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HR 500 118th Congress House Finance and Financial Sector Administrative law and regulatory procedures Congressional oversight Crime victims Fraud offenses and financial crimes Government information and archives Government studies and investigations Securities Securities and Exchange Commission (SEC)

Financial Exploitation Prevention Act of 2023

Introduced: January 30, 2023 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 10 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 31, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 30, 2023
Motion to reconsider laid on the table Agreed to without objection.
Jan 30, 2023
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
Jan 30, 2023
Considered as unfinished business. (consideration: CR H505)
Jan 30, 2023
Considered under suspension of the rules. (consideration: CR H498-501)
Jan 30, 2023
Mr. McHenry moved to suspend the rules and pass the bill.
Jan 30, 2023
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Jan 30, 2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 500.
Jan 25, 2023
Introduced in House
Jan 25, 2023
Referred to the House Committee on Financial Services.
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Jan 30, 2023 House · vote #94 On Motion to Suspend the Rules and Pass Passed 419–0 See who voted →
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 Plain-English summary Congressional Research Service

Financial Exploitation Prevention Act of 2023

This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.)

Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests.

The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account.

Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

What's happening now January 31, 2023

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 1
  • S 1481 Related bill Financial Exploitation Prevention Act of 2023
 Bill text 3 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 13
All 13 Democratic 4 Republican 9
R
Garbarino, Andrew R.
New York · Jan 30, 2023
 R
James, John
Michigan · Jan 30, 2023
 R
Kim, Young
California · Jan 30, 2023
 D
Perez, Marie Gluesenkamp
Washington · Jan 30, 2023
 R
Rose, John W.
Tennessee · Jan 30, 2023
 D
Williams, Nikema
Georgia · Jan 30, 2023
 R
Donalds, Byron
Florida · Jan 27, 2023
 R
Houchin, Erin
Indiana · Jan 27, 2023
 R
Lawler, Michael
New York · Jan 27, 2023
 D
Gottheimer, Josh
New Jersey · Jan 25, 2023
 D
Green, Al
Texas · Jan 25, 2023
 R
Huizenga, Bill
Michigan · Jan 25, 2023
 R
Steil, Bryan
Wisconsin · Jan 25, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 500: Financial Exploitation Prevention Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-500/
MLA
"H.R. 500: Financial Exploitation Prevention Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-500/.
Bluebook (legal)
H.R. 500, 118th Cong. (2026), https://openamerica.io/bill/118-HR-500/.
Markdown link
[H.R. 500: Financial Exploitation Prevention Act of 2023](https://openamerica.io/bill/118-HR-500/)
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