FSI Applauds Passage of Senior Safe Act

July 6, 2016

Today, Financial Services Institute (FSI) President & CEO Dale Brown released the following statement regarding the U.S. House of Representatives’ passage of the Senior Safe Act – a bill that allows financial services firms and advisors to help stop elder financial abuse. The legislation passed by unanimous consent. FSI played a significant role in the passage of this legislation and is currently working on the Senate side to get a final bill to the president to sign.

“While Washington has been gridlocked for a long time, I’m very pleased that the House was able to pass this critical legislation, and I am hopeful the Senate will quickly follow suit. The Senior Safe Act is a big step forward in the prevention of elder financial abuse across the country. By providing civil and administrative immunity to financial services firms and advisors, the legislation would allow financial professionals to report potential abuse to government organizations, without violating privacy laws. It also standardizes training to help identify and report instances of suspected abuse. FSI worked with House Financial Services Committee members in getting this legislation crafted and passed and is currently working on gaining cosponsors for the Senate version. Last month, we took over 100 members to Capitol Hill, and this legislation was a primary focus of our meetings. We will continue to work on this legislation until the president signs it in order to better ensure seniors are protected from abuse.”