VAN HOLLEN, SCOTT, WARNOCK, LUMMIS INTRODUCE BIPARTISAN BILL TO PROTECT SENIORS FROM FRAUD

Press Release

Today, U.S. Senators Chris Van Hollen (D-Md.), Tim Scott (R-S.C.), Raphael Warnock (D-Ga.), and Cynthia Lummis (R-Wyo.) introduced bipartisan legislation to help better protect seniors from fraud. According to a report from the Senate Special Committee on Aging released last Congress, older Americans lose approximately $3 billion each year to financial scams and abuse. A separate survey from the Investor Protection Trust found that approximately seven million Americans have reported being victims of financial exploitation.

The Senators' legislation, the Empowering States to Protect Seniors from Bad Actors Act, creates a grant program, implemented by the Securities and Exchange Commission, that would work closely with state securities regulators to protect senior investors. The bill will provide $10 million in grants annually to state regulators to support the investigation and prosecution of senior financial fraud cases, invest in technology and training, and conduct outreach to older Americans and increase their awareness of scams. State regulators and law enforcement play an essential role in combating fraud and scams aimed at older Americans.

"Every day, Marylanders fall victim to con artists who target seniors. But there's more we can do to protect them. That's why I'm partnering with a bipartisan group of colleagues to introduce this critical legislation to help combat fraudulent scams aimed at older Americans. I look forward to working with my colleagues to get this common-sense bill passed," said Senator Van Hollen.

"Throughout the pandemic, we have seen a heartbreaking uptick in fraud and scams against our nation's seniors. In 2020 alone, more than $1 billion wasstolen," said Senator Scott. "As ranking member of the Senate Aging Committee, I'm proud to join my colleagues in fighting these heinous crimes and protecting older Americans. No senior should have to worry about financial fraud in their golden years."

"All Georgians deserve to have their hard-earned money protected from fraud, especially our senior citizens, who are too often victim of financial scams and exploitation. I am proud of our new, bipartisan legislation to protect our most vulnerable communities and invest in their security," said Senator Reverend Warnock.

"State securities regulators, like our Wyoming Secretary of State, play an important role in ensuring robust capital markets. I am thrilled to work with Senators Chris Van Hollen, Tim Scott, and Raphael Warnock to introduce legislation that empowers state regulators with targeted grants to better combat senior investment fraud," said Senator Lummis.