,,ii #aaf? ,,congress #a/ ,session ,s4 #agai ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #e1 #bjai,ms4 ,s9ema 7= h]self & ,ms4 ,coll9s7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,securities ,ex*ange ,act ( #aicd to create an int]divisional task=ce at ! ,securities & ,ex*ange ,commission = s5ior inve/ors1 & = o!r purposes4 #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 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m appropriate committees ( ,congress means-- 7i7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7ii7 ! ,special ,committee on ,ag+ ( ! ,s5ate2 & 7iii7 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives2 & 7,b7 ! t]m s5ior inve/or means an inve/or :o is old] ?an #fe ye>s ( age4 7#b7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,commission ! ,s5ior ,inve/or ,task=ce 7ref]r$ to 9 ?is subsection z ! ,task=ce74 7#c7 ,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#d7 ,/aff+ ,! ,*airman %all ensure t-- 7,a7 ! ,task=ce is /aff$ suffici5tly to c>ry out fully ! requirem5ts ( ?is subsection2 & 7,b7 ! /aff describ$ 9 subp>agraph 7,a7 includes individuals f ! ,division ( ,en=cem5t1 ! ,(fice ( ,compliance ,inspections & ,exam9ations1 & ! ,(fice ( ,inve/or ,education & ,advocacy4 7#e7 ,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$ 9 p>agraph 7#d77;,b7 & any o!r divisions1 (fices1 or task=ces ( ! ,commission4 7#f7 ,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$]al ag5cies4 7#g7 ,report 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 ! ,task=ce1 9 coord9ation1 z appropriate1 ) ! ,(fice ( ! ,inve/or ,advocate & self-regulatory organizations1 & 9 consultation1 z appropriate1 ) ,/ate securities & law en=cem5t au?orities1 ,/ate insurance regulators1 & ,f$]al ag5cies1 %all submit to ! appropriate committees ( ,congress a bi5nial report conta9+-- 7i7 appropriate /ati/ical in=mation & full & sub/antive analysis2 7ii7 a summ>y ( rec5t tr5ds & innovations t h impact$ ! inve/m5t l&scape = s5ior inve/ors2 7iii7 a summ>y ( regulatory initiatives t h conc5trat$ on s5ior inve/ors & indu/ry practices relat+ to s5ior inve/ors2 7iv7 key obs]vations1 be/ practices1 & areas ne$+ improvem5t involv+ s5ior inve/ors id5tifi$ dur+ exam9ations1 en=cem5t actions1 & inve/or education outrea*2 7v7 a summ>y ( ! mo/ s]i\s issues enc\nt]$ by s5ior inve/ors1 includ+ issues involv+ f9ancial products & s]vices2 7vi7 an analysis ) respect to-- 7,i7 exi/+ policies & proc$ures ( brok]s1 deal]s1 inve/m5t advis]s1 & o!r m>ket p>ticipants relat+ to s5ior inve/ors & topics involv+ s5ior inve/ors2 & 7,,ii7 :e!r ! policies & proc$ures describ$ 9 subclause 7,i7 ne$ to be fur!r develop$ or ref9$2 7vii7 recomm5dations = any legislative action1 & any *anges to ! regulations1 guidance1 & ord]s ( ! ,commission & self-regulatory organizations1 z may be appropriate to resolve problems enc\nt]$ by s5ior inve/ors2 & 7viii7 any o!r in=mation1 z det]m9$ appropriate by ! ,director ( ! ,task=ce4 7,b7 ,fir/ report ,! fir/ report requir$ "u ?is p>agraph may n be submitt$ until aft] ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates has submitt$1 & ! ,task=ce has consid]$1 ! report requir$ "u section #c ( ! ,national ,s5ior ,inve/or ,initiative ,act ( #bjai4 7#h7 ,sunset ,! ,task=ce-- 7,a7 %all t]m9ate on ! date t is #aj ye>s aft] ! date ( enactm5t ( ?is subsection2 & 7,b7 may be ree/abli%$ by ! ,*airman4 4 #c4 ,,gao /udy 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m s5ior citiz5 means an individual :o is old] ?an #fe ye>s ( age2 & 7#b7 ! t]m ,task=ce means ! ,s5ior ,inve/or ,task=ce e/abli%$ "u subsection 7k7 ( section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d71 z add$ by section #b ( ?is ,act4 7b7 ,/udy ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress & ! ,task=ce ! results ( a /udy ( f9ancial exploitation ( s5ior citiz5s4 7c7 ,cont5ts ,! /udy requir$ "u subsection 7b7 %all include in=mation ) respect to-- 7#a7 ! economic co/s ( ! f9ancial exploitation ( s5ior citiz5s1 includ+-- 7,a7 co/s associat$ ) losses by victims t 7 incurr$ z a result ( ! f9ancial exploitation ( s5ior citiz5s2 7,b7 co/s incurr$ by ,/ate & ,f$]al ag5cies1 law en=cem5t & inve/igatory ag5cies1 public b5efit programs1 public heal? programs1 & o!r public programs z a result ( ! f9ancial exploitation ( s5ior citiz5s2 7,c7 co/s incurr$ 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 ( ! ,unit$ ,/ates 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 ( ! f9ancial exploitation ( s5ior citiz5s & correlat$ or contribut+ factors ) respect to t exploitation1 includ+ in=mation reg>d+-- 7,a7 ! p]c5tage ( s5ior citiz5s f9ancially exploit$ ea* ye>2 & 7,b7 factors t may contribute to an increas$ risk ( exploitation ( s5ior citiz5s1 includ+ race1 social isolation1 income1 net wor?1 religion1 geographic location1 occupation1 education1 home-own]%ip1 illness1 & loss ( sp\se2 & 7#c7 policy responses to1 & ! report+ (1 ! f9ancial exploitation ( s5ior citiz5s1 includ+-- 7,a7 ! degree to :i* f9ancial exploitation ( s5ior citiz5s is n report$ to ! appropriate au?orities2 7,b7 ! reasons t f9ancial exploitation ( s5ior citiz5s may n be report$ to ! appropriate au?orities2 7,c7 to ! ext5t t suspect$ f9ancial exploitation ( s5ior citiz5s is report$1 in=mation reg>d+-- 7i7 :i* entities receive ^? reports1 includ+-- 7,i7 ,f$]al1 ,/ate1 & local ag5cies1 includ+ adult protective s]vices ag5cies & law en=cem5t ag5cies2 & 7,,ii7 private sector entities1 pr(essional lic5s+ bo>ds1 & o!r regulators2 7ii7 ! specific types ( in=mation ! entities describ$ 9 clause 7i7 collect2 7iii7 ! actions t ! entities describ$ 9 clause 7i7 take ^u ! receipt ( su* a report2 & 7iv7 any limits on ! ability ( ! entities describ$ 9 clause 7i7 to prev5t t exploitation1 su* z jurisdictional limits1 a lack ( exp]tise1 res\rce *all5ges1 or limit+ crit]ia ) respect to ! types ( victims ! ag5cies are p]mitt$ to s]ve2 7,d7 an analysis ( gaps t may exi/ 9 emp[]+ ,f$]al1 ,/ate1 & local ag5cies to-- 7i7 prev5t ! f9ancial exploitation ( s5ior citiz5s2 or 7ii7 respond effectively to ! suspect$ f9ancial exploitation ( s5ior citiz5s2 & 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 ! f9ancial exploitation ( s5ior citiz5s4