NASAA Statement on The Senior$afe Act of 2016

WASHINGTON (June 16, 2016) — The following is a statement from Judith M. Shaw, North American Securities Administrator Association (NASAA) President and Maine Securities Administrator regarding today’s vote by the House Financial Services Committee to send to the full House the bipartisan Senior$afe Act of 2016 (H.R. 4538) introduced by Representative Bruce Poliquin (R-MI) and Representative Kyrsten Sinema (D-AZ).

“NASAA applauds the passage of the Senior$afe Act of 2016 by the House Financial Services Committee and appreciates the efforts of those in Congress to address the critical policy challenges presented by senior financial exploitation.

“This legislation, and similar legislation in the Senate sponsored by Sen. Susan Collins of Maine and Sen. Claire McCaskill of Missouri, will better protect people aged 65 and over by increasing the likelihood that financial exploitation targeting them will be identified by trained financial services professionals, and by removing barriers that might otherwise frustrate the reporting of such exploitation to state securities regulators and other appropriate governmental authorities.

“Earlier this year, state securities regulators, working through NASAA, voted to approve model legislation to address issues facing broker-dealers and investment adviser firms and their employees when confronted with suspected financial exploitation of seniors and other vulnerable adults. While the approaches of NASAA’s model legislation and the Senior$afe Act differ in some respects, they are complementary efforts with a shared goal of protecting seniors by increasing the early detection and reporting of financial exploitation that targets this population.

“The Senior$afe Act is an important complement to the Senior$afe training for financial institutions developed by NASAA in conjunction with the Maine Council for Elder Abuse Prevention. NASAA looks forward to working closely with the sponsors of the Senior$afe Act and others as the legislation is considered by the full House.”

— NASAA

For More Information:
Bob Webster | Director of Communications
202-737-0900

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