‘‘(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) 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. 
‘‘(5) FUNCTIONS
OF
THE
TASKFORCE.—The 
Taskforce shall— 
‘‘(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; 
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‘‘(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. 
‘‘(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, Housing, and 
Urban Affairs 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 2018 has been issued and 
considered by the Taskforce, containing— 
‘‘(A) appropriate statistical information 
and full and substantive analysis; 
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‘‘(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; 
‘‘(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 
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‘‘(H) any other information, as determined 
appropriate by the Director of the Taskforce. 
‘‘(7) SUNSET.—The Taskforce shall terminate 
after the end of the 10-year period beginning on the 
date of the enactment of this subsection, but may be 
reestablished by the Chairman. 
‘‘(8) SENIOR INVESTOR DEFINED.—For purposes 
of this subsection, the term ‘senior investor’ means an 
investor over the age of 65.’’. 
SEC. 3. GAO STUDY. 
(a) IN GENERAL.—Not later than 1 year after the date 
of enactment of this Act, the Comptroller General of the 
United States shall submit to Congress and the Senior In-
vestor Taskforce the results of a study on the economic costs 
of the financial exploitation of senior citizens. 
(b) CONTENTS.—The study required under subsection 
(a) shall include information with respect to— 
(1) costs— 
(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, 
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and other public programs as a result of the fi-
nancial exploitation of senior citizens; and 
(C) incurred by the private sector as a re-
sult of the financial exploitation of senior citi-
zens; and 
(2) any other relevant costs that— 
(A) result from the financial exploitation of 
senior citizens; and 
(B) 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 re-
sulting from the financial exploitation of senior 
citizens in the United States. 
(c) SENIOR CITIZEN DEFINED.—For purposes of this 
section, the term ‘‘senior citizen’’ means an individual over 
the age of 65. 
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Union Calendar No. 684 
115TH CONGRESS 
2D SESSION 
H. R. 6323 
[Report No. 115–886] 
A BILL 
To create an interdivisional taskforce at the Securi-
ties and Exchange Commission for senior inves-
tors. 
AUGUST 3, 2018 
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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