Washington Beat

House Passes Bill Protecting Older Investors

IRI, Focused on Protecting Older Investors, Urges President Trump to Sign Promptly

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today urged President Trump to sign the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), which was passed today by the House of Representatives, and has previously been adopted by the Senate. The bill contains provisions of the Senior$afe Act (S. 223/H.R. 3758), which protect older investors from exploitation.

“The Senior$afe Act provides financial professionals with the tools necessary to combat the financial exploitation of our most vulnerable Americans,” said Lee Covington, IRI’s Senior Vice President and General Counsel. “Through increased education and awareness of the signs and symptoms of exploitation, the Senior$afe Act will empower and encourage financial professionals to report suspected cases of exploitation to law enforcement and other appropriate governmental agencies, thereby helping to prevent older investors from becoming victims. ”

IRI has long supported the measures to protect older Americans in the bill passed today and commends the original sponsors of the Senior$afe Act of 2017, Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), and Representatives Bruce Poliquin (R-ME) and Kyrsten Sinema (D-AZ), for their commitment and dedication to protecting America’s older investors from financial exploitation by championing this bill.

Financial Exploitation

Millions of older Americans fall victim to financial exploitation, costing an estimated $2.9 billion per year

Millions of older Americans fall victim to financial exploitation, costing an estimated $2.9 billion per year. IRI’s member companies work diligently everyday with clients across the United States and they are committed to protecting older Americans’ hard-earned retirement savings. Protecting older investors against financial exploitation and educating financial services and law enforcement professionals to recognize financial exploitation is a top priority for IRI.

Building on its past work to provide resources to combat the financial exploitation of senior citizens, IRI is undertaking a multi-year initiative to raise the visibility of this issue through programs for financial services and law enforcement professionals, development of webinars, and other resources for financial advisors – including materials they can share with their clients — and an awareness campaign to keep this issue top of mind among all Americans.



About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, broker-dealer/distributors, asset managers, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.