06.26.26

House Passes Financial Exploitation Prevention Act

by: Melanie Waddell

The U.S. House of Representatives overwhelmingly passed the Financial Exploitation Prevention Act in a 414–2 vote, a bipartisan measure aimed at strengthening protections against financial fraud targeting vulnerable investors, especially seniors. The bill would allow financial advisors, firms, mutual funds and transfer agents to temporarily delay suspicious transactions if they reasonably believe financial exploitation is occurring or imminent. Supporters argue this pause would give institutions time to investigate, alert authorities and prevent irreversible financial losses. Lawmakers backing the bill cited widespread abuse, noting estimates that one in five Americans over 65 has experienced financial exploitation, resulting in billions of dollars in losses.

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