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the Department of Defense, the Department of the 
Treasury, the Department of Homeland Security, 
the Department of Justice, and the private sector 
work together. 
(18) Drug-trafficking organizations, terrorist 
organizations, and other transnational criminal orga-
nizations disguise the proceeds of their illegal activi-
ties behind sophisticated mechanisms that operate 
seamlessly between licit and illicit trade and finan-
cial transactions, making it almost impossible to ad-
dress without international cooperation. 
(19) The United States has established Trade 
Transparency Units with 18 partner countries, in-
cluding with major drug-producing and transit coun-
tries, to facilitate the increased exchange of import- 
export data to combat trade-based money laun-
dering. 
(b) SENSE OF CONGRESS.—It is the sense of Con-
gress that— 
(1) the activities of transnational criminal orga-
nizations and their networks, and the means by 
which such organizations and networks move and 
launder their ill-gotten gains, such as through the 
use of illicit economies, illicit trade, and trade-based 
money laundering, pose a threat to the national in-
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terests and national security of the United States 
and allies and partners of the United States around 
the world; 
(2) in addition to considering the countering of 
illicit economies, illicit trade, and trade-based money 
laundering as a national priority and committing to 
detect, address, and prevent such activities, the 
President should— 
(A) continue to assess, in the periodic na-
tional risk assessments on money laundering, 
terrorist financing, and proliferation financing 
conducted by the Department of the Treasury, 
the ongoing risks of trade-based money laun-
dering; 
(B) finalize the assessment described in 
the Explanatory Statement accompanying the 
Financial Services and General Government Ap-
propriations Act, 2020 (division C of the Con-
solidated Appropriations Act, 2020 (Public Law 
116–93)), which directs the Financial Crimes 
Enforcement Network of the Department of the 
Treasury to thoroughly assess the risk that 
trade-based money laundering and other forms 
of illicit finance pose to national security; 
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(C) work expeditiously to develop, finalize, 
and execute a strategy, as described in section 
6506 of the Anti-Money Laundering Act of 
2020 (title LXV of division F of Public Law 
116–283; 134 Stat. 4631), drawing on the mul-
tiple instruments of United States national 
power available, to counter— 
(i) the activities of transnational 
criminal organizations, including illicit 
trade and trade-based money laundering; 
and 
(ii) the illicit economies such organiza-
tions operate in; 
(D) coordinate with international partners 
to implement that strategy, exhorting those 
partners to strengthen their approaches to com-
bating transnational criminal organizations; and 
(E) review that strategy on a biennial basis 
and improve it as needed in order to most effec-
tively address illicit economies, illicit trade, and 
trade-based money laundering by exploring the 
use of emerging technologies and other new 
avenues for interrupting and putting an end to 
those activities; and 
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(3) the Trade Transparency Unit program of 
the Department of Homeland Security should take 
steps to strengthen its work, including in countries 
that the Department of State has identified as major 
money laundering jurisdictions under section 489 of 
the Foreign Assistance Act of 1961 (22 U.S.C. 
2291h). 
SEC. 5445. DISCLOSURE OF DISABILITY, VETERAN, AND 
MILITARY STATUS. 
Section 304(b)(4) of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2803(b)(4)) is amended by strik-
ing ‘‘age,’’ and inserting ‘‘age, veteran and military status, 
disability status,’’. 
SEC. 5446. STRENGTHENING CYBERSECURITY FOR THE FI-
NANCIAL SECTOR. 
(a) REGULATION
AND EXAMINATION
OF CREDIT 
UNION ORGANIZATIONS AND SERVICE PROVIDERS.—Sec-
tion 206A of the Federal Credit Union Act (12 U.S.C. 
1786a) is amended— 
(1) in subsection (a)(1), by striking ‘‘that’’ and 
inserting ‘‘an’’; 
(2) in subsection (c)(2), by inserting after 
‘‘shall notify the Board’’ the following: ‘‘, in a man-
ner and method prescribed by the Board,’’; and 
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(3) by striking subsection (f) and inserting the 
following: 
‘‘(f) EXERCISE OF AUTHORITY.—To minimize dupli-
cative efforts, prior to conducting any examination of a 
credit union organization under the authority provided to 
the Board under this section, the Board shall first seek 
to collect any information which the Board intends to ac-
quire through such examination from— 
‘‘(1) any Federal regulatory agencies that su-
pervise any activity of that credit union organiza-
tion; and 
‘‘(2) any Federal banking agency that super-
vises any other person who maintains an ownership 
interest in that credit union organization.’’. 
(b) GAO STUDY ON FHFA’S REGULATION OF SERV-
ICE PROVIDERS.— 
(1) STUDY.—The Comptroller General of the 
United States shall carry out a study on the Federal 
Housing Finance Agency’s authority and regulation 
of service providers to its regulated entities, includ-
ing the Federal National Mortgage Association, the 
Federal Home Loan Mortgage Corporation, and the 
Federal Home Loan Banks. 
(2) REPORT.—Not later than the end of the 12- 
month period beginning on the date of the enact-
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ment of this Act, the Comptroller General shall issue 
a report to Congress containing— 
(A) all findings and determinations made 
in carrying out the study required under para-
graph (1); 
(B) an analysis of the Federal Housing Fi-
nance Agency’s existing authority, how service 
providers to the Federal Housing Finance 
Agency’s regulated entities are currently regu-
lated, and risks to the regulated entities associ-
ated with third-party service providers; and 
(C) recommendations for legislative and 
administrative action. 
SEC. 5447. REVIEW OF IMF LOAN SURCHARGE POLICY. 
(a) FINDINGS.—The Congress finds as follows: 
(1) The International Monetary Fund (in this 
section referred to as the ‘‘IMF’’) imposes a sur-
charge, in addition to standard interest and service 
fees, of 200 basis points on outstanding credit pro-
vided through its General Resources Account that 
exceeds 187.5 percent of the IMF country quota, 
and an additional 100 basis points if that credit has 
been outstanding for over 36 or 51 months, depend-
ing on the facility. 
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(2) According to the IMF, ‘‘These level and 
time-based surcharges are intended to help mitigate 
credit risk by providing members with incentives to 
limit their demand for Fund assistance and encour-
age timely repurchases while at the same time gen-
erating income for the Fund to accumulate pre-
cautionary balances.’’. 
(3) According to a 2021 report by the Euro-
pean Network on Debt and Development, surcharges 
increase the average cost of borrowing from the IMF 
by over 64 percent for surcharged countries. Sur-
charges increased Ukraine’s borrowing costs on its 
IMF lending program by nearly 27 percent, Jor-
dan’s by 72 percent, and Egypt’s by over 104 per-
cent. 
(4) As a result of Russia’s invasion, the World 
Bank predicts that Ukraine will experience an eco-
nomic contraction of 45 percent in 2022. Yet 
Ukraine is expected to pay the IMF an estimated 
$483,000,000 in surcharges from 2021 through 
2027. 
(5) The Ukraine Comprehensive Debt Payment 
Relief Act of 2022 (H.R.7081), which requires the 
Department of Treasury to make efforts to secure 
debt relief for Ukraine, was passed by the House of 
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Representatives on May 11, 2022, with over-
whelming bipartisan support, by a vote of 362 Yeas 
to 56 Nays. 
(6) As a result of the war in Ukraine and other 
factors, the World Bank predicted that global 
growth rates will slow to 2.9 percent in 2022, down 
nearly half from 2021. External public debt of devel-
oping economies is at record levels, and the World 
Bank, IMF, and United Nations have all warned of 
coming defaults and a potential global debt crisis. As 
food and energy prices rise, the World Food Pro-
gram has estimated that 750,000 people are at im-
mediate 
risk 
of 
starvation 
or 
death, 
and 
323,000,000 people may experience acute food inse-
curity before the end of the year. 
(7) Since 2020, the number of countries paying 
surcharges to the IMF has increased from 9 to 16. 
A December 2021 IMF policy paper, notes that 
under the IMF’s model-based World Economic Out-
look scenario ‘‘the number of surcharge-paying 
members would increase to 38 in FY 2024 and FY 
2025’’ and that under the Fund’s ‘‘adverse scenario, 
the number of surcharge-paying members and the 
amount of surcharge income would increase even 
more sharply’’. 
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(8) An April 2022 brief from the United Na-
tions Global Crisis Response Group on Food, Energy 
and Finance on the impacts of the war in Ukraine 
on developing countries called for the immediate sus-
pension of surcharge payments for a minimum of 2 
years, because ‘‘[s]urcharges do not make sense dur-
ing a global crisis since the need for more financing 
does not stem from national conditions but from the 
global economy shock’’. 
(b) REVIEW OF SURCHARGE POLICY AT THE INTER-
NATIONAL MONETARY FUND.—The Secretary of the 
Treasury shall instruct the United States Executive Direc-
tor at the International Monetary Fund to use the voice 
and vote of the United States to— 
(1) initiate an immediate review by the IMF of 
the surcharge policy of the IMF to be completed, 
and its results and underlying data published, within 
365 days; and 
(2) suspend and waive surcharge payments dur-
ing the pendency of the review. 
(c) COMPONENTS OF THE REVIEW OF SURCHARGE 
POLICY.—The review referred to in subsection (b) shall 
include the following: 
(1) A borrower-by-borrower analysis of sur-
charges in terms of cost and as a percentage of na-
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tional spending on debt service on IMF loans, food 
security, and health for the 5-year period beginning 
at the start of the COVID-19 pandemic. 
(2) Evaluation of the policy’s direct impact 
on— 
(A) disincentivizing large and prolonged re-
liance on Fund credit; 
(B) mitigating the credit risks taken by 
the IMF; 
(C) improving borrower balance of pay-
ments and debt sustainability, particularly dur-
ing periods of contraction, unrest, and pan-
demic; 
(D) promoting fiscally responsible policy 
reforms; 
(E) disincentivizing borrowers from seek-
ing opaque and potentially predatory bilateral 
loans; and 
(F) improving the ability of borrowers to 
repay private creditors and access the private 
credit market. 
(3) Recommendations for— 
(A) Identifying alternative sources of fund-
ing for the IMF’s precautionary balances that 
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prioritize stable funding sources and equitable 
burden-sharing among IMF members; 
(B) Determining whether the Fund should 
maintain, reform, temporarily suspend or elimi-
nate the use of surcharges. 
(4) The review process must incorporate exten-
sive consultation with relevant experts, particularly 
those from countries that are currently paying or 
have recently paid surcharges. These experts should 
include government officials responsible for over-
seeing economic development, social services, and de-
fense, United Nations officials, economic research 
institutes, academics, and civil society organizations. 
SEC. 5448. 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 (15 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— 
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‘‘(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— 
‘‘(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. 
‘‘(4) TASK
FORCE.—The term ‘task force’ 
means the task force established under subsection 
(b)(1). 
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‘‘(b) GRANT PROGRAM.— 
‘‘(1) TASK FORCE.— 
‘‘(A) IN GENERAL.—The Commission shall 
establish a task force to carry out the grant 
program under paragraph (2). 
‘‘(B) MEMBERSHIP.—The task force shall 
consist of the following members: 
‘‘(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 Commis-
sion 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 
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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 Commis-
sion, the head of any Federal agency may de-
tail, on a reimbursable basis, any of the per-
sonnel of that Federal agency to the Commis-
sion to assist it in carrying out its functions 
under this section. The detail of any such per-
sonnel 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 
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identify, investigate, and prosecute cases 
involving 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 
‘‘(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. 
‘‘(3) AUTHORITY OF TASK FORCE.—In carrying 
out paragraph (2), the task force— 
‘‘(A) may consult with staff of the Com-
mission; 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 
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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; 
‘‘(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 
efforts; and 
‘‘(2) any other information that the task force 
determines appropriate. 
‘‘(d) PERFORMANCE OBJECTIVES; REPORTING RE-
QUIREMENTS; AUDITS.— 
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‘‘(1) IN GENERAL.—The task force— 
‘‘(A) may establish such performance ob-
jectives and reporting requirements for eligible 
entities 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 
‘‘(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 
information 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 
enactment of the Empowering States to Protect Sen-
iors from Bad Actors Act, the task force shall sub-
mit 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; 
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‘‘(B) includes a description of the pro-
grams 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 the audit, using grant funds for the intended pur-
poses 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 
reflect 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). 
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‘‘(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 con-
tents in section 1(b) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act is amended by striking 
the item relating to section 989A and inserting the fol-
lowing: 
‘‘Sec. 989A. Grants to eligible entities for enhanced protection of senior inves-
tors and senior policyholders.’’. 
SEC. 5449. BANKING TRANSPARENCY FOR SANCTIONED 
PERSONS. 
(a) REPORT ON FINANCIAL SERVICES BENEFITTING 
STATE SPONSORS OF TERRORISM, HUMAN RIGHTS ABUS-
ERS, AND CORRUPT OFFICIALS.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, and 
every 180 days thereafter, the Secretary of the 
Treasury shall issue a report to the Committees on 
Financial Services and Foreign Affairs of the House 
of Representatives and the Committees on Banking, 
Housing, and Urban Affairs and Foreign Relations 
of the Senate that includes— 
(A) a copy of any license issued by the 
Secretary in the preceding 180 days that au-
thorizes a financial institution to provide finan-
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cial services benefitting a state sponsor of ter-
rorism; and 
(B) a list of any foreign financial institu-
tions that, in the preceding 180 days, know-
ingly conducted a significant transaction or 
transactions, directly or indirectly, for a sanc-
tioned person included on the Department of 
the Treasury’s Specially Designated Nationals 
And Blocked Persons List who— 
(i) is owned or controlled by, or acts 
on behalf of, the government of a state 
sponsor of terrorism; or 
(ii) is designated pursuant to any of 
the following: 
(I) Section 404 of the Russia and 
Moldova Jackson-Vanik Repeal and 
Sergei Magnitsky Rule of Law Ac-
countability Act of 2012 (Public Law 
112208). 
(II) Subtitle F of title XII of the 
National Defense Authorization Act 
for Fiscal Year 2017 (Public Law 
114–328, 
the 
Global 
Magnitsky 
Human Rights Accountability Act). 
(III) Executive Order No. 13818. 
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(2) FORM
OF
REPORT.—The report required 
under paragraph (1) shall be submitted in unclassi-
fied form but may contain a classified annex. 
(b) WAIVER.—The Secretary of the Treasury may 
waive the requirements of subsection (a) with respect to 
a foreign financial institution described in paragraph 
(1)(B) of such subsection— 
(1) upon receiving credible assurances that the 
foreign financial institution has ceased, or will immi-
nently cease, to knowingly conduct any significant 
transaction or transactions, directly or indirectly, for 
a person described in clause (i) or (ii) of such sub-
paragraph (B); or 
(2) upon certifying to the Committees on Fi-
nancial Services and Foreign Affairs of the House of 
Representatives and the Committees on Banking, 
Housing, and Urban Affairs and Foreign Relations 
of the Senate that the waiver is important to the na-
tional interest of the United States, with an expla-
nation of the reasons therefor. 
(c) DEFINITIONS.—For purposes of this section: 
(1) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means a United States financial 
institution or a foreign financial institution. 
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‘‘(A) IN
GENERAL.—Not later than 180 
days after the date of enactment of this para-
graph, the Bureau shall establish the position 
of servicemember and veteran credit reporting 
ombudsperson, who shall carry out the Bu-
reau’s responsibilities with respect to— 
‘‘(i) resolving persistent errors that 
are not resolved in a timely manner by a 
consumer reporting agency in connection 
with servicemembers and veterans; and 
‘‘(ii) enhancing oversight of consumer 
reporting agencies by— 
‘‘(I) advising the Director of the 
Bureau, in consultation with the Of-
fice of Enforcement and the Office of 
Supervision of the Bureau, on any po-
tential violations of paragraph (5) or 
any other applicable law by a con-
sumer reporting agency in connection 
with servicemembers and veterans, in-
cluding appropriate corrective action 
for such a violation; and 
‘‘(II) making referrals to the Of-
fice of Supervision for supervisory ac-
tion or the Office of Enforcement for 
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enforcement action, as appropriate, in 
response to violations of paragraph 
(5) or any other applicable law by a 
consumer reporting agency in connec-
tion with servicemembers and vet-
erans. 
‘‘(B) CONSULTATION
WITH
VETERANS 
SERVICE ORGANIZATIONS.—The servicemember 
and veteran credit reporting ombudsperson 
shall consult with veterans service organizations 
in carrying out the duties of the ombudsperson. 
‘‘(C) REPORT.—The ombudsperson shall 
submit to the Committees on Financial Services 
and Veterans’ Affairs of the House of Rep-
resentatives and the Committees on Banking, 
Housing, and Urban Affairs and Veterans’ Af-
fairs of the Senate an annual report including 
statistics and analysis on consumer complaints 
the Bureau receives relating to consumer re-
ports in connection with servicemembers and 
veterans, as well as a summary of the super-
visory actions and enforcement actions taken 
with respect to consumer reporting agencies in 
connection with servicemembers and veterans 
during the year covered by the report.’’. 
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(b) DISCRETIONARY SURPLUS FUNDS.— 
(1) IN GENERAL.—The dollar amount specified 
under section 7(a)(3)(A) of the Federal Reserve Act 
(12 
U.S.C. 
289(a)(3)(A)) 
is 
reduced 
by 
$18,000,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2032. 
SEC. 5451. SENIOR INVESTOR TASKFORCE. 
(a) IN GENERAL.—Section 4 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78d) is amended by adding 
at the end the following: 
‘‘(k) 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 
consultation with the Commission, from among 
individuals— 
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‘‘(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. 
‘‘(4) NO
COMPENSATION
FOR
MEMBERS
OF 
TASKFORCE.—All members of the Taskforce ap-
pointed under paragraph (2) or (3) shall serve with-
out compensation in addition to that received for 
their services as officers or employees of the United 
States. 
‘‘(5) 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) 
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and any other divisions, offices, or taskforces of the 
Commission. 
‘‘(6) 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-reg-
ulatory 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 
Justice Coordinating Council; and 
‘‘(D) consult, as appropriate, with State 
securities 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-
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lators, and Federal agencies, shall issue a report 
every 2 years to the Committee on Banking, Hous-
ing, and Urban Affairs and the Special Committee 
on Aging of the Senate and the Committee on Fi-
nancial Services of the House of Representatives, the 
first of which shall not be issued until after the re-
port described in section 5403(b) of the National 
Defense Authorization Act for Fiscal Year 2023 has 
been issued and considered by the Taskforce, con-
taining— 
‘‘(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; 
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‘‘(F) an analysis with regard to existing 
policies and procedures of brokers, dealers, in-
vestment advisers, and other market partici-
pants related to senior investors and senior in-
vestor-related topics and whether these policies 
and procedures need to be further developed or 
refined; 
‘‘(G) recommendations for such changes to 
the regulations, guidance, and orders of the 
Commission and self-regulatory organizations 
and such legislative actions as may be appro-
priate 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.—For pur-
poses of this subsection, the term ‘senior investor’ 
means an investor over the age of 65. 
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‘‘(11) USE OF EXISTING FUNDS.—The Commis-
sion shall use existing funds to carry out this sub-
section.’’. 
(b) GAO STUDY.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of enactment of this Act, the Comptroller 
General of the United States shall submit to Con-
gress and the Senior Investor Taskforce the results 
of a study of financial exploitation of senior citizens. 
(2) CONTENTS.—The study required under 
paragraph (1) shall include information with respect 
to— 
(A) economic costs of the financial exploi-
tation of senior citizens— 
(i) associated with losses by victims 
that were incurred as a result of the finan-
cial exploitation of senior citizens; 
(ii) incurred by State and Federal 
agencies, law enforcement and investiga-
tory agencies, public benefit programs, 
public health programs, and other public 
programs as a result of the financial ex-
ploitation of senior citizens; 
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(iii) incurred by the private sector as 
a result of the financial exploitation of sen-
ior citizens; and 
(iv) any other relevant costs that— 
(I) result from the financial ex-
ploitation of senior citizens; and 
(II) the Comptroller General de-
termines are necessary and appro-
priate to include in order to provide 
Congress and the public with a full 
and accurate understanding of the 
economic costs resulting from the fi-
nancial exploitation of senior citizens 
in the United States; 
(B) frequency of senior financial exploi-
tation and correlated or contributing factors— 
(i) information about percentage of 
senior citizens financially exploited each 
year; and 
(ii) information about factors contrib-
uting to increased risk of exploitation, in-
cluding such factors as race, social isola-
tion, income, net worth, religion, region, 
occupation, education, home-ownership, ill-
ness, and loss of spouse; and 
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(C) policy responses and reporting of sen-
ior financial exploitation— 
(i) the degree to which financial ex-
ploitation of senior citizens unreported to 
authorities; 
(ii) the reasons that financial exploi-
tation may be unreported to authorities; 
(iii) to the extent that suspected elder 
financial exploitation is currently being re-
ported— 
(I) information regarding which 
Federal, State, and local agencies are 
receiving reports, including adult pro-
tective services, law enforcement, in-
dustry, regulators, and professional li-
censing boards; 
(II) information regarding what 
information is being collected by such 
agencies; and 
(III) information regarding the 
actions that are taken by such agen-
cies upon receipt of the report and 
any limits on the agencies’ ability to 
prevent exploitation, such as jurisdic-
tional limits, a lack of expertise, re-
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source challenges, or limiting criteria 
with regard to the types of victims 
they are permitted to serve; 
(iv) an analysis of gaps that may exist 
in empowering Federal, State, and local 
agencies to prevent senior exploitation or 
respond effectively to suspected senior fi-
nancial exploitation; and 
(v) an analysis of the legal hurdles 
that prevent Federal, State, and local 
agencies from effectively partnering with 
each other and private professionals to ef-
fectively respond to senior financial exploi-
tation. 
(3) SENIOR CITIZEN DEFINED.—For purposes 
of this subsection, the term ‘‘senior citizen’’ means 
an individual over the age of 65. 
SEC. 5452. MILITARY SERVICE QUESTION. 
(a) IN GENERAL.—Subpart A of part 2 of subtitle 
A of title VIII of the Housing and Community Develop-
ment Act of 1992 (12 U.S.C. 4541 et seq.) is amended 
by adding at the end the following: 
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‘‘SEC. 1329. UNIFORM RESIDENTIAL LOAN APPLICATION. 
‘‘The Director shall, not later than 6 months after 
the date of the enactment of this section, require each en-
terprise to— 
‘‘(1) include a military service question on the 
form known as the Uniform Residential Loan Appli-
cation; and 
‘‘(2) position such question above the signature 
line of the Uniform Residential Loan Application.’’. 
(b) RULEMAKING.—The Director of the Federal 
Housing Finance Agency shall, not later than 6 months 
after the date of the enactment of this section, issue a 
rule to carry out the amendment made by this section. 
SEC. 5453. PROHIBITION ON TRADING AHEAD BY MARKET 
MAKERS. 
(a) IN GENERAL.—Section 15 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o) is amended by adding 
at the end the following: 
‘‘(p) PROHIBITION ON TRADING AHEAD BY MARKET 
MAKERS.— 
‘‘(1) IN GENERAL.—With respect to a person 
acting in the capacity of a market maker, if the per-
son accepts an order with respect to a security from 
a customer, including a broker or dealer— 
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‘‘(A) the market maker has a duty of trust 
and loyalty to the customer arising from the re-
ceipt of such order; and 
‘‘(B) the information in such order is ma-
terial, non-public information that may be used 
only in furtherance of executing such cus-
tomer’s order. 
‘‘(2) ANNUAL CEO CERTIFICATION.—The Chief 
Executive Officer of each person that acts in the ca-
pacity of a market maker shall issue an annual cer-
tification to the Commission, in such form and man-
ner as the Commission may prescribe by rule, that 
certifies that— 
‘‘(A) the person has performed reasonable 
due diligence during the reporting period to en-
sure that the person has not violated the duty 
of trust and loyalty described under paragraph 
(1)(A) or used the information described under 
paragraph (1)(B) in a prohibited fashion; and 
‘‘(B) the person has not violated the duty 
of trust and loyalty described under paragraph 
(1)(A) or used the information described under 
paragraph (1)(B) in a prohibited fashion during 
the reporting period. 
‘‘(3) PERSONAL LIABILITY.— 
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‘‘(A) 
FINE
FOR
INDIVIDUAL
VIOLA-
TIONS.—Any associated person of a market 
maker who knowingly and willfully causes the 
market maker to violate paragraph (1) (or who 
directs another agent or associated person of 
the market maker to commit such a violation or 
engage in such acts that result in the associated 
person being personally unjustly enriched) shall 
be fined in an amount equal to the greater of— 
‘‘(i) two times the amount of profit 
realized by reason of such violation; or 
‘‘(ii) $50,000. 
‘‘(B) COURSE OF CONDUCT.—Any associ-
ated person of a market maker who knowingly 
and willfully causes the market maker to en-
gage in a course of conduct of knowingly and 
willfully violating paragraph (1) (or who directs 
another agent or associated person of the mar-
ket maker to commit such a violation or engage 
in such acts that result in the associated person 
being personally unjustly enriched) shall be— 
‘‘(i) fined in an amount not to exceed 
200 percent of the compensation (including 
stock options awarded as compensation) 
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received by such associated person from 
the market maker— 
‘‘(I) during the time period in 
which the violations occurred; or 
‘‘(II) in the one- to three-year 
time period preceding the date on 
which the violations were discovered; 
and 
‘‘(ii) imprisoned for not more than 5 
years. 
‘‘(C) ASSOCIATED PERSON DEFINED.—The 
term ‘associated person’ means an associated 
person of a broker or dealer. 
‘‘(4) RULEMAKING.—Not later than the end of 
the 90-day period beginning on the date of enact-
ment of this subsection, the Commission— 
‘‘(A) shall issue rules to carry out this sub-
section; and 
‘‘(B) may provide exemptions from the re-
quirements of this subsection, by rule, if the 
Commission determines that such exemptions 
would promote market integrity and are nec-
essary or appropriate in the public interest or 
for the protection of investors.’’. 
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(b) SENSE OF CONGRESS.—It is the sense of the 
Congress that the prohibitions added by this section 
should complement, and not replace, existing rules of self- 
regulatory organizations applicable to their members, in-
cluding brokers and dealers. 
(c) EFFECTIVE DATE.—Section 15(p) of the Securi-
ties Exchange Act of 1934, as added by subsection (a), 
shall take effect after the end of the 180-day period begin-
ning on the date of enactment of this Act. 
SEC. 5454. SECURING AMERICA’S VACCINES FOR EMER-
GENCIES. 
(a) SECURING ESSENTIAL MEDICAL MATERIALS.— 
(1) STATEMENT OF POLICY.—Section 2(b) of 
the Defense Production Act of 1950 (50 U.S.C. 
4502) is amended— 
(A) 
by 
redesignating 
paragraphs 
(3) 
through (8) as paragraphs (4) through (9), re-
spectively; and 
(B) by inserting after paragraph (2) the 
following: 
‘‘(3) authorities under this Act should be used 
when appropriate to ensure the availability of med-
ical materials essential to national defense, including 
through measures designed to secure the drug sup-
ply chain, and taking into consideration the impor-
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tance of United States competitiveness, scientific 
leadership and cooperation, and innovative capac-
ity;’’. 
(2) STRENGTHENING DOMESTIC CAPABILITY.— 
Section 107 of the Defense Production Act of 1950 
(50 U.S.C. 4517) is amended— 
(A) in subsection (a), by inserting ‘‘(in-
cluding medical materials)’’ after ‘‘materials’’; 
and 
(B) in subsection (b)(1), by inserting ‘‘(in-
cluding medical materials such as drugs, de-
vices, and biological products to diagnose, cure, 
mitigate, treat, or prevent disease that are es-
sential to national defense)’’ after ‘‘essential 
materials’’. 
(3) STRATEGY ON SECURING SUPPLY CHAINS 
FOR MEDICAL MATERIALS.—Title I of the Defense 
Production Act of 1950 (50 U.S.C. 4511 et seq.) is 
amended by adding at the end the following: 
‘‘SEC. 109. STRATEGY ON SECURING SUPPLY CHAINS FOR 
MEDICAL MATERIALS. 
‘‘(a) IN GENERAL.—Not later than 180 days after 
the date of the enactment of this section, the President, 
in consultation with the Secretary of Health and Human 
Services, the Secretary of Commerce, the Secretary of 
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Homeland Security, and the Secretary of Defense, shall 
transmit a strategy to the appropriate Members of Con-
gress that includes the following: 
‘‘(1) A detailed plan to use the authorities 
under this title and title III, or any other provision 
of law, to ensure the supply of medical materials (in-
cluding drugs, devices, and biological products (as 
that term is defined in section 351 of the Public 
Health Service Act (42 U.S.C. 262)) to diagnose, 
cure, mitigate, treat, or prevent disease) essential to 
national defense, to the extent necessary for the pur-
poses of this Act. 
‘‘(2) An analysis of vulnerabilities to existing 
supply chains for such medical materials, and rec-
ommendations to address the vulnerabilities. 
‘‘(3) Measures to be undertaken by the Presi-
dent to diversify such supply chains, as appropriate 
and as required for national defense. 
‘‘(4) A discussion of— 
‘‘(A) any significant effects resulting from 
the plan and measures described in this sub-
section on the production, cost, or distribution 
of biological products (as that term is defined 
in section 351 of the Public Health Service Act 
(42 U.S.C. 262)) or any other devices or drugs 
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(as defined under the Federal Food, Drug, and 
Cosmetic Act (21 U.S.C. 301 et seq.)); 
‘‘(B) a timeline to ensure that essential 
components of the supply chain for medical ma-
terials are not under the exclusive control of a 
foreign government in a manner that the Presi-
dent determines could threaten the national de-
fense of the United States; and 
‘‘(C) efforts to mitigate any risks resulting 
from the plan and measures described in this 
subsection to United States competitiveness, 
scientific leadership, and innovative capacity, 
including efforts to cooperate and proactively 
engage with United States allies. 
‘‘(b) PROGRESS REPORT.—Following submission of 
the strategy under subsection (a), the President shall sub-
mit to the appropriate Members of Congress an annual 
progress report until September 30, 2025, evaluating the 
implementation of the strategy, and may include updates 
to the strategy as appropriate. The strategy and progress 
reports shall be submitted in unclassified form but may 
contain a classified annex. 
‘‘(c) APPROPRIATE MEMBERS OF CONGRESS.—The 
term ‘appropriate Members of Congress’ means the 
Speaker, majority leader, and minority leader of the 
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(C) An interagency definition of PRC coer-
cive economic measures that captures both— 
(i) the use of informal or extralegal 
PRC coercive economic measures; and 
(ii) the illegitimate use of formal eco-
nomic tools. 
(D) A comprehensive review of the array of 
economic and diplomatic tools the United 
States Government employs or could employ to 
respond to economic coercion against the 
United States and United States allies and 
partners. 
(E) A list of unilateral or multilateral— 
(i) proactive measures to defend or 
deter against PRC coercive economic meas-
ures; and 
(ii) actions taken in response to the 
Government of the PRC’s general use of 
coercive economic measures, including the 
imposition of reputational costs on the 
PRC. 
(F) An assessment of areas in which 
United States allies and partners are vulnerable 
to PRC coercive economic measures. 
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