The House on Monday passed a bipartisan bill that aims to prevent the financial exploitation of elderly and disabled Americans by scammers amid a surge in such crimes that have impacted one in five senior citizens.
Introduced by Rep. Ann Wagner, R-Mo., the Financial Exploitation Prevention Act would allow a registered open-end investment company like those that operate many mutual funds to delay the redemption period of a security if they reasonably believe it was requested through the financial exploitation of a senior citizen over the age of 65 or a person with disabilities who cannot protect their interests. The House passed the bill on a 419-0 vote Monday evening.