,,ii  #aagth ,,congress  #ast ,session  
,s4 #hef  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #ah1         
#bjba,ms4 ,sinema 7for herself and ,ms4 
,collins7 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 create an interdivisional      
taskforce at the ,securities and        
,exchange ,commission for senior        
investors1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,national ,senior ,investor         
,initiative ,act of #bjba or the ,senior
 ,security ,act of #bjba4  #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 ,definitions 
,in this subsection-- 7,a7 the term     
appropriate committees of ,congress     
means-- 7i7 the ,committee on ,banking1 

,housing1 and ,urban ,affairs of the    
,senate2  7ii7 the ,special ,committee  
on ,aging of the ,senate2 and  7iii7 the
 ,committee on ,financial ,services of  
the ,house of ,representatives2 and     
7,b7 the term senior investor means an  
investor who is older than #fe years of 
age4  7#b7 ,establishment ,there is     
established within the ,commission the  
,senior ,investor ,taskforce 7referred  
to in this subsection as the            
,taskforce74  7#c7 ,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#d7    
,staffing  7,a7 ,in general ,the        
,chairman shall ensure that-- 7i7 the   
,taskforce is staffed sufficiently to   

carry out fully the requirements of this
 subsection2 and  7ii7 the staff        
described in clause 7i7 includes        
individuals from the ,division of       
,enforcement1 the ,office of ,compliance
 ,inspections and ,examinations1 and the
 ,office of ,investor ,education and    
,advocacy4  7,b7 ,members of the public 
7i7 ,in general ,a member of the public 
may serve as a member of the ,taskforce4
  7ii7 ,travel expenses ,the ,chairman  
shall provide to any member of the      
public serving as a member of the       
,taskforce travel expenses1 including   
per diem in lieu of subsistence1 at     
rates authorized for an employee of an  
agency under subchapter ,i of chapter   
#eg of title #e1 ,united ,states ,code1 
while away from the home or regular     
place of business of the member in the  
performance of the duties of the        
,taskforce4  7,c7 ,federal employees ,a 
member of the ,taskforce who is an      
employee of any agency1 office1 or other
 establishment in the executive1        

legislative1 or judicial branch of the  
,federal ,government shall receive no   
additional compensation for performing  
the duties of the member with respect to
 the ,taskforce4  7#e7 ,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 in      
paragraph 7#d77;,a77ii7 and any other   
divisions1 offices1 or taskforces of the
 ,commission4  7#f7 ,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#g7 ,report  7,a7 ,in general        
,subject to subparagraphs 7,b7 and 7,c71
 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 submit to the ,secretary
 of the ,senate1 the ,clerk of the      
,house of ,representatives1 and the     
appropriate committees of ,congress a   
biennial report containing-- 7i7        
appropriate statistical information and 
full and substantive analysis2  7ii7 a  
summary of recent trends and innovations

 that have impacted the investment      
landscape for senior investors2  7iii7 a
 summary of regulatory initiatives that 
have concentrated on senior investors   
and industry practices relating to      
senior investors2  7iv7 key             
observations1 best practices1 and areas 
needing improvement involving senior    
investors identified during             
examinations1 enforcement actions1 and  
investor education outreach2  7v7 a     
summary of the most serious issues      
encountered by senior investors1        
including issues involving financial    
products and services2  7vi7 an analysis
 with respect to-- 7,i7 existing        
policies and procedures of brokers1     
dealers1 investment advisers1 and other 
market participants relating to senior  
investors and topics involving senior   
investors2 and  7,,ii7 whether the      
policies and procedures described in    
subclause 7,i7 need to be further       
developed or refined2  7vii7            
recommendations for any legislative     

action1 and any changes to the          
regulations1 guidance1 and orders of the
 ,commission and self-regulatory        
organizations1 as may be appropriate to 
resolve problems encountered by senior  
investors2 and  7viii7 any other        
information1 as determined appropriate  
by the ,director of the ,taskforce4     
7,b7 ,first report ,the first report    
required under this paragraph may not be
 submitted until after the ,comptroller 
,general of the ,united ,states has     
submitted1 and the ,taskforce has       
considered1 the report required under   
section #c of the ,national ,senior     
,investor ,initiative ,act of #bjba4    
7,c7 ,electronic copies ,each report    
submitted under this paragraph to the   
,secretary of the ,senate and the ,clerk
 of the ,house of ,representatives shall
 include an electronic version of the   
report1 which any ,member of ,congress  
may obtain1 upon request to the         
applicable official4  7#h7 ,use of      
existing funds ,the ,commission shall   

carry out this subsection using amounts 
otherwise made available to the         
,commission and no additional funds are 
authorized to be appropriated to carry  
out this subsection4  7#i7 ,sunset ,the 
,taskforce shall terminate on the date  
that is #aj years after the date of     
enactment of this subsection4  4  #c4   
,,gao study  7a7 ,definitions ,in this  
section-- 7#a7 the term senior citizen  
means an individual who is older than   
#fe years of age2 and  7#b7 the term    
,taskforce means the ,senior ,investor  
,taskforce established under subsection 
7k7 of section #d of the ,securities    
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;d71 as added by section #b of this  
,act4  7b7 ,study ,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 ,taskforce the results
 of a study of financial exploitation of
 senior citizens4  7c7 ,contents ,the   
study required under subsection 7b7     

shall include information with respect  
to-- 7#a7 the economic costs of the     
financial exploitation of senior        
citizens1 including-- 7,a7 costs        
associated with losses by victims that  
were incurred as a result of the        
financial exploitation of senior        
citizens2  7,b7 costs 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 costs 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 of the ,united ,states         
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 the frequency of 
the financial exploitation of senior    
citizens and correlated or contributing 
factors with respect to that            
exploitation1 including information     
regarding-- 7,a7 the percentage of      
senior citizens financially exploited   
each year2 and  7,b7 factors that may   
contribute to an increased risk of      
exploitation of senior citizens1        
including race1 social isolation1       
income1 net worth1 religion1 geographic 
location1 occupation1 education1        
home-ownership1 illness1 and loss of    
spouse2 and  7#c7 policy responses to1  
and the reporting of1 the financial     
exploitation of senior citizens1        
including-- 7,a7 the degree to which    
financial exploitation of senior        
citizens is not reported to the         
appropriate authorities2  7,b7 the      
reasons that financial exploitation of  
senior citizens may not be reported to  

the appropriate authorities2  7,c7 to   
the extent that suspected financial     
exploitation of senior citizens is      
reported1 information regarding-- 7i7   
which entities receive those reports1   
including-- 7,i7 ,federal1 ,state1 and  
local agencies1 including adult         
protective services agencies and law    
enforcement agencies2 and  7,,ii7       
private sector entities1 professional   
licensing boards1 and other regulators2 
7ii7 the specific types of information  
the entities described in clause 7i7    
collect2  7iii7 the actions that the    
entities described in clause 7i7 take   
upon the receipt of such a report2 and  
7iv7 any limits on the ability of the   
entities described in clause 7i7 to     
prevent that exploitation1 such as      
jurisdictional limits1 a lack of        
expertise1 resource challenges1 or      
limiting criteria with respect to the   
types of victims the agencies are       
permitted to serve2  7,d7 an analysis of
 gaps that may exist in empowering      

,federal1 ,state1 and local agencies    
to-- 7i7 prevent the financial          
exploitation of senior citizens2 or     
7ii7 respond effectively to the         
suspected financial exploitation of     
senior citizens2 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 the financial    
exploitation of senior citizens4