House Passes Bill to Protect Seniors' Savings

A bill sponsored by Representatives Ann Wagner (R-MO), and Josh Gottheimer (D-NJ) has passed in the House by a vote of 414-2. H.R. 2478, the Financial Exploitation Prevention Act, would enable “an open-end investment management company” to delay a transaction if a transfer agent suspects exploitation of an individual. The bill would provide for procedures for delaying redemption of securities of an individual who is age 65 or older, or is age 18 or older and unable to protect their own interests due to a mental or physical impairment. Redemption of securities could be delayed for up to 15 business days, and further extend under certain circumstances.