This new bill hopes to 'put the brakes' on financial fraud targeting older Americans
Summary
A new bipartisan bill in Congress seeks to help protect seniors and vulnerable adults from financial scams. It would let certain financial companies temporarily stop transactions if they suspect fraud.Key Facts
- The bill is called the Financial Exploitation Prevention Act.
- It targets people aged 65 or older and people with disabilities.
- It applies to open-end investment companies, like mutual funds.
- These companies would gain the power to pause redemption (withdrawal) requests.
- The pause would be used when there is suspicion of financial fraud or exploitation.
- The bill aims to give companies time to investigate before processing transactions.
- The bill has support from both political parties, making it bipartisan.
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