U.S. Rep. John Rose, a Republican representing Tennessee’s Sixth Congressional District, and U.S. Rep. Sean Casten, a Democrat representing Illinois’ Sixth Congressional District, are carrying a bill to protect seniors from financial exploitation.
This, according to a press release Rose released this week.
Rose said this is a problem that happens often in Tennessee.
Rose and Casten won House passage this week of H. Res. 328, their bill to support combating the financial exploitation of seniors.
Older Americans, the press release went on to say, are increasingly targeted for financial scams and it is estimated they lose more than $36 billion every year to scams.
The resolution passed with 411 votes of support, the press release said.
Rose speaking on the House Floor, said the following, according to a video on c-span.org:
“For too long the financial exploitation of seniors has been swept under the rug. It is truly heartbreaking to hear stories of Tennesseans, parents, siblings and friends being taken advantage of, often by those they trust the most. It is time to equip our friends, families and neighbors with the knowledge and tools they need to guard against the heartbreak of their hard-earned security and stability being stolen in the golden years of life,” Rose said.
“Age brings many of life’s most difficult challenges, but financial exploitation should not be one of them. It is incumbent upon us to correct this injustice and encourage the many community partnerships, which work to do the same, including the work of our men and women in law enforcement, various non-profit organizations and affiliated regulatory agencies. Scammers and deceivers hurt good folks across the Sixth District of Tennessee and across America.”
According to the press release, the bill, if passed into law, does the following:
• Support the goals of Financial Literacy Month to raise public awareness about the importance of personal financial education in the United States; and the serious consequences that may result from a lack of understanding about personal finances.
• Acknowledge that raising awareness of threats to personal finances, especially for populations like older adults and their relatives and caregivers, is only one part of financial literacy.
• Understand that to combat Elder Financial Exploitation, it is also necessary to encourage continued collaboration among law enforcement, financial institutions, regulatory agencies, and private sector organizations allowing detection, prevention, reporting, and investigation of these crimes.
• Support work being done by the Financial Crimes Enforcement Network and its partners to educate the stakeholders that serve and protect America’s elder community.
• Urge continued public-private partnership and appropriate information sharing to prevent, detect, report, and investigate Elder Financial Exploitation.
• Urge action to assist with remediation and reporting, as well as prevention and detection to have the best possible data, feedback, and incident response.
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Chris Butler is an investigative journalist at The Tennessee Star. Follow Chris on Facebook. Email tips to [email protected].
