Vitter Investigates Reforms to Protect Seniors from Fraud
U.S. Sen. David Vitter today explored serious reforms to prevent fraudulent sales practices that prey on seniors at a Special Committee on Aging hearing. Vitter is a member of the committee.
"I know from personal conversations that this is a real problem in Louisiana and a real challenge in the wake of hurricanes Katrina and Rita. Louisiana has more than 370,000 households with one or more seniors in them. There is a growing problem of predatory businesses targeting seniors. This fraudulent activity needs to be stopped, and today's hearing was a good first step in trying to find solutions to this serious problem," said Vitter.
The witnesses at the hearing included U.S. Securities and Exchange Commission Chairman Christopher Cox; Minnesota Attorney General Lori Swanson; Joseph Borg, president, North American Securities Administrators Association; Gary Bhojwani, president and CEO, Allianz Life Insurance of North America; and others.
Vitter specifically requested a seat on the Special Committee on Aging to work on solutions to challenges facing Louisiana's seniors. The committee examines important issues like Social Security, Medicare, prescription drug issues and pensions.