Unanimous House clears measure against senior scams

U.S. Congressman Josh Gottheimerʼs bipartisan Senior Security Act unanimously passed the House of Representatives. The legislation would help stop financial predators from scamming seniors out of their savings by creating a federal Senior Investor Task Force within the Securities and Exchange Commission (SEC) to strengthen protections and safeguards for senior investors.

Gottheimer spoke on the House floor last week to urge Members of the House to support his bipartisan bill.

Companion bipartisan legislation has been introduced in the U.S. Senate by Senators Kyrsten Sinema (I-AZ) and Susan Collins (R-ME).

Gottheimerʼs office sent us a statement June 6: “Unfortunately, far too many of our seniors have had their hard-earned retirement savings stolen right out from under them when a scammer calls or shows up at their door. Millions of seniors across the country, including my own mother, have been the victims of financial scams, and far too many have been cheated out of their retirement savings. Itʼs appalling, itʼs offensive, and itʼs unacceptable,” he said.

Gottheimer (NJ-5), a member of the House Financial Services Committee, said “Today, the House passed my bipartisan legislation to take senior fraud and scams head on, by helping the Securities and Exchange Commission and federal prosecutors crack down on senior-preying hucksters nationwide.”

Senior scams cost older Americans more than $36 billion a year, often hitting their retirement nest eggs. Senior scams have more than doubled since 2020. Unfortunately, only 1 in every 42 cases of elder exploitation actually gets reported.

H.R.2593 will establish the Senior Investor Task Force at the SEC, which will:

•Identify challenges that senior investors encounter, including problems associated with financial exploitation and cognitive decline;

• Identify areas in which senior investors would benefit from changes at the Commission or the rules of self-regulatory organizations;

•Coordinate, as appropriate, with other offices within the Commission and other taskforces that may be established within the Commission, self-regulatory organizations, and the Elder Justice Coordinating Council; and

•Consult, as appropriate, with state securities and law enforcement authorities, state insurance regulators, and other federal agencies.

The task force will submit a biennial report to Congress that includes:

•Summary of recent trends and innovations that have impacted the investment landscape for senior investors;

•Summary of initiatives that have concentrated on senior investors and industry practices related to senior investors;

•Key observations, best practices, and areas needing improvement, involving senior investors identified during examinations, enforcement actions, and investor education outreach;

•Summary of the most serious issues encountered by senior investors, including issues involving financial products and services; and

• Recommendations for such changes to the rules or guidance of the Commission and self-regulatory organizations and such legislative actions to resolve problems encountered by senior investors.

Gottheimerʼs bipartisan Senior Security Act is cosponsored by Representatives Ann Wagner (MO-2) and Mike Lawler (NY-17).

FROM PAGE 2 however, law enforcement officials canʼt be situated at or too close to polling locations due to voter intimidation laws.

The Hillsdale Borough Clerk confirmed that the Bergen County Boardof Elections communicated that Smith School is required to be used as a polling l ocation for residents who live in voting districts 3 and 6. S mith School is used on at least two days each school year (general elections in November and p rimary elections in June).In s ome years, there is an added risk if there is a referendum like t here was this school year.

For the 2022–2023 school year, approximately 90% of the s chool districts in Bergen Count y did not use schools as polling locations, or did not schedule for schools to be in session on e lection days. A majority of school districts in Bergen County that are used as polling locat ions are closed on election days. It is common on election days for teachers to have prof essional development while school is not in session. If snow d ays that are built into the calendar are not utilized, then schools can be closed on the p rimary election days in June.

In order to keep the students at Smith School safe, I i mplore the Hillsdale Board of E ducation to reconsider the 2023–2024 school calendar and not have school in session duri ng the general and primary election days.

Michael Kenduck H illsdale

Knights support food banks

To the editor: A S PARTOF the Knights of Columbus Food for Families Program, St. Thomas More Council 2188 Westwood/Hillsdale recently donated $2,000 in ShopRite gift cards to local food banks and organizations helping those in need.

We encourage everyone living in the Pascack Valley to make every effort to support local food banks as they struggle to meet the needs of our neighbors.

Sincerely,