House Approves Financial Literacy, Elder Protection Measures

The House Tuesday passed three measures aimed at promoting financial literacy among both young and elderly adults, and also protecting elderly investors. April was National Financial Literacy Month.

One, the Senior Security Act of 2019 (H.R. 1876), sponsored by Rep. Josh Gottheimer (D-5), would create a taskforce at the Securities and Exchange Commission to identify challenges senior investors face, including financial exploitation. Another one (H. Res. 328) offers Congress' support for protecting elder adults through financial literacy.

Elder financial exploitation (EFE) has been on the rise and reducing it has become a priority for federal agencies. According to a CFPB report released in February, the number of suspicious activity reports (SARs) on EFE quadrupled from 2013-2017. The bureau also recently released its updated Money Smart for Older Adults Resource Guide that provides information targeted at raising awareness on hot topics including investment fraud.

The other resolution passed by the House Tuesday (H. Res. 327) promotes public-private sector collaboration in providing financial literacy for students and young adults. Rep. Bonnie Watson Coleman (D-12) cosponsored that measure.