This bill is meant to protect elders from wire fraud by placing requirements on covered financial institutions. The bill was introduced in the House and referred to the House Committee on Financial Services. No publicly available information on the bill text is provided beyond the title and referral.
If the bill becomes law, it would affect older adults and the banks or other "covered financial institutions" that handle wire transfers. The exact rules, who counts as a covered institution, and how protections would work are not available. No publicly available information.
No publicly available information on the bill's costs, budget effects, or who would pay for any changes.
The bill's stated purpose is to reduce wire fraud targeting older people. Sponsors listed include George Whitesides, Maria Salazar, and Donald Davis. Supporters would likely say the measure increases safeguards for older customers by requiring steps from financial firms. No publicly available information on specific supporter arguments.
No publicly available information on opposition, potential drawbacks, or critiques of the bill.