Big Sky Times

Senator’s Financial Exploitation Prevention Act Will Help Protect Elderly Montanans’ Hard Earned Dollars

As part of his tireless advocacy for Montana’s seniors and working families, U.S. Senator Jon Tester introduced his bipartisan Financial Exploitation Prevention Act to crack down on financial exploitation targeting elderly Americans and to help protect Montanans’ hard earned money.

“Exploiting Montana seniors is absolutely reprehensible and it is critical we do everything we can to protect their retirement savings and hard earned dollars,” said Tester. “My bipartisan bill will allow investment companies to take action if an account holder is being financially exploited, and I’ll continuing fighting to make sure this commonsense bill becomes law.”

Tester’s bipartisan Financial Exploitation Prevention Act would give the financial industry better tools to address suspected financial exploitation and abuse of seniors and those with mental and physical disabilities. The bill will allow a mutual fund or its transfer agent to protect “Specified Adult” shareholders from financial exploitation, and requires the Securities and Exchange Commission (SEC) to report to Congress on recommendations for legislative and regulatory changes on how to combat financial exploitation of seniors and vulnerable adults. 

Tester is a relentless fighter for Montana’s senior citizens. In 2022, two of Tester’s bipartisan efforts to crack down on crimes against Montana seniors were signed into law. Tester’s bipartisan Senior Fraud Prevention Act directs the Federal Trade Commission (FTC) to establish an office that will combat fraud targeting the elderly, educate seniors and their families on how to detect scams, and improve fraud reporting systems. Tester’s bipartisan Stop Senior Scams Act requires the FTC to create an advisory group charged with expanding consumer education, improving industry training, identifying new technology to prevent scams, and developing research on fraud prevention for financial advisers.

Original source can be found here.