Missouri Congresswoman Ann Wagner on Her Financial Exploitation Bill that Passed the U.S. House

(MISSOURINET) – The U-S House has sent the Senate a bill designed to protect senior and vulnerable adults from being taken advantage of financially. The Financial Exploitation Prevention Act is sponsored by Missouri Congresswoman Ann Wagner from St. Louis County. She says her bill would allow companies to delay the redemption period of any security held by an elderly or vulnerable person if there’s a reasonable belief that the redemption request was obtained through exploiting or manipulating the person in question:

Wagner says about one in five senior investors falls prey to financial fraud, losing an estimated 2-point-9 billion dollars a year. The bill would also require the Securities and Exchange Commission to provide recommendations to Congress on how to protect elderly and vulnerable adults from being exploited financially.