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The following is a statement from Michael S. Pieciak, president of the North American Securities Administrators Association and Commissioner of the Vermont Department of Financial Regulation, on The Senior Security Act (H.R. 1876), legislation introduced by Rep. Josh Gottheimer (D-NJ) and Trey Hollingsworth (R-IN). The legislation was approved earlier today by the House of Representatives on a 392-20 vote and sent to the Senate for consideration.

“State securities regulators commend Reps. Gottheimer and Hollingsworth for their leadership in the fight against senior financial exploitation, a growing problem across the country. The Senior Security Act will significantly enhance our understanding of the unique challenges facing senior investors by establishing a Senior Investor Taskforce within the SEC and mandating a comprehensive Government Accountability Office (GAO) study of the costs, causes and barriers to reporting the financial exploitation of seniors.

“By requiring that the Senior Investor Taskforce consult with state securities and law enforcement authorities, the Taskforce will facilitate sharing of knowledge and information between federal regulators and policymakers, and the state and local officials who are often the first responders in cases of elder financial exploitation. We look forward to working with members of the Senate to secure the bill’s passage.”

For More Information:
Bob Webster 
Director of Communications