Sinema's Senior$afe Act Passes House of Representatives

Washington, D.C. – Today, Congresswoman Kyrsten Sinema’s bipartisan legislation to protect seniors from financial fraud unanimously passed the House of Representatives. The Senior$afe Act (H.R. 4538) helps law enforcement track down financial criminals who target seniors.

“Americans lose billions of dollars each year to financial fraud, and seniors are a top target,” said Congresswoman Sinema.  “These financial crimes devastate their bank accounts and often go unreported. Seniors deserve to retire with dignity, and they shouldn’t have to worry that their hard earned savings are at risk of fraud. This bill is a commonsense solution to help identify, report, and stop financial abuse of Arizona seniors.”

Recent studies estimate nearly 1 in 5 American seniors may be a target of financial fraud or abuse. Even when financial institutions suspect abuse, the abuse may go unpunished. Current laws lack the necessary flexibility to allow financial institutions to report suspected abuse to authorities.

The Senior$afe Act, introduced with Congressman Bruce Poliquin (ME-02), Congressman Patrick E. Murphy (FL-18), and Congressman Mick Mulvaney (SC-05), helps individuals and financial institutions communicate with the appropriate agencies when they suspect financial abuse of seniors. It also encourages firms to train employees to identify and stop financial fraud.