Today, Pennsylvania Congressman Patrick Murphy (D-8th District) joined senior citizens and representatives from the Bucks County Office of Consumer Protection and the Bucks County Area Agency on Aging to announce recently-passed legislation to create an Office of Financial Protection for Older Adults (OFPOA). Congressman Murphy's legislation would address one of the fastest-growing and most debilitating forms of elder abuse: financial exploitation. Last year, financial abuse in the United States cost elderly victims more than $2.6 billion, depriving millions of older Americans of the savings and retirement security they had worked for their entire lives. The OFPOA would help tackle this growing threat -- termed by experts as "the crime of the 21st century" -- by educating seniors on the warning signs of fraud, providing strengthened oversight of misleading or fake certifications of senior financial advisors, and improving coordination between current elder protection agencies to better serve seniors.
"The hardworking elderly have saved their entire lives to enjoy retirement security and provide for their families, and we owe them protection from financial abuse. I will continue fighting to ensure that the Office of Financial Protection for Older Adults becomes law," said Rep. Murphy.
"Congressman Murphy has been a tireless advocate for Bucks County seniors," said Michael Bannon, Director of the Bucks County Office of Consumer Protection and Member of the Pennsylvania Elder Abuse Task Force. "His legislation will go a long way toward protecting vulnerable seniors and the savings they've spent a lifetime earning."