#aafth ,,congress  #ast ,session  ,h4   
,r4 #ahgf  ,,an ,,act  ,to create an    
interdivisional taskforce at the        
,securities and ,exchange ,commission   
for senior investors4  #a4 ,short title 
,this ,act may be cited as the ,national
 ,senior ,investor ,initiative ,act of  
#bjai or the ,senior ,security ,act of  
#bjai4  #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 and the ,special        
,committee on ,aging 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 #bjai 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            
improvement1 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 #b years 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 of financial         
exploitation of senior citizens4  7b7   
,contents ,the study required under     
subsection 7a7 shall include information
 with respect to--  7#a7 economic costs 
of the financial exploitation of senior 
citizens-- 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  7,c7 incurred by the 

private sector as a result of the       
financial exploitation of senior        
citizens2 and  7,d7 any other relevant  
costs that-- 7i7 result from the        
financial exploitation of senior        
citizens2 and  7ii7 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 ,states2  7#b7  
frequency of senior financial           
exploitation and correlated or          
contributing factors--  7,a7 information
 about percentage of senior citizens    
financially exploited each year2 and    
7,b7 information about factors          
contributing to increased risk of       
exploitation1 including such factors as 
race1 social isolation1 income1 net     
worth1 religion1 region1 occupation1    
education1 home-ownership1 illness1 and 
loss of spouse2 and  7#c7 policy        

responses and reporting of senior       
financial exploitation-- 7,a7 the degree
 to which financial exploitation of     
senior citizens unreported to           
authorities2  7,b7 the reasons that     
financial exploitation may be unreported
 to authorities2  7,c7 to the extent    
that suspected elder financial          
exploitation is currently being         
reported--  7i7 information regarding   
which ,federal1 ,state1 and local       
agencies are receiving reports1         
including adult protective services1 law
 enforcement1 industry1 regulators1 and 
professional licensing boards2  7ii7    
information regarding what information  
is being collected by such agencies2 and
  7iii7 information regarding the       
actions that are taken by such agencies 
upon receipt of the report and any      
limits on the agencies' ability to      
prevent exploitation1 such as           
jurisdictional limits1 a lack of        
expertise1 resource challenges1 or      
limiting criteria with regard to the    

types of victims they are permitted to  
serve2  7,d7 an analysis of gaps that   
may exist in empowering ,federal1       
,state1 and local agencies to prevent   
senior exploitation or respond          
effectively to suspected senior         
financial exploitation2 and  7,e7 an    
analysis of the legal hurdles that      
prevent ,federal1 ,state1 and local     
agencies from effectively partnering    
with each other and private             
professionals to effectively respond to 
senior financial exploitation4  7c7     
,senior citizen defined ,for purposes of
 this section1 the term senior citizen  
means an individual over the age of #fe4
  ,passed the ,house of ,representatives
 ,april #cj1 #bjai4;,clerk4