Empowering States to Protect Seniors from Bad Actors Act

Key Points

• This bill creates a new grant program to help state agencies protect people aged 62 and older from financial scams. It would provide $10 million every year through 2030 to help states catch and prosecute people who steal money from seniors.
• State regulators could use the money to hire more investigators and buy better technology to track down scammers. The funds could also pay for educational materials to teach seniors how to spot and avoid investment fraud before they lose their savings.
• The plan responds to a massive rise in financial crimes. In 2023, Americans reported losing more than $10 billion to fraud, which was a 14 percent increase from the year before. Investment scams were the most common way people lost money.
• Research shows that military members are nearly 40 percent more likely to lose money to scams than other people. This bill aims to help state leaders who have already been working to protect veterans and other vulnerable adults from being cheated.
• Each state could receive up to $500,000 per year, or up to $1 million if one agency handles both insurance and investment oversight. To make sure the money is used correctly, the government will conduct yearly audits and require states to report on their progress.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.