FAIR LAWN, NJ – U.S. Congressman Josh Gottheimer (NJ-5) spoke alongside seniors targeted by financial scams, announcing the bipartisan Senior Security Act, which will help stop financial predators from scamming seniors out of their savings. The act will create the Senior Investor Taskforce within the Securities and Exchange Commission (SEC).
Gottheimer met with Fair Lawn Mayor Kurt Peluso at the borough's senior center on April 29 to make the announcement to local seniors.
The bipartisan Senior Security Act is cosponsored by Gottheimer and Trey Hollingsworth (IN-9)
“It’s appalling. It’s offensive. It’s unacceptable. We are here today to do something about it,” Gottheimer said. “Tomorrow, [April 30] we will be voting on the Senior Security Act, my bipartisan legislation that will take on senior fraud and scams head on and will help the Securities and Exchange Commission and federal prosecutors crack down on these senior-preying hucksters.”
The bipartisan Senior Security Act will stop financial predators from scamming seniors out of their savings, by finding ways to strengthen protections and safeguards for seniors, and by creating a Senior Investor Taskforce at the Securities and Exchange Commission that will exclusively focus on how seniors are being targeted by fraudsters and those who seek to take financial advantage of them. The Taskforce will also submit a biannual report to Congress.
“The SEC will be able to crack down on bad actors like never before,” Gottheimer said. “My legislation will make these enforcements even more common by giving law enforcement stronger tools and information via the Senior Investor Taskforce.”
According to a report from the Senate Special Committee on Aging released this year, older Americans lose approximately $3 billion each year to financial scams and abuse. A separate survey from the Investor Protection Trust found that approximately 7 million Americans have reported being victims of exploitation, but only 1 in every 24 cases of elder exploitation actually gets reported.