The IAA wishes to thank the many member firm employees who used our Contact Congress tool to express support for the Senior$afe Act, which unanimously passed in the House of Representatives. This is an important piece of lawmaking for our industry, and we urge you to take action again, to advocate for Senate passage of a nearly identical bill – S. 2216, introduced by Sen. Susan Collins (R-ME).
This legislation would provide a safe harbor from civil liability to employees of investment advisers, banks and broker-dealers who report suspected elder financial abuse to regulatory, crime enforcement, and adult protective service authorities, thereby providing much-needed additional protection to some of our nation’s most vulnerable citizens. The safe harbor is afforded to employees who have received training regarding the identification of suspected financial exploitation of a senior citizen.
- Take Action Now
We urge you and as many of your firm colleagues as possible to contact your members of the U.S. Senate and House of Representatives to express your support for increasing the SEC’s FY 2017 budget to enhance its oversight and examination of investment advisers. The Senate Appropriations Committee recently approved a spending bill that would keep the SEC’s funding flat at $1.605 billion in FY 2017. A week earlier, a House Committee voted to reduce the SEC’s budget to $1.5 billion. The SEC has requested $1.7 billion FY 2017 appropriation. Much of the proposed $176 million increase would be used to bolster the SEC’s investment adviser examination program.