,,ii  #aaeth ,,congress  #b;d ,session  
,s4 #ccbc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,august #a1    
#bjah,mr4 ,donnelly 7for himself and    
,mr4 ,heller7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
amend the ,securities ,exchange ,act of 
#aicd to establish a ,senior ,investor  
,taskforce1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,national ,senior ,investor        
,initiative ,act of #bjah or the ,senior
 ,security ,act of #bjah4  #b4 ,senior  
,investor ,taskforce ,section #d of the 
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;d7 is amended by adding  
at the end the following3  7k7 ,senior  
,investor ,taskforce  7#a7              
,establishment ,there is established    
within the ,commission the ,senior      
,investor ,taskforce 7in this subsection
 referred to as the ,taskforce74  7#b7  
,director of the ,taskforce ,the head of

 the ,taskforce shall be the ,director1 
who shall-- 7,a7 report directly to the 
,chairman2 and  7,b7 be appointed by the
 ,chairman1 in consultation with the    
,commission1 from among individuals--   
7i7 currently employed by the           
,commission or from outside of the      
,commission2 and  7ii7 having experience
 in advocating for the interests of     
senior investors4  7#c7 ,staffing ,the  
,chairman shall ensure that--  7,a7 the 
,taskforce is staffed sufficiently to   
carry out fully the requirements of this
 subsection2 and  7,b7 such staff shall 
include individuals from the ,division  
of ,enforcement1 ,office of ,compliance 
,inspections and ,examinations1 and     
,office of ,investor ,education and     
,advocacy4  7#d7 ,minimizing duplication
 of efforts ,in organizing and staffing 
the ,taskforce1 the ,chairman shall take
 such actions as may be necessary to    
minimize the duplication of efforts     
within the divisions and offices        
described under paragraph 7#c77;,b7 and 

any other divisions1 offices1 or        
taskforces of the ,commission4  7#e7    
,functions of the ,taskforce ,the       
,taskforce shall-- 7,a7 identify        
challenges that senior investors        
encounter1 including problems associated
 with financial exploitation and        
cognitive decline2  7,b7 identify areas 
in which senior investors would benefit 
from changes in the regulations of the  
,commission or the rules of             
self-regulatory organizations2  7,c7    
coordinate1 as appropriate1 with other  
offices within the ,commission1 other   
taskforces that may be established      
within the ,commission1 self-regulatory 
organizations1 and the ,elder ,justice  
,coordinating ,council2 and  7,d7       
consult1 as appropriate1 with ,state    
securities and law enforcement          
authorities1 ,state insurance           
regulators1 and other ,federal agencies4
  7#f7 ,report ,the ,taskforce1 in      
coordination1 as appropriate1 with the  
,office of the ,investor ,advocate and  

self-regulatory organizations1 and in   
consultation1 as appropriate1 with      
,state securities and law enforcement   
authorities1 ,state insurance           
regulators1 and ,federal agencies1 shall
 issue a report every #b years to the   
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate and the  
,committee on ,financial ,services of   
the ,house of ,representatives1 the     
first of which shall not be issued until
 after the report described in section  
#c of the ,national ,senior ,investor   
,initiative ,act of #bjah has been      
issued and considered by the ,taskforce1
 containing--  7,a7 appropriate         
statistical information and full and    
substantive analysis2  7,b7 a summary of
 recent trends and innovations that have
 impacted the investment landscape for  
senior investors2  7,c7 a summary of    
regulatory initiatives that have        
concentrated on senior investors and    
industry practices related to senior    
investors2  7,d7 key observations1 best 

practices1 and areas needing improvement
 involving senior investors identified  
during examinations1 enforcement        
actions1 and investor education         
outreach2  7,e7 a summary of the most   
serious issues encountered by senior    
investors1 including issues involving   
financial products and services2  7,f7  
an analysis with regard to existing     
policies and procedures of brokers1     
dealers1 investment advisers1 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 refined2  7,g7 recommendations for   
such changes to the regulations1        
guidance1 and orders of the ,commission 
and self-regulatory organizations and   
such legislative actions as may be      
appropriate to resolve problems         
encountered by senior investors2 and    
7,h7 any other information1 as          
determined appropriate by the ,director 
of the ,taskforce4  7#g7 ,sunset ,the   

,taskforce shall terminate after the end
 of the #aj-year period beginning on the
 date of the enactment of this          
subsection1 but may be reestablished by 
the ,chairman4  7#h7 ,senior investor   
defined ,for purposes of this           
subsection1 the term senior investor    
means an investor over the age of #fe4  
4  #c4 ,,gao study  7a7 ,in general ,not
 later than #a year after the date of   
enactment of this ,act1 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        
citizens4  7b7 ,contents ,the study     
required under subsection 7a7 shall     
include information with respect to--   
7#a7 costs--  7,a7 associated with      
losses by victims that were incurred as 
a result of the financial exploitation  
of senior citizens2  7,b7 incurred by   
,state and ,federal agencies1 law       
enforcement and investigatory agencies1 

public benefit programs1 public health  
programs1 and other public programs as a
 result of the financial exploitation of
 senior citizens2 and  7,c7 incurred by 
the private sector as a result of the   
financial exploitation of senior        
citizens2 and  7#b7 any other relevant  
costs that--  7,a7 result from the      
financial exploitation of senior        
citizens2 and  7,b7 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 ,states4  7c7   
,senior citizen defined ,for purposes of
 this section1 the term senior citizen  
means an individual over the age of #fe4