IRI Applauds Senate Passage of Bill Protecting Older Investors from Financial Abuse

Posted on March 14, 2018

IRI Applauds Senate Passage of Bill Protecting Older Investors from Financial Abuse

IRI Urges the House to Act Expeditiously to Provide Protections to Seniors

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI Senior Vice President and General Counsel Lee Covington in response to the Senate’s passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Title III of this legislation contains provisions of the Senior$afe Act of 2017 (S. 223).

“IRI commends Senators Mike Crapo (R-ID), Mark Warner (D-VA), Heidi Heitkamp (D-ND), Jon Tester (D-MT), and Joe Donnelly (D-IN) for the bipartisan leadership they have displayed in advancing S. 2155 before the Senate.  IRI is pleased to see the Senate pass this common-sense legislation on a bipartisan basis to help protect millions of older Americans who suffer financial exploitation.  Section 303 of this bill will go a long way toward helping combat the financial abuse of older Americans by fostering better communications between financial professionals and their firms with governmental and law enforcement agencies in situations of suspected abuse.

Unfortunately, millions of older Americans fall victim to financial abuse and exploitation, costing an estimated $2.9 billion per year.  IRI’s member companies work diligently everyday with clients across the United States and they are committed to protecting older Americans’ hard-earned retirement savings.  IRI has long supported this proposal, previously introduced in the Senate by Senator Collins and McCaskill as S.223, the Senior$afe Act of 2017.  We are optimistic these common-sense proposals will soon become law and we urge the House to act expeditiously to ensure these protections are provided to American retirement savers.”

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Contact: John B Jennings