AMAC Supports Bill to Protect Seniors from Financial Exploitation

This week the U.S. House of Representatives is voting on AMAC-supported legislation to establish safeguards for seniors from financial exploitation. 



June 5, 2023
The Honorable Josh Gottheimer
5th Congressional District of New Jersey
203 Cannon House Office Building
Washington, DC 20515

The Honorable Ann Wagner
2nd Congressional District of Missouri
2350 Rayburn House Office Building
Washington, DC 20515

Dear Congressman Gottheimer and Congresswoman Wagner,

On behalf of the 2.1 million members of AMAC, the Association of Mature American Citizens, with over
4,700 members in the Fifth District of New Jersey and 6,300 members in the Second District of
Missouri, I am pleased to convey our support for H.R. 2593, the Senior Security Act of 2023. Far too
many seniors are targeted for financial exploitation, and we are proud to support your legislation to
find a solution to this growing problem.

The Office for Victims of Crime 2021 Report to the Nation stated: “Older adults are especially
vulnerable to violent crime, neglect, and exploitation, including financial fraud. The effects of these
crimes can be devastating.” The report further indicates that in fiscal years 2019 and 2020, over
220,000 people were assisted with elder abuse or neglect claims, a significant percentage of which
were financial fraud cases. As an organization representing the concerns of senior Americans over age
50, we are alarmed by these numbers.

The sources of fraud targeting seniors are broad and poorly understood; the Senior Security Act
establishes a comprehensive study of financial fraud against senior Americans to better understand
how to combat this problem. It also requires the establishment of a “Senior Investigator Taskforce”
staffed by professionals already serving within the Securities and Exchange Commission. The legislation
directs the task force to “identify challenges that senior investors encounter,” including financial
exploitation, and “identify areas in which senior investors would benefit from changes in the
regulations of the commission.” Finally, it requires a Government Accountability Office study to
examine the “economic costs of the financial exploitation of senior citizens” to identify ways to protect
our seniors.

AMAC thanks you, Congressman Gottheimer and Congresswoman Wagner, for your efforts to protect
our seniors. AMAC is pleased to offer our organization’s full support for H.R. 2593, the Senior Security

Bob Carlstrom
AMAC Action

Print Support Letter

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