The following is a statement from Joseph P. Borg, President of the North American Securities Administrator Association (NASAA) and Director of the Alabama Securities Commission regarding The Senior Safe Act, bipartisan legislation authored by U.S. Senators Susan Collins (R-ME) and Claire McCaskill (D-MO) to help protect seniors from financial exploitation and fraud. The legislation, signed into law yesterday by President Trump, provides support for regulators, financial institutions, and legal organizations to educate their employees about how to spot and stop suspected senior financial exploitation.
“The Senior Safe Act is a significant step forward in the ongoing fight against senior financial exploitation. The Senior Safe Act addresses barriers financial professionals face in reporting suspected senior financial exploitation or abuse to authorities. The legislation also complements similar legislation passed by 16 states based on the NASAA Model Act to Protect Vulnerable Adults From Financial Exploitation.
“On behalf of NASAA, I commend Senator Susan Collins of Maine and Senator Claire McCaskill of Missouri for their persistent pursuit to secure passage of this bi-partisan legislation and for their efforts to protect seniors from financial exploitation. I also want to recognize Maine Securities Administrator Judith Shaw for her leadership of NASAA’s Senior Issues Committee, which has developed a series of resources, such as the NASAA Model Act, to protect seniors and vulnerable adults from financial abuse. Through the committee, NASAA and its members have worked collaboratively with industry and academia to effectively advance senior investor protection.”
For More Information:
Bob Webster | Director of Communications