Senior Security Act of 2026

Key Points

• This bill creates a Senior Investor Taskforce within the SEC, focused entirely on protecting people over 65 from financial exploitation and investment fraud. The taskforce will be led by a Director who reports directly to the SEC Chairman.
• The taskforce will study challenges seniors face, including problems tied to cognitive decline and financial exploitation, and identify where SEC rules or industry practices should change to better protect older investors.
• A major Government Accountability Office (GAO) study is required within two years of enactment, examining the full economic cost of senior financial exploitation, how often it occurs, contributing risk factors like social isolation and income, and why so many cases go unreported.
• Every two years, the taskforce must report to Congress on trends affecting senior investors, the most serious issues they face, best practices, and recommendations for new rules or laws. These reports go to both banking and aging committees.
• The taskforce is funded from existing SEC resources with no new appropriations, and it has a 10-year sunset provision, after which it will automatically terminate unless renewed by Congress.

Votes

No votes have been recorded for this legislation yet.