Bipartisan proposal to fight elder financial abuse gets attention in Congress
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A two -party proposal to combat the old financial abuse draws attention in the Congress.
Invoice – Financial exploitation law – The financial industry will give new ways to address the suspicious financial abuse of elderly or physical or mentally disabled individuals.
Old adults over 60 years of age. 2023 AARP Report. According to the report, most of these losses – 72% – are processed by someone who knows such as a family member, friend or caregiver.
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On Wednesday, Sens Bill Hagerty, R-Tenn. And d-we are. Ruben Gallego introduced the bill to the Senate for the second time. The bill was previously introduced in 2023 in the Senate.
A home version represented in March, R. Ann Wagner, R-Mo.
Both versions of the bill will require the Stock Exchange Commission to report to the Congress on ways of preventing financial exploitation of elderly and vulnerable adults through legislation and regulation.
Legislation will also allow some financial institutions to delay transactions that increase their suspicions of financial exploitation. Open -ended investment companies or transfer agencies registered for these companies, including investment funds, may delay the fire time for usable security transactions that increase suspicion of financial exploitation.
The Assembly version of the bill, the Financial Services Committee 50 to 0 votes. One expressionWagner said that the whole house was looking forward to taking the bill.
