Financial Exploitation Prevention Act of 2023

Bill: 118-hr-500
Sponsor: Rep. Wagner, Ann [R-MO-2]
Introduced: 2023-01-25 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Congressional oversight
Crime victims
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2023-01-25
text: 

Financial Exploitation Prevention Act of 2023

 
This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.) 
 
Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests.
 
The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. 
 
Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

action_date: 2023-01-30
text: 

Financial Exploitation Prevention Act of 2023

 
This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.) 
 
Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests.
 
The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. 
 
Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.


Legislative actions:
action_date: 2023-01-31
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2023-01-30
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2023-01-30
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
action_date: 2023-01-30
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
action_date: 2023-01-30
text: Considered as unfinished business. (consideration: CR H505)
action_date: 2023-01-30
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2023-01-30
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 500.
action_date: 2023-01-30
text: Considered under suspension of the rules. (consideration: CR H498-501)
action_date: 2023-01-30
text: Mr. McHenry moved to suspend the rules and pass the bill.
action_date: 2023-01-25
text: Referred to the House Committee on Financial Services.
action_date: 2023-01-25
text: Introduced in House
action_date: 2023-01-25
text: Introduced in House