News 4 Tucson
WASHINGTON, DC – Arizona Sen. Kyrsten Sinema unveiled the Senior Security Act, a bill which creates a task force aimed to protect senior citizens from falling victim of financial scams and crimes.
The legislation, created in conjunction with Sen. Susan Collins (R-Maine), hopes to give seniors renewed confidence regarding their retirement savings. Senator Sinema believes this bill will greatly benefit citizens.
“Arizonans deserve to retire with dignity,” Sinema said. “We’re protecting Arizona seniors from scammers so they can have financial peace of mind in their retirement.”
Sinema is a member of the Senate Aging Committee and the Senate Banking Committee, committees that work to improve the lives of senior citizens and craft legislation to support all citizens financially.
Sinema’s new bill, The Senior Security Act, aims to examine and identify challenges facing senior investors through a task force stationed at the Securities and Exchange Commission (SEC). The bill states that the task force, in consultation with other government officials, will report its findings to Congress and recommend any regulatory or statutory changes every two years.
Further, within two years of enactment, the U.S. Government Accountability Office will study and report on the economic costs of the financial exploitation of senior citizens.
The Senior Security Act bill builds upon Sinema’s previous work in passing the Senior Safe Act last year. The Senior Safe Act enables financial institutions to work with law enforcement in order to stop the financial abuse of seniors.
In both the Senior Safe Act and the Senior Security Act, Sinema led its passage in the U.S. House and worked with Sen. Susan Collins (R-Maine) to get the legislation signed into law, continuing to protect Arizona seniors.