Sinema reintroduced her Senior Security Act to create a taskforce protecting seniors from financial crimes, helping safeguard their retirement savings
WASHINGTON – Arizona senior Senator Kyrsten Sinema and Republican Senator Susan Collins (Maine) reintroduced their bipartisan Senior Security Act. Sinema’s bill creates a task force focused on protecting Arizona seniors from financial crimes and scammers.
“Arizonans deserve to retire with dignity. We’re protecting Arizona seniors from scammers to help ensure financial security and peace of mind in retirement,” said Sinema.
The Senior Security Act creates an interdivisional task force at the Securities and Exchange Commission (SEC) to examine and identify challenges facing senior investors. Every two years, in consultation with other SEC offices, state securities and law enforcement authorities, state insurance regulators, and federal agencies, the task force will report its findings to Congress and recommend any regulatory or statutory changes. 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.
Sinema’s bill builds on her successful work passing the Senior Safe Act in 2018. The Senior Safe Act enables financial institutions to work with law enforcement in order to stop the financial abuse of seniors. Sinema led the passage of the Senior Safe Act in the U.S. House and worked with Republican Senator Susan Collins, who cosponsored companion legislation in the Senate, to get it signed into law.
Last year, the U.S. Senate approved Sinema’s bipartisan resolution with Republican Senator Susan Collins (Maine) designating May 15 as National Senior Fraud Awareness Day. The bipartisan resolution increases awareness and protects Arizona seniors from coronavirus-related fraud.