual, including a caregiver or a fiduciary, 
that— 
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‘‘(A) uses the resources of a senior for 
monetary or personal benefit, profit, or gain; 
‘‘(B) results in depriving a senior of right-
ful access to or use of benefits, resources, be-
longings, or assets; or 
‘‘(C) is an action described in section 1348 
of title 18, United States Code, that is taken 
against a senior. 
‘‘(b) GRANT PROGRAM.— 
‘‘(1) IN
GENERAL.—The Commission shall 
carry out a program under which the Commission 
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 
involving senior financial fraud; 
‘‘(iii) to provide educational materials 
and training to seniors to increase aware-
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ness and understanding of senior financial 
fraud; 
‘‘(iv) to develop comprehensive plans 
to combat senior financial fraud; and 
‘‘(v) to enhance provisions of State 
law to provide protection from senior fi-
nancial 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. 
‘‘(2) AUTHORITY OF COMMISSION.— 
‘‘(A) PUBLIC INFORMATION.—In carrying 
out paragraph (1), the Commission shall make 
public relevant actions of the Commission relat-
ing to carrying out that paragraph. 
‘‘(B) SENSE
OF
CONGRESS.—It is the 
sense of Congress that, in carrying out para-
graph (1), the Commission should use the au-
thority of the Commission under section 4A of 
the Securities Exchange Act of 1934 (15 
U.S.C. 78d–1) to delegate the functions of the 
Commission under paragraph (1) to an em-
ployee or employee board that has experience 
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working with or for State regulators on issues 
relating to the protection of senior investors, in-
cluding such investors who are vulnerable. 
‘‘(c) APPLICATIONS.—An eligible entity desiring a 
grant under this section shall submit an application to the 
Commission, in such form and in such a manner as the 
Commission 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; 
‘‘(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 
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‘‘(C) a description of how the proposed ac-
tivities would be coordinated with other State 
efforts; and 
‘‘(2) any other information that the Commis-
sion determines appropriate. 
‘‘(d) PERFORMANCE OBJECTIVES; REPORTING RE-
QUIREMENTS; AUDITS.— 
‘‘(1) IN GENERAL.—The Commission— 
‘‘(A) may establish such performance ob-
jectives and reporting requirements for eligible 
entities receiving a grant under this section as 
the Commission determines are necessary to 
carry out and assess the effectiveness of the 
program under this section; and 
‘‘(B) shall require each eligible entity that 
receives a grant under this section to submit to 
the Commission a detailed accounting of the 
use of grant funds, which shall be submitted at 
such time, in such form, and containing such 
information as the Commission may require. 
‘‘(2) REPORT.—Not later than 2 years, and 
again not later than 5 years, after the date of enact-
ment of the Empowering States to Protect Seniors 
from Bad Actors Act, the Commission shall submit 
to the Committee on Banking, Housing, and Urban 
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‘‘(f) SUBGRANTS.—An eligible entity that receives a 
grant under this section may, in consultation with the 
Commission, make a subgrant, as the eligible entity deter-
mines is necessary or appropriate— 
‘‘(1) to carry out the activities described in sub-
section (b)(1)(A); and 
‘‘(2) which may not be used for any activity de-
scribed in subsection (b)(1)(B). 
‘‘(g) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
$10,000,000 for each of fiscal years 2025 through 2030.’’. 
(b) CONFORMING AMENDMENT.—The table of con-
tents in section 1(b) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (Public Law 111–203) 
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 inves-
tors and senior policyholders.’’. 
Æ 
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