Bill > HR5914

This bill, the Empowering States to Protect Seniors from Bad Actors Act, amends the Investor Protection and Securities Reform Act of 2010 to provide grants to state securities commissions and insurance departments (referred to as "eligible entities") to enhance the protection of senior investors and policyholders from financial fraud. The bill establishes a task force within the Securities and Exchange Commission (SEC) to manage the grant program, which can be used by eligible entities to hire staff, fund technology and training, provide education to seniors, develop plans to combat senior financial fraud, and enhance state laws to provide greater protection. The bill sets a maximum grant amount of $500,000 per eligible entity and authorizes $10 million per year from 2023 to 2028 to carry out the program. The task force is required to submit reports to Congress evaluating the effectiveness of the grants.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/house-bill/5914/all-info