The Senate Banking Committee took an important step towards stopping financial fraud that swindles seniors. According to a December 6th press release, “U.S. Senators Susan Collins (R-ME) and Claire McCaskill (D-MO) announced that the Senate Banking Committee included the Senior $afe Act as part of a bipartisan legislative proposal to improve our nation’s financial regulatory framework.” According to Senator Collins’ December 6th press release, the Senior $afe Act has two main components:

(1) “Encouraging banks, credit unions, investment advisors, broker-dealers, insurance companies and insurance agencies to report suspected senor financial fraud;” and

(2) “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.”

Those components are incorporated into Section 303 of S.2155, which is a bill known as the Economic Growth, Regulatory Relief, and Consumer Protection Act. The legislation tracking website GovTrack explains that as of this writing, Skopos Labs rates S.2155 as having a 48% chance of becoming law. Bressler, Amery & Ross, P.C. intends to provide updates on the legislative movement of the Senior $afe Act and S.2155 as those details become available.

Below please find links to additional materials about S.2155:

The full text of S.2155 is available here: https://www.congress.gov/bill/115th-congress/senate-bill/2155/text

Senator Collins’ December 6, 2017 press release is available here: https://www.collins.senate.gov/newsroom/senators-collins-mccaskill-announce-senior-afe-clears-key-hurdle

The Insured Retirement Institute’s December 5, 2017 press release about S.2155 is available here: https://www.myirionline.org/docs/default-source/press-release/senior$afe-in-s2155-final.pdf?sfvrsn=2

GovTrack’s analysis of S.2155 is available here: https://www.govtrack.us/congress/bills/115/s2155

The December 6, 2017 Press Release from the U.S. Senate’s Special Committee on Aging is available here: https://www.aging.senate.gov/press-releases/senators-collins-mccaskill-announce-senior-afe-clears-key-hurdle