Skip to main content
S. 1481 118th Congress Senate

Financial Exploitation Prevention Act of 2023

Official title: A bill to amend the Investment Company Act of 1940 to postpone the date of payment or satisfaction upon redemption of certain securities in the case of the fin… Show full official titleShow less

Official title: A bill to amend the Investment Company Act of 1940 to postpone the date of payment or satisfaction upon redemption of certain securities in the case of the financial exploitation of specified adults, and for other purposes.

Introduced: May 9, 2023 Introduced by: Bill Hagerty Republican · Tennessee See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresCongressional oversightCrime victimsFraud offenses and financial crimes
More subjectsShow fewer subjects
Government information and archivesGovernment studies and investigationsSecuritiesSecurities and Exchange Commission (SEC)White-collar crime
Sign in to write a letter

Free account. One morning email at most, only on days something moved. Already have one? Sign in.

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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 12, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Feb 1, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.
May 9, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 9, 2023
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action September 12, 2024

Committee on Banking, Housing, and Urban Affairs. Hearings held.

 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.

 Related & companion bills 1
  • HR 500 Financial Exploitation Prevention Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 3

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

 Cosponsors 3
All 3 Democratic 1 Republican 2
D
Peters, Gary C.
Michigan · May 9, 2024
 R
Scott, Rick
Florida · Sep 29, 2023
 R
Collins, Susan M.
Maine · May 30, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1481: Financial Exploitation Prevention Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-1481/
MLA
"S. 1481: Financial Exploitation Prevention Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-1481/.
Bluebook (legal)
S. 1481, 118th Cong. (2026), https://openamerica.io/bill/118-S-1481/.
Markdown link
[S. 1481: Financial Exploitation Prevention Act of 2023](https://openamerica.io/bill/118-S-1481/)
Report a problem