Title: Senior Security Act of 2018
Policy area: Finance and Financial Sector

Summary:
National Senior Investor Initiative Act of 2018 or the Senior Security Act of 2018
This bill amends the Securities Exchange Act of 1934 to establish the Senior Investor Taskforce within the Securities and Exchange Commission. The taskforce must report on topics relating to investors over the age of 65, including industry trends and serious issues impacting such investors, and make recommendations for legislative or regulatory actions to address problems encountered by senior investors.
The Government Accountability Office must report on the costs of the financial exploitation of senior citizens.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3323 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3323

  To amend the Securities Exchange Act of 1934 to establish a Senior 
              Investor Taskforce, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2018

  Mr. Donnelly (for himself and Mr. Heller) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Securities Exchange Act of 1934 to establish a Senior 
              Investor Taskforce, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Senior Investor Initiative 
Act of 2018'' or the ``Senior Security 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 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--
                            ``(i) currently employed by the Commission 
                        or from outside of the Commission; 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 subsection; 
                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) Minimizing duplication of efforts.--In organizing and 
        staffing the Taskforce, the Chairman shall take such actions as 
        may be necessary to minimize the duplication of efforts within 
        the divisions 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 challenges that senior investors 
                encounter, including problems associated with financial 
                exploitation and cognitive decline;
                    ``(B) identify areas in which senior investors 
                would benefit from changes in the regulations of the 
                Commission or the rules of self-regulatory 
                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.
            ``(6) Report.--The Taskforce, in coordination, as 
        appropriate, with the Office of the Investor Advocate and self-
        regulatory organizations, and in consultation, as appropriate, 
        with State securities and law enforcement authorities, State 
        insurance regulators, 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;
                    ``(B) a summary of recent trends and innovations 
                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, best practices, and areas 
                needing improvement involving senior investors 
                identified during examinations, enforcement 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, investment 
                advisers, and other market participants related to 
                senior investors and senior investor-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 appropriate to resolve problems 
                encountered by senior investors; and
                    ``(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 Investor 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 exploitation of 
                senior citizens;
                    (B) incurred by State and Federal agencies, law 
                enforcement and investigatory agencies, public benefit 
                programs, public health programs, and other public 
                programs as a result of the financial exploitation of 
                senior citizens; and
                    (C) incurred by the private sector as a result of 
                the financial exploitation of senior citizens; 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 resulting 
                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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