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 25, 2023 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov

Everywhere this bill has been 11 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

Passed/agreed to in House: 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

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 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 25, 2023

Referred to the House Committee on Financial Services.

Jan 25, 2023

Introduced in House

Votes taken on this bill 1

Date	Chamber	What was voted on	Result	Yes–No
Jan 30, 2023	House · vote #94	On Motion to Suspend the Rules and Pass	Passed	419–0	See who voted →

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.

Committees of jurisdiction 2