Washington, DC, July 11, 2018 – SIFMA released the following statement in support of H.R. 6323, the National Senior Investor Initiative Act of 2018, which passed the House Financial Services Committee today. H.R. 6323 would create a “Senior Investor Taskforce” within the Securities and Exchange Commission charged with identifying problems senior investors encounter, including financial exploitation and cognitive decline, and identifying regulatory changes that could help senior investors.

“Protecting senior investors from financial exploitation and the dangers of cognitive decline is a top priority for SIFMA. We strongly support any efforts that focus on the most immediate and most damaging dangers faced by senior investors. H.R. 6323 will strengthen efforts to protect these investors from those bad actors closest to them. Additionally, the bill requires the GAO to conduct a study on the economic costs of the financial exploitation of elder investors. The lack of good, recent data on senior financial exploitation is a problem that this legislation would significantly aid in resolving. SIFMA appreciates the bipartisan attention paid to this important issue.”

SIFMA’s letter of support on the legislation can be found here:

https://www.sifma.org/resources/submissions/h-r-6323-national-senior-investor-initiative-act-of-2018/

SIFMA’s Senior Investor Protection Toolkit, which provides a compilation of resources to help educate and protect senior investors, can be found here:  https://www.sifma.org/resources/general/senior-investor-protection-toolkit/