Wendy Sherman: “The one person that may be most surprised by us going out of order is the author of this bill, Mr. Gottheimer. I know he…”

“The one person that may be most surprised by us going out of order is the author of this bill, Mr. Gottheimer. I know he is on his way now to this floor, so in order for him to get here before he would have expected to be needed, I will speak very slowly. Mr. Speaker, I rise slowly in support of H.R. 2593, the Senior Security Act sponsored by the gentleman from New Jersey, who is on his way to this floor right now. Scams targeting seniors, which can include harassing robocalls and phone calls impersonating the government, cost older Americans more than $36 billion a year, according to the National Council on Aging. According to AARP, these kinds of senior scams have more than doubled just since 2020. Financial scams can leave a devastating and lasting impact on our seniors, causing significant financial loss. Recovering lost funds is a very challenging process, and in many cases, the money is simply not retrieved. Scams also lead to significant emotional distress, resulting in feelings of embarrassment, guilt, shame, and a diminished sense of self-worth. The emotional impact can exacerbate health conditions or lead to depression and anxiety. Once scammed, seniors might lose trust in people, which can lead to further isolation and reluctance to seek help. Mr. Gottheimer's bill takes key steps to help protect older Americans nationwide from getting scammed out of their hard-earned money by establishing a senior investor task force within the SEC.…”