I 
115TH CONGRESS 
2D SESSION 
H. R. 6323 
To create an interdivisional taskforce at the Securities and Exchange 
Commission for senior investors. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 10, 2018 
Mr. GOTTHEIMER (for himself, Mr. HOLLINGSWORTH, and Ms. SINEMA) intro-
duced the following bill; which was referred to the Committee on Finan-
cial 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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Senior Inves-
tor Initiative Act of 2018’’. 
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 fol-
lowing: 
‘‘(k) SENIOR INVESTOR TASKFORCE.— 
VerDate Sep 11 2014 
00:07 Jul 11, 2018
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6323.IH
H6323
pbinns on DSK79D2C42PROD with BILLS
‘‘(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 Com-
mission or from outside of the Commis-
sion; 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 sub-
section; 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. 
VerDate Sep 11 2014 
00:07 Jul 11, 2018
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6323.IH
H6323
pbinns on DSK79D2C42PROD with BILLS
‘‘(4) MINIMIZING DUPLICATION OF EFFORTS.— 
In organizing and staffing the Taskforce, the Chair-
man shall take such actions as may be necessary to 
minimize the duplication of efforts within the divi-
sions and offices described under paragraph (3)(B) 
and any other divisions, offices, or taskforces of the 
Commission. 
‘‘(5) FUNCTIONS
OF
THE
TASKFORCE.—The 
Taskforce shall— 
‘‘(A) identify problems that senior inves-
tors have with financial services providers and 
investment products; 
‘‘(B) identify areas in which senior inves-
tors would benefit from changes in the regula-
tions of the Commission or the rules of self-reg-
ulatory organizations; 
‘‘(C) coordinate, as appropriate, with other 
offices within the Commission, other taskforces 
that may be established within the Commission, 
and self-regulatory organizations; and 
‘‘(D) consult, as appropriate, with State 
securities and law enforcement authorities, 
State insurance regulators, and other Federal 
agencies. 
VerDate Sep 11 2014 
00:07 Jul 11, 2018
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6323.IH
H6323
pbinns on DSK79D2C42PROD with BILLS
‘‘(6) 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, Hous-
ing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Rep-
resentatives, the first of which shall not be issued 
until after the report described in section 3 of the 
National Senior Investor Initiative Act of 2018 has 
been issued and considered by the Taskforce, con-
taining— 
‘‘(A) appropriate statistical information 
and full and substantive analysis; 
‘‘(B) a summary of recent industry trends 
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 and practices involv-
ing senior investors identified during examina-
VerDate Sep 11 2014 
00:07 Jul 11, 2018
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6323.IH
H6323
pbinns on DSK79D2C42PROD with BILLS