NASAA Statement on House Passage of The Senior$afe Act of 2016

WASHINGTON (July 6, 2016) — The following is a statement from Judith M. Shaw, North American Securities Administrator Association (NASAA) President and Maine Securities Administrator regarding last night’s vote by the House of Representatives to approve the bipartisan Senior$afe Act of 2016 (H.R. 4538) introduced by Representative Bruce Poliquin (R-ME) and Representative Kyrsten Sinema (D-AZ).

“NASAA commends the U.S. House of Representatives for its resounding approval of H.R. 4538, the Senior$afe Act of 2016, and looks forward to working closely with Sen. Susan Collins (R-ME), and other members of the Senate to secure its passage in that chamber.

“Senior financial exploitation is a critical policy challenge and NASAA appreciates that the full House of Representatives united to support H.R. 4538. The Senior$afe Act will remove barriers that have frustrated efforts to report suspected cases of senior financial exploitation, and provide new tools to help financial services professionals recognize and report 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. NASAA’s model legislation and the Senior$afe Act may differ in some aspects but share a common goal of protecting seniors by increasing the early detection and reporting of financial exploitation targeting this population. The Senior$afe Act also 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.”

For more information:
Bob Webster | Director of Communications
202-737-0900

 

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