Stopping Financial Scams

Dear Friend, 

Last week, we partnered with Congressman Bruce Poliquin of Maine to reintroduce the Senior Safe Act, bipartisan legislation to stop financial abuse of seniors. This bill passed the House last Congress with broad bipartisan support, and we expect the same again this year.

Americans lose billions of dollars each year to financial fraud, and seniors are particularly vulnerable. A 2016 study for the Investor Protection Trust found that nearly 1 in 5 American seniors may be a target. Unfortunately, these crimes often go unreported and unpunished. Financial institutions may suspect abuse, but current laws lack the flexibility to allow financial institutions to report suspected crimes to authorities. 

The Senior Safe Act provides greater flexibility and encourages individuals and financial institutions to report suspected instances of fraud and financial abuse. This bill helps law enforcement track down financial criminals who target seniors by enabling banks, credit unions, and investment advisors to better communicate with appropriate agencies when they suspect financial exploitation of seniors. It also incentivizes firms to train employees to identify and stop financial fraud. 

Arizona seniors deserve to retire with dignity, and they shouldn’t have to worry that their hard earned savings could be stolen. As a member of the House Financial Services Committee and a Co-Chair of the Bipartisan Congressional Task Force to Combat Identity Theft and Fraud, I’ll keep working with both parties to pass commonsense solutions like the Senior Safe Act to help identify, report, and stop financial abuse.

We are honored to serve in Congress on behalf of Arizona families like yours. We always appreciate hearing from you on current topics and issues that are important to you. If there is an issue that concerns you, please let us know by clicking this link or by calling our Phoenix office: 602-956-2285. Be sure to stay connected through our Facebook and Twitter accounts, and let us know how we can be of service.



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