An issue both parties can get behind: Protecting seniors from financial fraud
Robert L. Reynolds
President and CEO at Putnam Investments and Chair of Great-West Lifeco U.S., author of "From Here to Security"
Through the heightened rhetoric and hyperpartisan environment facing Washington, D.C., signs of bipartisanship are beginning to crack through, offering hope that our elected officials are pushing common sense policies that benefit Americans. A fine example of bipartisanship is the recently introduced Senior Safe Act, sponsored by Senator Susan Collins, Republican from Maine, and Senator Claire McCaskill, Democrat from Missouri.
This common-sense legislation addresses the major issue of senior financial fraud that, according to a recent Government Accountability Office study, costs seniors an estimated $2.9 billion a year. The legislation puts in place appropriate protections that will help shield older Americans from financial exploitation and fraud. The legislation encourages regulators, financial institutions, and legal aid organizations to develop educational programs that allow employees to develop the necessary skills to identify and prevent financial exploitation of older Americans.
To date, 14 Senators (7 Republicans and 7 Democrats) support the legislation. In a time where most Americans are losing faith in our elected officials to find common ground, Senators Collins and McCaskill have mustered the courage to work together on good policy that, if passed by Congress, stands to benefit millions of American families.
Last year, the Senate made a valiant effort in pushing this legislation forward but was ultimately met with unexpected resistance and a time crunch. As the 115th Congress begins its legislative work session, advancing the Senior Safe Act should be a priority and something that all senators can rally behind.
Our seniors have spent a lifetime working hard, accruing savings and working toward a dignified retirement. We owe it to them to find ways to prevent fraud and protect them from complicated financial scams. I hope that the remaining 86 Senators find the courage to support this common-sense, bipartisan effort.
You can learn more about the Senior Safe Act here.
The opinions expressed here are my own and not those of Putnam Investments, Empower Retirement, Great-West Financial, or their subsidiaries, and are not intended as tax, legal, or investment advice.
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Co-Founder & COO @EverSafe
7 年Great piece. The Senior Safe Act is certainly a step in the right direction. The FINRA rule (effective Feb 2018), requiring broker/dealers to request "Trusted Contact" forms and permitting them to stall suspicious disbursments, will also be helpful. But more steps are necessary to shut down elder fraud - at its inception. Many exploiters are family members. Banks and firms can enhance their analytics so that signs of elder fraud are identified sooner. And consumers themselves have the ability to monitor transactions across their accounts and designate trusted advocates to receive alerts along with them - through fintech. As a former prosecutor of elder fraud cases, I am anxiously awaiting the day when this multi-billion dollar problem no longer destroys the lives of our seniors in their final years.
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