Senators Collins, Kim, McCormick, Gillibrand Introduce Bipartisan Legislation to Protect Seniors from Scams

WASHINGTON, D.C. - U.S. Senators Susan Collins, Andy Kim (D-NJ), Dave McCormick (R-PA), and Kirsten Gillibrand (D-NY) this week introduced the Senior Security Act. The bipartisan legislation would help stop financial predators from scamming America's seniors and protect seniors' savings by creating a Senior Investor Task Force within the Securities and Exchange Commission (SEC) and strengthening protections and safeguards for senior investors.

"As a Senator representing the oldest state in the country, I have consistently worked to fight fraud and financial exploitation targeted at older Americans," said Senator Collins. "This bipartisan bill would ensure that the Securities and Exchange Commission has the expertise needed to coordinate the efforts of state authorities and regulators to reduce the risk of senior investors being defrauded."

"Scammers are preying on our seniors, stealing billions of dollars from Americans' hard-earned retirement savings. Aging with dignity and security shouldn't be too much to ask for in our country. We need this legislation and task force to take targeted and thorough action to confront these crimes and stand up for our nation's seniors," said Senator Kim.

"Pennsylvania seniors deserve to be protected from scammers looking to steal their retirement savings," said Senator McCormick. "I'm proud to work across the aisle to give the Securities and Exchange Commission stronger tools to crack down on fraud and ensure our seniors are not targets of financial scammers."

"Senior investors deserve to be protected, especially as scammers increasingly target older Americans, robbing them of their hard-earned savings and stealing their personal information," said Senator Gillibrand. "As the top-ranking Democrat on the Senate Aging Committee, I've seen firsthand the devastating impact these scams have on older Americans and their families, and how far too often federal agencies remain unprepared to address the specific needs of older populations. Our Senior Security Act would establish a dedicated task force to better protect investors over the age of 65 and help create the stronger protections that our seniors and their families deserve. I am proud to introduce this legislation and will fight to get it across the finish line."

According to the Federal Trade Commission, financial fraud was estimated to cost seniors as much as $81.5 billion in 2024 alone, primarily through investment scams. The Senior Security Act would establish the Senior Investor Taskforce at the SEC to:

• Identify challenges that senior investors encounter, including problems associated with financial exploitation and cognitive decline;

• Identify areas in which senior investors would benefit from changes at the Commission or the rules of self-regulatory organizations;

• Coordinate, as appropriate, with other offices within the Commission and other taskforces that may be established within the Commission, self-regulatory organizations, and the Elder Justice Coordinating Council;

• Consult, as appropriate, with state securities and law enforcement authorities, state insurance regulators, and other federal agencies; and

• Submit a required biennial report to Congress that includes:

Click here for the complete text of the bill.

U.S. Representatives Josh Gottheimer (D-NJ-05) and Ann Wagner (R-MO-02) also introduced the Senior Security Act in the House of Representatives where it passed unanimously.

The Senior Security Act has been endorsed by AARP. Click here to read AARP's full endorsement of the legislation.

While Senator Collins served as the Chair of the Senate Aging Committee from 2015 to 2021, there were 25 hearings held in seven years to examine scams affecting older Americans. The committee continues to release an annual Fraud Book outlining the top 10 scams reported to the Committees Fraud Hotline.

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