Empowering States to Protect Seniors from Bad Actors Act

This bill would create a competitive grant program run by the Securities and Exchange Commission for state securities and insurance regulators to fight financial fraud against seniors, defined as people age 62 or older. States could use the grants to hire staff to investigate and prosecute fraud cases, buy technology and training, educate seniors, make plans against fraud, and strengthen state laws. Grants could not pay for indirect costs like rent or utilities and would be capped at $500,000 per year, or $1,000,000 for an agency that handles both securities and insurance. The bill authorizes $10,000,000 per year for fiscal years 2025 through 2030 and requires yearly audits and reports to Congress after 2 and 5 years.

Full text and official record on Congress.gov

Sponsors

• Josh Gottheimer Democrat sponsor
• 2 cosponsors