Senior $afe Act Passes House With Bipartisan Support
WASHINGTON – Last night, the U.S. House of Representatives passed the Senior $afe Act, a bill that Congressman Bruce Poliquin (ME-02) introduced with Democratic Congresswoman Kyrsten Sinema (AZ-09) earlier this year, with broad bipartisan support. This bill, which will protect seniors from financial fraud, is companion legislation to Senator Susan Collins’ bill in the Senate. Congressman Poliquin spoke on the House Floor yesterday evening in strong support of the bill.
Click HERE to see Congressman Poliquin talk on the House Floor in support of the Senior $afe Act.
“Our Great State of Maine has the oldest average age in the country,” said Congressman Poliquin on the House Floor. “Like thousands of fellow Mainers, I help care for my 86 and 88-year old parents. It is scary to realize that our vulnerable seniors, who we love so much, are increasingly being victimized by aggressive financial scams. This fraud is costing them not only sleepless nights, but almost $3 billion each year.
“Today, here in the House, Republicans and Democrats have a chance to show compassion and help our seniors. Our Senior $afe Act will help local bank and credit union tellers, and retirement and insurance advisors, and others, to identify and stop these crimes before they happen. Our bill enables professionals in the financial sector and institutions to report suspected crookery to the proper authorities. We must do everything humanely possible to stop these scams before our parents and grandparents are fooled into draining and transferring their savings accounts and nest eggs.
“I’m grateful for the opportunity to work with Democrat Congresswoman Sinema and Congressman Murphy, and Republican Congressman Mulvaney to write this important legislation. And I thank Chairman Hensarling and Chairman Garret for quickly moving this bill through our Financial Services Committee.
“I also want to congratulate and thank our Maine Senator Susan Collins for authoring this original legislation in the Senate. I’m proud to work and join with Senator Collins by authoring this companion legislation in the House. We all know that Senator Collins has been a national leader and champion on important aging issues facing all Americans.
“Finally, I want to thank Judy Shaw, Maine’s Securities Administrator, who’s been instrumental in developing this type of program in the State of Maine, where it’s been very successful in preventing financial fraud against our seniors.
“We Americans are facing many challenges here at home and abroad. But, that doesn’t mean we can’t find and agree upon common sense solutions to serious problems that hurt our seniors, and this is one case.
“That’s why I urge all of my colleagues in the House, Republicans and Democrats, to support the Senior $afe Act.”
The Senior $afe Act will enable financial institutions to report suspected instances of financial exploitation by an investment finance predator to the proper agencies to combat the abuse. It also promotes training financial institution employees to identify suspected financial fraud. This bill would encourage banks, credit unions, investment advisors, and broker-dealers to report suspected financial fraud targeting senior citizens to the proper authorities.
Items to Note:
- Poliquin Helps Lead Efforts on Companion Legislation in House to Senator Collins’ Bill to Protect Seniors