Elder Fraud Prevention and Prosecution Act
This legislation would create a dedicated Elder Fraud Unit within the DOJ with at least 50 federal prosecutors specializing in financial crimes targeting seniors. It would mandate that financial institutions implement enhanced monitoring for accounts held by individuals over 65 and establish a national hotline for reporting suspected elder financial abuse.
Discussion (7)
This would directly affect my community. I have some suggested changes to make it more practical.
Small entities should receive different treatment. I propose a tiered approach based on size.
Create tiered requirements by entity size
+ Proposed Text
Section 4(b) amended: "Tiered requirements — Tier 1 (revenue >$50M): 12 months; Tier 2 ($10M-$50M): 24 months; Tier 3 (<$10M): 36 months with technical assistance."
Great proposal. How does this interact with existing state-level regulations?
I appreciate the ambition but this tries to solve too many problems at once. Could we narrow the scope?
Transparency and reporting requirements should be expanded significantly.
Expand transparency and reporting
+ Proposed Text
Section 6 amended: "Implementing agencies shall publish quarterly progress reports on a public website with outcome metrics and expenditures."
This would directly affect my community. I have some suggested changes to make it more practical.
Mixed feelings. The goal is right but there are simpler ways to achieve the same outcome with less bureaucracy.