IRI, FSI applaud house passage of the Senior $afe Act
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford after the IRI-endorsed Senior $afe Act (H.R.4538),a bill that allows financial services firms and advisors to help stop elder financial abuse, was passed by the House week evening by a voice vote.
“Sadly millions of older Americans are exploited each year. Victims are left in financial ruin as their savings – built up over a lifetime – are erased in moment by scrupulous perpetrators. Financial elder abuse is estimated to cost $2.9 billion per year, and could be perhaps even 12 times greater due to under-reporting. With the population of older Americans expected to double in size to nearly 84 million Americans by 2050, this will only necessitate more concerted efforts to protect the nation’s most vulnerable. Preventing financial elder abuse and protecting older Americans is a core component of our retirement security advocacy agenda, and as such, the Senior $afe Act has the full-endorsement of IRI.
“The Senior $afe Act will help foster better communication between financial professionals, who are often the first to detect an issue, with Adult Protective Services and regulatory agencies. It also will encourage more training and education. We thank House leaders, including Majority Leader Kevin McCarthy, for ensuring that this important legislation received a vote. Special applause is due to Congresswoman Kyrsten Sinema, Congressman Bruce Poliquin, Congressman Mick Mulvaney, and Congressman Patrick Murphy for their leadership in advancing this legislation through committee and to the floor. We are optimistic that this legislation can soon become law. We urge the Senate to hold a vote on this bill, and we urge all Senators to support the Senior $afe Act to help protect our nation’s retirees.”
Click here to view IRI’s letter to House leaders urging a vote on the Senior $afe Act.
FSI Lauds passage of Senior $afe Act
The Financial Services Institute (FSI) President & CEO Dale Brown released the following statement regarding the U.S. House of Representatives’ passage of the Senior Safe Act – . The legislation passed by unanimous consent. FSI played a significant role in the passage of this legislation and is currently working on the Senate side to get a final bill to the president to sign.
“While Washington has been gridlocked for a long time, I’m very pleased that the House was able to pass this critical legislation, and I am hopeful the Senate will quickly follow suit. The Senior Safe Act is a big step forward in the prevention of elder financial abuse across the country. By providing civil and administrative immunity to financial services firms and advisors, the legislation would allow financial professionals to report potential abuse to government organizations, without violating privacy laws. It also standardizes training to help identify and report instances of suspected abuse. FSI worked with House Financial Services Committee members in getting this legislation crafted and passed and is currently working on gaining cosponsors for the Senate version. Last month, we took over 100 members to Capitol Hill, and this legislation was a primary focus of our meetings. We will continue to work on this legislation until the president signs it in order to better ensure seniors are protected from abuse.”