[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6323 Reported in House (RH)]
<DOC>
Union Calendar No. 684
115th CONGRESS
2d Session
H. R. 6323
[Report No. 115-886]
To create an interdivisional taskforce at the Securities and Exchange
Commission for senior investors.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 10, 2018
Mr. Gottheimer (for himself, Mr. Hollingsworth, and Ms. Sinema)
introduced the following bill; which was referred to the Committee on
Financial Services
August 3, 2018
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on July
10, 2018]
_______________________________________________________________________
A BILL
To create an interdivisional taskforce at the Securities and Exchange
Commission for senior investors.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``National Senior Investor Initiative
Act of 2018'' or the ``Senior Security Act of 2018''.
SEC. 2. SENIOR INVESTOR TASKFORCE.
Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is
amended by adding at the end the following:
``(k) Senior Investor Taskforce.--
``(1) Establishment.--There is established within the
Commission the Senior Investor Taskforce (in this subsection
referred to as the `Taskforce').
``(2) Director of the taskforce.--The head of the Taskforce
shall be the Director, who shall--
``(A) report directly to the Chairman; and
``(B) be appointed by the Chairman, in consultation
with the Commission, from among individuals--
``(i) currently employed by the Commission
or from outside of the Commission; and
``(ii) having experience in advocating for
the interests of senior investors.
``(3) Staffing.--The Chairman shall ensure that--
``(A) the Taskforce is staffed sufficiently to
carry out fully the requirements of this subsection;
and
``(B) such staff shall include individuals from the
Division of Enforcement, Office of Compliance
Inspections and Examinations, and Office of Investor
Education and Advocacy.
``(4) Minimizing duplication of efforts.--In organizing and
staffing the Taskforce, the Chairman shall take such actions as
may be necessary to minimize the duplication of efforts within
the divisions and offices described under paragraph (3)(B) and
any other divisions, offices, or taskforces of the Commission.
``(5) Functions of the taskforce.--The Taskforce shall--
``(A) identify challenges that senior investors
encounter, including problems associated with financial
exploitation and cognitive decline;
``(B) identify areas in which senior investors
would benefit from changes in the regulations of the
Commission or the rules of self-regulatory
organizations;
``(C) coordinate, as appropriate, with other
offices within the Commission, other taskforces that
may be established within the Commission, self-
regulatory organizations, and the Elder Justice
Coordinating Council; and
``(D) consult, as appropriate, with State
securities and law enforcement authorities, State
insurance regulators, and other Federal agencies.
``(6) Report.--The Taskforce, in coordination, as
appropriate, with the Office of the Investor Advocate and self-
regulatory organizations, and in consultation, as appropriate,
with State securities and law enforcement authorities, State
insurance regulators, and Federal agencies, shall issue a
report every 2 years to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives, the first of which
shall not be issued until after the report described in section
3 of the National Senior Investor Initiative Act of 2018 has
been issued and considered by the Taskforce, containing--
``(A) appropriate statistical information and full
and substantive analysis;
``(B) a summary of recent trends and innovations
that have impacted the investment landscape for senior
investors;
``(C) a summary of regulatory initiatives that have
concentrated on senior investors and industry practices
related to senior investors;
``(D) key observations, best practices, and areas
needing improvement, involving senior investors
identified during examinations, enforcement actions,
and investor education outreach;
``(E) a summary of the most serious issues
encountered by senior investors, including issues
involving financial products and services;
``(F) an analysis with regard to existing policies
and procedures of brokers, dealers, investment
advisers, and other market participants related to
senior investors and senior investor-related topics and
whether these policies and procedures need to be
further developed or refined;
``(G) recommendations for such changes to the
regulations, guidance, and orders of the Commission and
self-regulatory organizations and such legislative
actions as may be appropriate to resolve problems
encountered by senior investors; and
``(H) any other information, as determined
appropriate by the Director of the Taskforce.
``(7) Sunset.--The Taskforce shall terminate after the end
of the 10-year period beginning on the date of the enactment of
this subsection, but may be reestablished by the Chairman.
``(8) Senior investor defined.--For purposes of this
subsection, the term `senior investor' means an investor over
the age of 65.''.
SEC. 3. GAO STUDY.
(a) In General.--Not later than 1 year after the date of enactment
of this Act, the Comptroller General of the United States shall submit
to Congress and the Senior Investor Taskforce the results of a study on
the economic costs of the financial exploitation of senior citizens.
(b) Contents.--The study required under subsection (a) shall
include information with respect to--
(1) costs--
(A) associated with losses by victims that were
incurred as a result of the financial exploitation of
senior citizens;
(B) incurred by State and Federal agencies, law
enforcement and investigatory agencies, public benefit
programs, public health programs, and other public
programs as a result of the financial exploitation of
senior citizens; and
(C) incurred by the private sector as a result of
the financial exploitation of senior citizens; and
(2) any other relevant costs that--
(A) result from the financial exploitation of
senior citizens; and
(B) the Comptroller General determines are
necessary and appropriate to include in order to
provide Congress and the public with a full and
accurate understanding of the economic costs resulting
from the financial exploitation of senior citizens in
the United States.
(c) Senior Citizen Defined.--For purposes of this section, the term
``senior citizen'' means an individual over the age of 65.
Union Calendar No. 684
115th CONGRESS
2d Session
H. R. 6323
[Report No. 115-886]
_______________________________________________________________________
A BILL
To create an interdivisional taskforce at the Securities and Exchange
Commission for senior investors.
_______________________________________________________________________
August 3, 2018
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed