Legislation· Jan 2023Sponsored by Ann Wagner (R)
Financial Exploitation Prevention Act of 2023
Would have let mutual funds pause some older adults' withdrawals for up to 25 business days if exploitation is suspected.
Tradeoff
Would have let funds hold an older or impaired adult's withdrawal for a set time when exploitation is suspected. Would have required the held money to sit in a demand deposit account, a bank account the holder can withdraw from.
What's in it
The House passed it 419-0 on January 30, 2023; the Senate never acted before the Congress ended.
House
Introduced
(Jan 25, 2023)
House
Committee on Financial Services(Jan 25, 2023)
House
On Motion to and Pass
Passed(Roll #94 · Jan 30, 2023)
419 yeanay 0Senate
Received from the House
on Banking, Housing, and Urban Affairs(Jan 31, 2023)
- Josh Gottheimer (D-NJ)
- Bryan Steil (R-WI)
- Bill Huizenga (R-MI)
- Al Green (D-TX)
- Erin Houchin (R-IN)
- Michael Lawler (R-NY)
- Byron Donalds (R-FL)
- Marie Gluesenkamp Perez (D-WA)
- Nikema Williams (D-GA)
- Young Kim (R-CA)
- John W. Rose (R-TN)
- Andrew R. Garbarino (R-NY)
- John James (R-MI)
Passage votes· Jan 30, 2023· 118th Congress · 2023–2025