,,ii #aagth ,,congress #b;d ,session ,s4 #cebi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #bj1 #bjbb,mr4 ,van ,hollen 7for himself1 ,mr4 ,scott of ,south ,carolina1 ,mr4 ,warnock1 and ,ms4 ,lummis7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,investor ,protection and ,securities ,reform ,act of #bjaj to provide grants to ,states for enhanced protection of senior investors and senior policyholders1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,empowering ,states to ,protect ,seniors from ,bad ,actors ,act4 #b4 ,grants to eligible entities for enhanced protection of senior investors and senior policyholders 7a7 ,in general ,section #ihi;,a of the ,investor ,protection and ,securities ,reform ,act of #bjaj 7#ab ,u4,s4,c4 #eecg7 is amended to read as follows3 #ihi;,a4 ,grants to eligible entities for enhanced protection of senior investors and senior policyholders 7a7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means-- 7,a7 the securities commission 7or any agency or office performing like functions7 of any ,state2 and 7,b7 the insurance department 7or any agency or office performing like functions7 of any ,state4 7#b7 ,senior ,the term senior means any individual who has attained the age of #fb years or older4 7#c7 ,senior financial fraud ,the term senior financial fraud means a fraudulent or otherwise illegal1 unauthorized1 or improper act or process of an individual1 including a caregiver or a fiduciary1 that-- 7,a7 uses the resources of a senior for monetary or personal benefit1 profit1 or gain2 7,b7 results in depriving a senior of rightful access to or use of benefits1 resources1 belongings1 or assets2 or 7,c7 is an action described in section #acdh of title #ah1 ,united ,states ,code1 that is taken against a senior4 7#d7 ,task force ,the term task force means the task force established under subsection 7b77#a74 7b7 ,grant program 7#a7 ,task force 7,a7 ,in general ,the ,commission shall establish a task force to carry out the grant program under paragraph 7#b74 7,b7 ,membership ,the task force shall consist of the following members3 7i7 ,a ,chair of the task force1 who-- 7,i7 shall be appointed by the ,chairman of the ,commission1 in consultation with the ,commissioners of the ,commission2 and 7,,ii7 may be a representative of the ,office of the ,investor ,advocate of the ,commission1 the ,division of ,enforcement of the ,commission1 or such other representative as the ,commission determines appropriate4 7ii7 ,if the ,chair is not a representative of the ,office of the ,investor ,advocate of the ,commission1 a representative of such ,office4 7iii7 ,if the ,chair is not a representative of the ,division of ,enforcement of the ,commission1 a representative of such ,division4 7iv7 ,such other representatives as the ,commission determines appropriate4 7,c7 ,detail of executive agency employees ,upon the request of the ,commission1 the head of any ,federal agency may detail1 on a reimbursable basis1 any of the personnel of that ,federal agency to the ,commission to assist it in carrying out its functions under this section4 ,the detail of any such personnel shall be without interruption or loss of civil service status or privilege4 7#b7 ,grants ,the task force shall carry out a program under which the task force shall make grants1 on a competitive basis1 to eligible entities1 which-- 7,a7 may use the grant funds-- 7i7 to hire staff to identify1 investigate1 and prosecute 7through civil1 administrative1 or criminal enforcement actions7 cases involving senior financial fraud2 7ii7 to fund technology1 equipment1 and training for regulators1 prosecutors1 and law enforcement officers1 in order to identify1 investigate1 and prosecute cases involving senior financial fraud2 7iii7 to provide educational materials and training to seniors to increase awareness and understanding of senior financial fraud2 7iv7 to develop comprehensive plans to combat senior financial fraud2 and 7v7 to enhance provisions of ,state law to provide protection from senior financial fraud2 and 7,b7 may not use the grant funds for any indirect expense1 such as rent1 utilities1 or any other general administrative cost that is not directly related to the purpose of the grant program4 7#c7 ,authority of task force ,in carrying out paragraph 7#b71 the task force-- 7,a7 may consult with staff of the ,commission2 and 7,b7 shall make public all actions of the task force relating to carrying out that paragraph4 7c7 ,applications ,an eligible entity desiring a grant under this section shall submit an application to the task force1 in such form and in such a manner as the task force may determine1 that includes-- 7#a7 a proposal for activities to protect seniors from senior financial fraud that are proposed to be funded using a grant under this section1 including-- 7,a7 an identification of the scope of the problem of senior financial fraud in the applicable ,state2 7,b7 a description of how the proposed activities would-- 7i7 protect seniors from senior financial fraud1 including by proactively identifying victims of senior financial fraud2 7ii7 assist in the investigation and prosecution of those committing senior financial fraud2 and 7iii7 discourage and reduce cases of senior financial fraud2 and 7,c7 a description of how the proposed activities would be coordinated with other ,state efforts2 and 7#b7 any other information that the task force determines appropriate4 7d7 ,performance objectives2 reporting requirements2 audits 7#a7 ,in general ,the task force-- 7,a7 may establish such performance objectives and reporting requirements for eligible entities receiving a grant under this section as the task force determines are necessary to carry out and assess the effectiveness of the program under this section2 and 7,b7 shall require each eligible entity that receives a grant under this section to submit to the task force a detailed accounting of the use of grant funds1 which shall be submitted at such time1 in such form1 and containing such information as the task force may require4 7#b7 ,report ,not later than #b years1 and again not later than #e years1 after the date of the enactment of the ,empowering ,states to ,protect ,seniors from ,bad ,actors ,act1 the task force shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that-- 7,a7 specifies each recipient of a grant under this section2 7,b7 includes a description of the programs that are supported by each such grant2 and 7,c7 includes an evaluation by the task force of the effectiveness of such grants4 7#c7 ,audits ,the task force shall annually conduct an audit of the program under this section to ensure that eligible entities to which grants are made under that program are1 for the year covered by the audit1 using grant funds for the intended purposes of those funds4 7e7 ,maximum amount ,the amount of a grant to an eligible entity under this section may not exceed #ejj1jjj1 which the task force shall adjust annually to reflect the percentage change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor4 7f7 ,subgrants ,an eligible entity that receives a grant under this section may1 in consultation with the task force1 make a subgrant1 as the eligible entity determines is necessary or appropriate-- 7#a7 to carry out the activities described in subsection 7b77#b77;,a72 and 7#b7 which may not be used for any activity described in subsection 7b77#b77;,b74 7g7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this section #aj1jjj1jjj for each of fiscal years #bjbc through #bjbh4 4 7b7 ,conforming amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relating to section #ihi;,a and inserting the following3 ,sec4#ihi;,a4 ,grants to eligible entities for enhanced protection of senior investors and senior policyholders4 4