Political Quotes

“Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of H.R. 1565, the Senior Security Act of 2021, which would help protect America's senior investors who can be disproportionately vulnerable to investment-related frauds. In 2017 alone, State securities regulators conducted nearly 4,709 investigations, leading to more than 2,100 enforcement actions, including 255 criminal prosecutions. These actions have resulted in approximately $486 million in restitution for harmed investors, nearly $79 million in fines and/or penalties, and 1,985 years in incarceration or probation being ordered. The National Council on Aging estimated that elder financial abuse and fraud costs older Americans from $2.9 billion to $36.5 billion annually. Moreover, in a February bulletin, the FINRA, the NASAA, and the SEC's Office of Investor Education and Advocacy noted that COVID- 19's unprecedented quarantines and social isolation may leave senior investors even more susceptible to financial fraud than ever before. This bill would establish a Senior Investor Task Force within the U.S. Securities and Exchange Commission. In coordination and consultation with State securities administrators, self-regulatory organizations, Federal law enforcement agencies, and others, the task force would be charged with identifying issues related to investors who are older than 65 years of age.…”