Rep. Poliquin’s Senior Fraud Protection Bill Moves Forward in the House With Bipartisan Support
WASHINGTON – Congressman Bruce Poliquin (ME-02) had his bipartisan Senior Safe Act—a bill to help identify, report, and stop financial abuse of Seniors—clear the House Financial Services Committee and advance in the House with a unanimous, bipartisan 60-0 vote. Congressman Poliquin released the following statement:
“Maine is home to the most elderly population in the Nation,” said Congressman Poliquin. “With two elderly parents myself, I understand how important it is for our Seniors, who are particularly vulnerable to fraud schemes, to have the protections and help to combat these perpetrators. These criminals are estimated to cost our Seniors nearly $3 billion annually through illegal financial abuses. It is absolutely unacceptable for Mainers’ hard-earned investments to be so egregiously abused by common criminals, and I am proud to work across the aisle in continuing to ensure they are protected.”
Recent studies estimate nearly 20% of American Seniors may be a target of financial fraud or abuse. Even when financial institutions suspect abuse, the abuse may go unpunished. Current laws lack the necessary flexibility to allow financial institutions to report suspected abuse to authorities.
The Senior Safe Act encourages individuals and financial institutions to report suspected instances of fraud and elder financial abuse. It also incentivizes firms to train employees to identify and stop financial fraud. This bill helps law enforcement track down financial criminals who target seniors by enabling banks, credit unions, investment advisors, broker-dealers, and other financial service providers to better communicate with appropriate agencies when they suspect financial exploitation of Seniors.
Congressman Poliquin partnered with Congresswoman Krystren Sinema (D-AZ-09) in introducing the Senior Safe Act earlier this year. Last Congress, this commonsense legislation passed the House with broad bipartisan support.
Items to Note:
- September 2017: Reps. Poliquin, Sinema Reintroduce Senior Safe Act, Bipartisan Legislation to Help Protect Seniors From Fraud
- July 2016: Senior Safe Act Passes House With Bipartisan Support