The record

LegislationLegislation· Jul 2026
HR 2478 Passed House — in Senate

Sponsored by Ann Wagner (R)

Financial Exploitation Prevention Act of 2025

Lets mutual fund companies delay redemptions if they suspect financial exploitation of older adults or those with impairments.

Tradeoff

Protects older and vulnerable investors from potential financial exploitation by allowing up to 25 days to review suspicious redemption requests. Companies must notify the SEC and establish internal review procedures.

What's in it

See official bill text

Negligible cost (less than $500,000) over 2026-2036; net effect on deficit is insignificant.

The $500,000 or less is the federal cost to enforce the rule and produce the SEC report—the policy's real burden falls on investment companies and their agents who must implement the 15-day pause mechanism and comply with anti-exploitation requirements.

H.R. 2478, Financial Exploitation Prevention Act of 2025 · Apr 2026

The House passed this 414-2 on June 25, 2026 — sitting in the Senate.

  1. House

    Introduced

    (Mar 27, 2025)

  2. House

    Committee on Financial Services(Mar 27, 2025)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 50 - 0(Sep 16, 2025)

    Committee report H. Rept. 119-361.

  4. House

    On Motion to and Pass, as Amended

    Passed(Roll #227 · Jun 25, 2026)

    414 yeanay 2

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Jul 13, 2026)

Passage votes so far· Jun 25, 2026· 119th Congress · 2025–2027