,,ii #aahth ,,congress #b;d ,session ,s4 #dcga ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #ba1 #bjbd,mr4 ,van ,hollen 7for himself and ,mr4 ,warnock7 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 ,findings ,congress finds the following3 7#a7 ,data from the ,federal ,trade ,commission shows that consumers reported losing-- 7,a7 more than #aj1jjj1jjj1jjj to fraud in #bjbc1 marking-- 7i7 the first time that fraud losses have exceeded that amount2 and 7ii7 a #ad percent increase over those reported losses in #bjbb2 and 7,b7 more money to investment scams 7specifically1 more than #d1fjj1jjj1jjj7 than any other category in #bjbc1 which represents a #ba percent increase over those reported losses in #bjbb4 7#b7 ,data from ,,aarp1 published in #bjbc1 shows that #i out of #aj adults in the ,united ,states encountered a fraud attempt in the past year4 7#c7 ,in #bjba1 ,,aarp found that servicemembers are nearly #dj percent more likely to lose money to scams and fraud than civilians4 7#d7 ,for decades1 ,state securities and insurance regulators have been leaders in the effort to protect older and sometimes vulnerable adults1 including veterans1 from financial exploitation4 #c4 ,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 7b7 ,grant program 7#a7 ,in general ,the ,commission shall carry out a program under which the ,commission 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#b7 ,authority of ,commission 7,a7 ,public information ,in carrying out paragraph 7#a71 the ,commission shall make public relevant actions of the ,commission relating to carrying out that paragraph4 7,b7 ,sense of ,congress ,it is the sense of ,congress that1 in carrying out paragraph 7#a71 the ,commission should use the authority of the ,commission under section #d;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d-#a7 to delegate the functions of the ,commission under paragraph 7#a7 to an employee or employee board that has experience working with or for ,state regulators on issues relating to the protection of senior investors1 including such investors who are vulnerable4 7c7 ,applications ,an eligible entity desiring a grant under this section shall submit an application to the ,commission1 in such form and in such a manner as the ,commission 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 ,commission determines appropriate4 7d7 ,performance objectives2 reporting requirements2 audits 7#a7 ,in general ,the ,commission-- 7,a7 may establish such performance objectives and reporting requirements for eligible entities receiving a grant under this section as the ,commission 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 ,commission 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 ,commission may require4 7#b7 ,report ,not later than #b years1 and again not later than #e years1 after the date of enactment of the ,empowering ,states to ,protect ,seniors from ,bad ,actors ,act1 the ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives 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 ,commission of the effectiveness of such grants4 7#c7 ,audits ,the ,commission 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 ,amount of grants ,the amount of a grant to an eligible entity under this section may not exceed #ejj1jjj each year1 unless the eligible entity serves as both the securities commission 7or any agency or office performing like functions71 or the insurance department 7or any agency or office performing like functions71 of a ,state1 in which case the maximum amount of the grant may not exceed #a1jjj1jjj each year4 7f7 ,subgrants ,an eligible entity that receives a grant under this section may1 in consultation with the ,commission1 make a subgrant1 as the eligible entity determines is necessary or appropriate-- 7#a7 to carry out the activities described in subsection 7b77#a77;,a72 and 7#b7 which may not be used for any activity described in subsection 7b77#a77;,b74 7g7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this section #aj1jjj1jjj for each of fiscal years #bjbe through #bjcj4 4 7b7 ,conforming amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 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