May 02, 2017

Senator Hassan Cosponsoring Bipartisan Senior$afe Act to Help Protect Older Granite Staters from Financial Exploitation and Fraud

Senator Hassan Cosponsoring Bipartisan Senior$afe Act to Help Protect Older Granite Staters from Financial Exploitation and Fraud

WASHINGTON - Today, Senator Maggie Hassan (D-NH) announced that she is cosponsoring the Senior$afe Act of 2017, bipartisan legislation introduced by Senators Susan Collins (R-ME) and Claire McCaskill (D-MO) to help protect older Granite Staters and Americans from financial exploitation and fraud. The legislation provides support to regulators, financial institutions, and legal organizations to educate employees about identifying and preventing financial exploitation of older Americans.

"We know that seniors are vulnerable to financial exploitation and fraud, and we must use every tool at our disposal to prevent these crimes," Senator Hassan said. "I am proud to cosponsor the bipartisan Senior$afe Act to encourage banks and legal organizations to better identify - and prevent - the financial exploitation of older citizens. I will keep working across party lines to ensure that our older citizens can thrive as contributing members of our society in New Hampshire and America."

According to the GAO, financial fraud targeting older Americans is a growing epidemic that costs seniors an estimated $2.9 billion annually. Current bank privacy laws can make it difficult for financial institutions to report suspected fraud to the proper authorities. The Senior$afe Act would address this problem by:

  • Encouraging banks, credit unions, investment advisors, broker-dealers, insurance companies and insurance agencies to report suspected senior financial fraud; and
  • Protecting these institutions from being sued for making reports so long as they have trained their employees, and make reports in good faith and on a reasonable basis to the proper authorities.

Other cosponsors of the Senior$afe Act of 2017 include: Senators Johnny Isakson (R-GA), Bob Casey (D-PA), Amy Klobuchar (D-MN), Thom Tillis (R-NC), Jeanne Shaheen (D-NH), Roger Wicker (R-MS), Jon Tester (D-MT), Shelley Moore Capito (R-WV), John Barrasso (R-WY), Joe Donnelly (D-IN), Dean Heller (R-NV), and Angus King (I-ME).

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