H.R. 1469House119th Congress (2025-2027)Passed House

Senior Security Act of 2025

AI-Generated Summary

Updated November 24, 2025 at 2:32 AM UTC

The Senior Security Act of 2025 establishes a new Senior Investor Taskforce within the Securities and Exchange Commission to protect investors over age 65. The taskforce will identify challenges, suggest regulatory improvements, coordinate with other agencies, and report its findings biennially to Congress. It also mandates a GAO study on the economic impact and causes of financial exploitation of seniors, with the taskforce set to sunset after ten years.

Key Provisions

Creates a Senior Investor Taskforce inside the SEC to focus on investors aged 65 and older.
The taskforce is led by a director appointed by the SEC Chairman (with Commission input) and staffed from existing SEC divisions, serving without extra pay.
Its duties include identifying problems senior investors face (like financial exploitation and cognitive decline), recommending regulatory changes, coordinating with other agencies and self‑regulatory organizations, and issuing a comprehensive report every two years to relevant congressional committees.
The taskforce will end after 10 years and will be funded from the SEC’s existing budget.
Requires the Government Accountability Office to study senior financial exploitation within two years, covering economic costs, frequency and risk factors, reporting practices, agency responses, and legal barriers.

Legislative Activity

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12 earlier actions

SenateIntro Referral Latest Action

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

Banking, Housing, and Urban Affairs Committee

July 22, 2025

View full timeline

HouseIntro Referral

Introduced in House

February 21, 2025

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

February 21, 2025

HouseCommittee

Committee Consideration and Mark-up Session Held

Financial Services Committee

May 20, 2025

HouseCommittee

Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.

Financial Services Committee

May 20, 2025

HouseCommittee

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-124.

Financial Services Committee

June 3, 2025

HouseCalendars

Placed on the Union Calendar, Calendar No. 94.

June 3, 2025

HouseFloor

Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.

July 21, 2025 • 5:10 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H3504-3506)

July 21, 2025 • 5:10 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 1469.

July 21, 2025 • 5:10 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3504-3505)

July 21, 2025 • 5:17 PM

HouseFloor

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3504-3505)

July 21, 2025 • 5:17 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

July 21, 2025 • 5:17 PM

SenateIntro Referral

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

Banking, Housing, and Urban Affairs Committee

July 22, 2025

Floor Debate

3 members

What members said about H.R. 1469 on the floor

2 Republicans1 Democrat

Rep. Josh GottheimerD-NJ-5 · Jul 21, 2025

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, in this Congress, as in previous Congresses, I introduced the Senior Security Act to protect vulnerable seniors from fraudsters…

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, in this Congress, as in previous Congresses, I introduced the Senior Security Act to protect vulnerable seniors from fraudsters who seek to take financial advantage of them. We are bringing it again this Congress and working very closely with Mrs. Wagner. I am grateful for her leadership, as well as the chairman's leadership, and as well as the ranking member who has been very supportive.

Millions of seniors across the country, including my own mother-- blessed memory--have been the victims of financial scams, and far too many have been cheated out of their retirement savings. It is appalling. It is offensive, and it is unacceptable.

Senior scams have more than doubled since 2020. These senior scams cost older Americans more than $36 billion a year, with the average victim losing $34,000 from these crimes annually, not to mention the pain you can't put a dollar amount on. What is worse is that the majority of cases of elder exploitation are not reported.

We are here today to do something about it by passing my Senior Security Act to help protect American seniors from these shameless criminals.

This bipartisan legislation will create a senior investor task force in the Securities and Exchange Commission that will be a cop on the beat ensuring we do everything possible to stop hucksters from scamming our seniors. Every 2 years the task force will also submit a report to Congress outlining trends and innovations, including robocalls and voice spoofing and all the developments in artificial intelligence that are impacting seniors to help us stay ahead of changes in financial scams.

We must protect our seniors from having their hard-earned retirement savings stolen right out from under them, as the chairman just mentioned, in his own State.

Mr. Speaker, I urge my colleagues to support this commonsense, bipartisan legislation, and I reserve the balance of my time.

Mr. Speaker, I yield myself the balance of my time.

Senior scams, as we have discussed, and as Mrs. Wagner just pointed out, have exploded over the last decades. With new technologies like artificial intelligence, these scams are becoming and will continue to be ever more prevalent in the years ahead.

Mr. Speaker, I urge all my colleague to support this bill which will allow the Securities and Exchange Commission to better understand and respond to this growing crisis.

I thank Mrs. Wagner for her partnership on this bipartisan legislation, and I yield back the balance of my time.

Rep. J. French HillR-AR-2 · Jul 21, 2025

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1469) to create an interdivisional taskforce at the Securities and Exchange Commission for senior investors, as amended. Mr. Speaker,…

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1469) to create an interdivisional taskforce at the Securities and Exchange Commission for senior investors, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise in support of H.R. 1469, the Senior Security Act.

According to the FBI, over 100,000 seniors fell victim to fraud and exploitation just last year. Their total losses were over $3 billion. Just last year, a senior citizen from my home State fell victim to an investment scam and lost over $5 million of his life savings.

Mr. Gottheimer's good bill addresses this issue head-on by establishing a dedicated senior investor task force within the Securities and Exchange Commission. They will monitor trends and threats and recommend policy changes aimed at protecting our seniors from financial exploitation.

This bill has enjoyed broad bipartisan support in prior Congresses. It helps ensure that our older investors are not left vulnerable in an increasingly complex marketplace.

Mr. Speaker, I urge all my colleagues to join me in supporting this bill, and I reserve the balance of my time.

Mr. Speaker, I include in the Record the CBO estimate for this bill.

Mr. Speaker, I yield such time as she may consume to the gentlewoman from Missouri (Mrs. Wagner), who is our chairwoman of the Capital Markets Subcommittee.

Mr. Speaker, I yield myself the balance of my time.

I thank my friend from New Jersey for this excellent bill. I know that Congress has consensus on it, and I hope that in this Congress it becomes law. I have spent a good part of my career both in commercial banking, investment management, and investment brokerage, and all through that time, the protection of our seniors was top of mind by leaders in all those enterprises. Yet, we still have this terrible problem across our country.

I think having this point person at the SEC will make it more responsive, more effective, do better training, and take better planning actions to protect our seniors.

Mr. Speaker, I thank my friend from New Jersey and Mrs. Wagner for their leadership, I urge a ``yes'' vote, and I yield back the balance of my time.

Rep. Ann WagnerR-MO-2 · Jul 21, 2025

Mr. Speaker, I thank the chairman for yielding. Mr. Speaker, I rise in support of H.R. 1469, the Senior Security Act. I thank my colleague, Representative Gottheimer, for his work on this vital piece…

Bill Text

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Referred in SenateIssued July 22, 2025

IIB

119th CONGRESS

1st Session

H. R. 1469

IN THE SENATE OF THE UNITED STATES

July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors.

Short title

This Act may be cited as the National Senior Investor Initiative Act of 2025 or the Senior Security Act of 2025.

Senior Investor Taskforce

Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following:

(l)

Senior Investor Taskforce

(1)

Establishment

There is established within the Commission the Senior Investor Taskforce (in this subsection referred to as the Taskforce).

(2)

Director of the Taskforce

The head of the Taskforce shall be the Director, who shall—

(A)

report directly to the Chairman; and

(B)

be appointed by the Chairman, in consultation with the Commission, from among individuals—

(i)

currently employed by the Commission or from outside of the Commission; and

(ii)

having experience in advocating for the interests of senior investors.

(3)

Staffing

The Chairman shall ensure that—

(A)

the Taskforce is staffed sufficiently to carry out fully the requirements of this subsection; and

(B)

such staff shall include individuals from the Division of Enforcement, Office of Compliance Inspections and Examinations, and Office of Investor Education and Advocacy.

(4)

No compensation for members of Taskforce

All members of the Taskforce appointed under paragraph (2) or (3) shall serve without compensation in addition to that received for their services as officers or employees of the United States.

(5)

Minimizing duplication of efforts

In organizing and staffing the Taskforce, the Chairman shall take such actions as may be necessary to minimize the duplication of efforts within the divisions and offices described under paragraph (3)(B) and any other divisions, offices, or taskforces of the Commission.

(6)

Functions of the Taskforce

The Taskforce shall—

(A)

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

(B)

identify areas in which senior investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations;

(C)

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

(D)

consult, as appropriate, with State securities and law enforcement authorities, State insurance regulators, and other Federal agencies.

(7)

Report

The Taskforce, in coordination, as appropriate, with the Office of the Investor Advocate and self-regulatory organizations, and in consultation, as appropriate, with State securities and law enforcement authorities, State insurance regulators, and Federal agencies, shall issue a report every 2 years to the Committee on Banking, Housing, and Urban Affairs and the Special Committee on Aging of the Senate and the Committee on Financial Services of the House of Representatives, the first of which shall not be issued until after the report described in section 3 of the National Senior Investor Initiative Act of 2025 has been issued and considered by the Taskforce, containing—

(A)

appropriate statistical information and full and substantive analysis;

(B)

a summary of recent trends and innovations that have impacted the investment landscape for senior investors;

(C)

a summary of regulatory initiatives that have concentrated on senior investors and industry practices related to senior investors;

(D)

key observations, best practices, and areas needing improvement, involving senior investors identified during examinations, enforcement actions, and investor education outreach;

(E)

a summary of the most serious issues encountered by senior investors, including issues involving financial products and services;

(F)

an analysis with regard to existing policies and procedures of brokers, dealers, investment advisers, and other market participants related to senior investors and senior investor-related topics and whether these policies and procedures need to be further developed or refined;

(G)

recommendations for such changes to the regulations, guidance, and orders of the Commission and self-regulatory organizations and such legislative actions as may be appropriate to resolve problems encountered by senior investors; and

(H)

any other information, as determined appropriate by the Director of the Taskforce.

(8)

Request for reports

The Taskforce shall make any report issued under paragraph (7) available to a Member of Congress who requests such a report.

(9)

Sunset

The Taskforce shall terminate after the end of the 10-year period beginning on the date of the enactment of this subsection.

(10)

Senior investor defined

In this subsection, the term senior investor means an investor over the age of 65.

(11)

Use of existing funds

The Commission shall use existing funds to carry out this subsection.

GAO study

(a)

Study

Not later than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress and the Senior Investor Taskforce the results of a study of financial exploitation of senior citizens.

(b)

Contents

The study required under subsection (a) shall include information with respect to—

(1)

economic costs of the financial exploitation of senior citizens—

(A)

associated with losses by victims that were incurred as a result of the financial exploitation of senior citizens;

(B)

incurred by State and Federal agencies, law enforcement and investigatory agencies, public benefit programs, public health programs, and other public programs as a result of the financial exploitation of senior citizens;

(C)

incurred by the private sector as a result of the financial exploitation of senior citizens; and

(D)

any other relevant costs that—

(i)

result from the financial exploitation of senior citizens; and

(ii)

the Comptroller General determines are necessary and appropriate to include in order to provide Congress and the public with a full and accurate understanding of the economic costs resulting from the financial exploitation of senior citizens in the United States;

(2)

frequency of senior financial exploitation and correlated or contributing factors—

(A)

information about percentage of senior citizens financially exploited each year; and

(B)

information about factors contributing to increased risk of exploitation, including such factors as race, social isolation, income, net worth, religion, region, occupation, education, home-ownership, illness, and loss of spouse; and

(3)

policy responses and reporting of senior financial exploitation—

(A)

the degree to which financial exploitation of senior citizens unreported to authorities;

(B)

the reasons that financial exploitation may be unreported to authorities;

(C)

to the extent that suspected elder financial exploitation is currently being reported—

(i)

information regarding which Federal, State, and local agencies are receiving reports, including adult protective services, law enforcement, industry, regulators, and professional licensing boards;

(ii)

information regarding what information is being collected by such agencies; and

(iii)

information regarding the actions that are taken by such agencies upon receipt of the report and any limits on the agencies’ ability to prevent exploitation, such as jurisdictional limits, a lack of expertise, resource challenges, or limiting criteria with regard to the types of victims they are permitted to serve;

(D)

an analysis of gaps that may exist in empowering Federal, State, and local agencies to prevent senior exploitation or respond effectively to suspected senior financial exploitation; and

(E)

an analysis of the legal hurdles that prevent Federal, State, and local agencies from effectively partnering with each other and private professionals to effectively respond to senior financial exploitation.

(c)

Senior citizen defined

In section, the term senior citizen means an individual over the age of 65.

Passed the House of Representatives July 21, 2025.

Kevin F. McCumber,

Clerk.