ICI Commends Senate for Passing Legislation to Protect Seniors

Washington, DC, January XX, 2024—Today, Investment Company Institute (ICI) President and CEO Eric Pan released the following statement regarding the Senate passage of the Financial Exploitation Prevention Act, sponsored by Senators Bill Hagerty (R-TN) and Jon Tester (D-MT) and Representative Ann Wagner (R-MO). The bill would enable mutual funds and their transfer agents to better protect seniors by delaying the redemption of securities if there is reasonable belief that financial exploitation has occurred. The bill, already passed through the House of Representatives, now goes to President Biden’s desk.

“We applaud the Senate passage of the bipartisan Financial Exploitation Prevention Act. Mutual funds are vital to building financial security for millions of Americans, and around a third of those are seniors. The bill would give our industry better tools to address suspected financial exploitation and abuse of seniors and those with mental and physical disabilities. ICI thanks Senators Hagerty and Tester for their leadership in the chamber and Rep. Wagner for her leadership in the House on this important legislation. We look forward to the president signing this bill into law so seniors and vulnerable investors can receive a greater level of protection.”