S 1481
Financial Exploitation Prevention Act of 2023
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Bill overview
The Financial Exploitation Prevention Act of 2023 aims to protect vulnerable adults, particularly those aged 65 or older and those with disabilities, from financial exploitation related to their investments. It allows open-end investment companies and transfer agents to temporarily delay the redemption of securities if they reasonably suspect exploitation is occurring. The bill requires companies to notify potential contacts of the investor and document these efforts, and mandates the SEC to provide recommendations for further regulatory improvements to combat this issue.
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Primary sponsor
Cosponsors
Jon Tester
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