Bipartisan Effort to Curb Financial Abuse for Seniors Clears U.S. House - Articles

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Bipartisan Effort to Curb Financial Abuse for Seniors Clears U.S. House

Posted by: Jarod Word on Jul 13, 2026

A bill allowing investment managers to pause transaction requests from people 65 and older or people with disabilities when fraud is suspected is making its way through Congress. The bipartisan Financial Exploitation Prevention Act provides open-end investment companies, including mutual funds and some exchange-traded funds, the ability to initially delay a redemption for up to 15 days. Investment managers may delay the redemption an additional 10 days upon determining exploitation. A state regulator, appropriate administrative agency, or court may additionally extend this period. The bill passed the U.S. House on a 414-2 vote last month. A similar bill is under study with the U.S. Senate Banking Committee, though it is unclear if or when the chamber will consider the legislation. According to the Federal Trade Commission, financial abuse cost older victims nearly $2.4 billion in 2024. The agency noted the estimate is likely just a fraction due to underreporting by victims. PBS has more.