#aaf? ,,congress  #a/ ,session  ,h4 ,r4 
#ahgf  ,,an ,,act  ,to create an        
int]divisional task=ce at ! ,securities 
& ,ex*ange ,commission = s5ior inve/ors4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,national ,s5ior ,inve/or           
,initiative ,act ( #bjai or ! ,s5ior    
,security ,act ( #bjai4  #b4 ,s5ior     
,inve/or ,task=ce ,section #d ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d7 is am5d$ by add+ at !  
end ! foll[+3  7k7 ,s5ior ,inve/or      
,task=ce  7#a7 ,e/abli%m5t ,!re is      
e/abli%$ )9 ! ,commission ! ,s5ior      
,inve/or ,task=ce 79 ?is subsection     
ref]r$ to z ! ,task=ce74  7#b7 ,director
 ( ! ,task=ce ,! head ( ! ,task=ce %all 
be ! ,director1 :o %all--  7,a7 report  
directly to ! ,*airman2 &  7,b7 be      
appo9t$ by ! ,*airman1 9 consultation ) 
! ,commission1 f among individuals--    
7i7 curr5tly employ$ by ! ,commission or
 f outside ( ! ,commission2 &  7ii7 hav+
 exp]i5ce 9 advocat+ = ! int]e/s ( s5ior
 inve/ors4  7#c7 ,/aff+ ,! ,*airman %all

 ensure t-- 7,a7 ! ,task=ce is /aff$    
suffici5tly to c>ry out fully !         
requirem5ts ( ?is subsection2 &  7,b7   
su* /aff %all include individuals f !   
,division ( ,en=cem5t1 ,(fice (         
,compliance ,inspections & ,exam9ations1
 & ,(fice ( ,inve/or ,education &       
,advocacy4  7#d7 ,m9imiz+ duplication ( 
ef=ts ,9 organiz+ & /aff+ ! ,task=ce1 ! 
,*airman %all take su* actions z may be 
necess>y to m9imize ! duplication (     
ef=ts )9 ! divisions & (fices describ$  
"u p>agraph 7#c77;,b7 & any o!r         
divisions1 (fices1 or task=ces ( !      
,commission4  7#e7 ,functions ( !       
,task=ce ,! ,task=ce %all-- 7,a7 id5tify
 *all5ges t s5ior inve/ors enc\nt]1     
includ+ problems associat$ ) f9ancial   
exploitation & cognitive decl9e2  7,b7  
id5tify areas 9 :i* s5ior inve/ors w\ld 
b5efit f *anges 9 ! regulations ( !     
,commission or ! rules ( self-regulatory
 organizations2  7,c7 coord9ate1 z      
appropriate1 ) o!r (fices )9 !          
,commission1 o!r task=ces t may be      

e/abli%$ )9 ! ,commission1              
self-regulatory organizations1 & ! ,eld]
 ,ju/ice ,coord9at+ ,c\ncil2 &  7,d7    
consult1 z appropriate1 ) ,/ate         
securities & law en=cem5t au?orities1   
,/ate insurance regulators1 & o!r ,f$]al
 ag5cies4  7#f7 ,report ,! ,task=ce1 9  
coord9ation1 z appropriate1 ) ! ,(fice (
 ! ,inve/or ,advocate & self-regulatory 
organizations1 & 9 consultation1 z      
appropriate1 ) ,/ate securities & law   
en=cem5t au?orities1 ,/ate insurance    
regulators1 & ,f$]al ag5cies1 %all issue
 a report e #b ye>s to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs & !    
,special ,committee on ,ag+ ( ! ,s5ate &
 ! ,committee on ,f9ancial ,s]vices ( ! 
,h\se ( ,repres5tatives1 ! fir/ ( :i*   
%all n be issu$ until aft] ! report     
describ$ 9 section #c ( ! ,national     
,s5ior ,inve/or ,initiative ,act ( #bjai
 has be5 issu$ & consid]$ by ! ,task=ce1
 conta9+--  7,a7 appropriate /ati/ical  
in=mation & full & sub/antive analysis2 
7,b7 a summ>y ( rec5t tr5ds &           

innovations t h impact$ ! inve/m5t      
l&scape = s5ior inve/ors2  7,c7 a summ>y
 ( regulatory initiatives t h conc5trat$
 on s5ior inve/ors & indu/ry practices  
relat$ to s5ior inve/ors2  7,d7 key     
obs]vations1 be/ practices1 & areas ne$+
 improvem5t1 involv+ s5ior inve/ors     
id5tifi$ dur+ exam9ations1 en=cem5t     
actions1 & inve/or education outrea*2   
7,e7 a summ>y ( ! mo/ s]i\s issues      
enc\nt]$ by s5ior inve/ors1 includ+     
issues involv+ f9ancial products &      
s]vices2  7,f7 an analysis ) reg>d to   
exi/+ policies & proc$ures ( brok]s1    
deal]s1 inve/m5t advis]s1 & o!r m>ket   
p>ticipants relat$ to s5ior inve/ors &  
s5ior inve/or-relat$ topics & :e!r ^!   
policies & proc$ures ne$ to be fur!r    
develop$ or ref9$2  7,g7 recomm5dations 
= su* *anges to ! regulations1 guidance1
 & ord]s ( ! ,commission &              
self-regulatory organizations & su*     
legislative actions z may be appropriate
 to resolve problems enc\nt]$ by s5ior  
inve/ors2 &  7,h7 any o!r in=mation1 z  

det]m9$ appropriate by ! ,director ( !  
,task=ce4  7#g7 ,sunset ,! ,task=ce %all
 t]m9ate aft] ! end ( ! #aj-ye> p]iod   
beg9n+ on ! date ( ! enactm5t ( ?is     
subsection1 b may be ree/abli%$ by !    
,*airman4  7#h7 ,s5ior inve/or def9$ ,= 
purposes ( ?is subsection1 ! t]m s5ior  
inve/or means an inve/or ov] ! age (    
#fe4  4  #c4 ,,gao /udy  7a7 ,9 g5]al ,n
 lat] ?an #b ye>s aft] ! date ( enactm5t
 ( ?is ,act1 ! ,comptroll] ,g5]al ( !   
,unit$ ,/ates %all submit to ,congress &
 ! ,s5ior ,inve/or ,task=ce ! results ( 
a /udy ( f9ancial exploitation ( s5ior  
citiz5s4  7b7 ,cont5ts ,! /udy requir$  
"u subsection 7a7 %all include in=mation
 ) respect to--  7#a7 economic co/s ( ! 
f9ancial exploitation ( s5ior citiz5s-- 
7,a7 associat$ ) losses by victims t 7  
incurr$ z a result ( ! f9ancial         
exploitation ( s5ior citiz5s2  7,b7     
incurr$ by ,/ate & ,f$]al ag5cies1 law  
en=cem5t & inve/igatory ag5cies1 public 
b5efit programs1 public heal? programs1 
& o!r public programs z a result ( !    

f9ancial exploitation ( s5ior citiz5s2  
7,c7 incurr$ by ! private sector z a    
result ( ! f9ancial exploitation ( s5ior
 citiz5s2 &  7,d7 any o!r relevant co/s 
t-- 7i7 result f ! f9ancial exploitation
 ( s5ior citiz5s2 &  7ii7 ! ,comptroll] 
,g5]al det]m9es are necess>y &          
appropriate to include 9 ord] to provide
 ,congress & ! public ) a full &        
accurate und]/&+ ( ! economic co/s      
result+ f ! f9ancial exploitation (     
s5ior citiz5s 9 ! ,unit$ ,/ates2  7#b7  
frequ5cy ( s5ior f9ancial exploitation &
 correlat$ or contribut+ factors--  7,a7
 in=mation ab\t p]c5tage ( s5ior citiz5s
 f9ancially exploit$ ea* ye>2 &  7,b7   
in=mation ab\t factors contribut+ to    
increas$ risk ( exploitation1 includ+   
su* factors z race1 social isolation1   
income1 net wor?1 religion1 region1     
occupation1 education1 home-own]%ip1    
illness1 & loss ( sp\se2 &  7#c7 policy 
responses & report+ ( s5ior f9ancial    
exploitation-- 7,a7 ! degree to :i*     
f9ancial exploitation ( s5ior citiz5s   

unreport$ to au?orities2  7,b7 ! reasons
 t f9ancial exploitation may be         
unreport$ to au?orities2  7,c7 to !     
ext5t t suspect$ eld] f9ancial          
exploitation is curr5tly be+ report$--  
7i7 in=mation reg>d+ :i* ,f$]al1 ,/ate1 
& local ag5cies are receiv+ reports1    
includ+ adult protective s]vices1 law   
en=cem5t1 indu/ry1 regulators1 &        
pr(essional lic5s+ bo>ds2  7ii7         
in=mation reg>d+ :at in=mation is be+   
collect$ by su* ag5cies2 &  7iii7       
in=mation reg>d+ ! actions t are tak5 by
 su* ag5cies ^u receipt ( ! report & any
 limits on ! ag5cies' ability to prev5t 
exploitation1 su* z jurisdictional      
limits1 a lack ( exp]tise1 res\rce      
*all5ges1 or limit+ crit]ia ) reg>d to !
 types ( victims !y are p]mitt$ to s]ve2
  7,d7 an analysis ( gaps t may exi/ 9  
emp[]+ ,f$]al1 ,/ate1 & local ag5cies to
 prev5t s5ior exploitation or respond   
effectively to suspect$ s5ior f9ancial  
exploitation2 &  7,e7 an analysis ( !   
legal hurdles t prev5t ,f$]al1 ,/ate1 & 

local ag5cies f effectively p>tn]+ ) ea*
 o!r & private pr(essionals to          
effectively respond to s5ior f9ancial   
exploitation4  7c7 ,s5ior citiz5 def9$  
,= purposes ( ?is section1 ! t]m s5ior  
citiz5 means an individual ov] ! age (  
#fe4  ,pass$ ! ,h\se ( ,repres5tatives  
,april #cj1 #bjai4;,cl]k4