Press Releases

WASHINGTON – U.S. Senator Dean Heller (R-NV) joined U.S. Senator Joe Donnelly (D-IN) to introduce the bipartisan National Senior Investor Initiative Act, which is aimed at protecting seniors from financial crimes and fraud. The proposal would create a task force within the Securities and Exchange Commission (SEC) dedicated to strengthening protections for seniors who have built up their life savings and want to make investments.

“Nevada’s seniors who have worked hard throughout their lives deserve protection against fraudulent investors and malicious schemes. That’s why I’m proud to partner with Senator Donnelly to introduce this bipartisan bill that is designed to do just that,” said Heller. “Our legislation aims to prevent seniors from becoming victims of financial crimes and help them keep more of their hard-earned money through strengthened protection and transparency measures.”

Donnelly said, “As a member of the Senate Banking and Aging Committees, I have heard too many heartbreaking examples of scammers targeting older Americans. We must ensure our Hoosier seniors, who have worked a lifetime to save for retirement, are protected from financial abuse and exploitation. I am pleased Senator Heller is partnering with me to introduce this bipartisan legislation that would help keep secure the savings of hardworking seniors, so they can enjoy their retirement with peace of mind.”

Americans over the age of 50 already account for roughly 77% of personal financial assets in the United States. The National Council on Aging (NCOA) estimates the cost of financial abuse and fraud could be as high as $36.5 billion annually.  In addition, the Investor Protection Trust conducted a study in 2016 and found that almost one of five Americans over the age of 65 have been victims of fraud and exploitation.

Bipartisan companion legislation led by Representative Trey Hollingsworth (IN-9), Josh Gottheimer (NJ-5), and Kyrsten Sinema (AZ-9) recently passed the U.S. House of Representatives.