Financial Exploitation Prevention Act of 2023

Summary

Financial Exploitation Prevention Act of 2023 This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.) Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests. The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 May 2023

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 9 May 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 February 2024

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.

   Source: Committee

4. 12 September 2024

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 9 May 2023 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 May 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 May 2023

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 9 May 2023

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Hagerty, Bill [R-TN] · R · Sponsor
• Sen. Tester, Jon [D-MT] · D · Sponsor
• Sen. Collins, Susan M. [R-ME] · R · Cosponsor
• Sen. Scott, Rick [R-FL] · R · Cosponsor
• Sen. Peters, Gary C. [D-MI] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Financial Exploitation Prevention Act of 2023