Gillibrand and bipartisan colleagues introduce legislation to protect seniors' savings

WASHINGTON, D.C. | U.S. Sen. Kirsten Gillibrand (D-NY), the top Democrat on the Senate Aging Committee, along with Senators Andy Kim (D-NJ), Susan Collins (R-ME), and Dave McCormick (R-PA), introduced the bipartisan Senior Security Act to help stop financial predators from scamming America's seniors. This bipartisan legislation would protect seniors' savings by creating a Senior Investor Task Force within the Securities and Exchange Commission (SEC) to offer recommendations for strengthening protections and safeguards for senior investors. "Senior investors deserve to be protected, especially as scammers increasingly target older Americans, robbing them of their hard-earned savings and stealing their personal information," said Sen. Gillibrand. "As the top-ranking Democrat on the Senate Aging Committee, I've seen firsthand the devastating impact these scams have on older Americans and their families, and how far too often federal agencies remain unprepared to address the specific needs of older populations. Our Senior Security Act would establish a dedicated task force to better protect investors over the age of 65 and help create the stronger protections that our seniors and their families deserve. I am proud to introduce this legislation and will fight to get it across the finish line." The Senior Security Act was also introduced and passed in the U.S. House of Representatives by Reps. Josh Gottheimer (D-NJ-05) and Ann Wagner (R-MO-02). The bill is endorsed by AARP. According to the FBI, seniors lost $4.8 billion in 2024 to frauds and scams. The Senior Security Act would create a dedicated Senior Investor Task Force to holistically coordinate across SEC divisions, consult with state and federal regulators, and issue a public report to Congress every two years outlining trends, enforcement actions, regulatory gaps, and legislative recommendations related to investors over the age of 65. The bill also directs the Government Accountability Office to conduct a comprehensive study on the economic costs, frequency, and reporting gaps associated with senior financial exploitation. Sen. Gillibrand has worked to prevent financial fraud throughout her time in office. As ranking member of the Senate Aging Committee, she has led the fight to protect seniors from frauds and scams, raised awareness about predatory scammers targeting seniors, and demanded answers from those attempting to cut funding for agencies like the CFPB. She has also introduced legislation such as the National Strategy for Combating Scams Act, the Stop the Scammers Act, the Senior Financial Empowerment Act, and the DO NOT CALL Act, as well as the SNAP Theft Protection Act, the core of which was passed into law in 2022. The full text of the Senior Security Act can be found here.

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Gillibrand and bipartisan colleagues introduce legislation to protect seniors' savings

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