Protecting Seniors from Bad Actors

Summary#

This bill creates a competitive grant program to help State securities agencies and State insurance departments protect older adults from financial fraud. It defines a "senior" as anyone aged 62 or older and defines "senior financial fraud." The bill directs the Commission named in the amended law to give grants to eligible State entities. Grants can pay for staff to find and investigate fraud, technology and training for investigators and prosecutors, educational materials for seniors, planning to fight fraud, and changes to State law that increase protection. Grants cannot be used for indirect general costs such as rent or utilities. The bill sets a per-entity grant cap ($500,000 per year, or $1,000,000 if the same agency covers both securities and insurance functions) and authorizes $10,000,000 per year for fiscal years 2025 through 2030 to run the program. The bill requires applications, reporting, audits, and Commission reports to Congress 2 and 5 years after enactment.

What it means for you#

• If you are a senior (62 or older): The bill would allow State regulators to get federal money for education, outreach, and investigations aimed at protecting seniors from fraud. It does not itself create new criminal penalties.
• If you work for a State securities or insurance agency: Your office could apply for competitive grants to hire staff, buy technology, run training, or give educational programs about senior fraud. You would need to apply, report on results, and follow audit rules.
• If you are a provider of State services or a prosecutor: The bill could fund training and equipment that help identify and handle cases involving older victims.

Expenses#

• The bill authorizes $10,000,000 per fiscal year for 2025 through 2030 to carry out the grant program.
• Individual grants may not exceed $500,000 per year for most eligible entities. If a single entity serves both securities and insurance roles in a State, the cap is $1,000,000 per year.
• Grant funds may not be used for indirect general administrative costs such as rent or utilities.
• The Commission must require detailed accounting from grantees and will perform annual audits of the program.

Proponents' View#

Supporters point to the bill's findings that fraud losses and investment scams have increased and that States have long worked to protect older and vulnerable adults. They say federal grants to State securities and insurance regulators would help hire staff, improve technology and training, provide education to seniors, coordinate State efforts, and strengthen State laws to prevent and address senior financial fraud.

Opponents' View#

No publicly available information.