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Joint Letter in Support of the Financial Exploitation Prevention Act

May 15, 2023

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The Honorable Jon Tester
United States Senate
311 Hart Senate Office Building
Washington, DC 20510

The Honorable Bill Hagerty
United States Senate
251 Russell Senate Office Building
Washington, DC 20510

Dear Senators Tester and Hagerty:

We, the undersigned associations, write to express our strong support for the Financial Exploitation Prevention Act (S. 1481/H.R 500). We appreciate your leadership on this important legislation, which will provide critical tools to address suspected financial exploitation of seniors and vulnerable adults.

Reports estimate that one in five Americans over the age of 65 has been a victim of financial exploitation. Our industry is often the first to notice the signs of possible financial abuse of vulnerable clients and is best positioned to report it. This legislation provides an important safeguard between financial transactions by allowing a registered investment company or transfer agent to delay redemption of a security if it reasonably believes such redemption was requested through the exploitation of a security holder who is a senior or unable to protect their own interests. This buffer is vital because once assets have been disbursed, they are difficult to get back.

The legislation received unanimous, bipartisan support in the House and we urge the Senate to pass it without delay. We remain committed to the prevention of elder financial abuse and support efforts to prevent bad actors from exploiting vulnerable investors. Thank you for your leadership and we look forward to continuing to work with you and Congress to enact this important legislation.

American Securities Association
Certified Financial Planner Board of Standards, Inc.
Financial Planning Association
Financial Services Institute
Investment Adviser Association
Investment Company Institute
Insured Retirement Institute
National Association of Insurance and Financial Advisors
National Association of Personal Financial Advisors
Securities Industry and Financial Markets Association


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