Financial Exploitation Prevention Act of 2023

Bill 118 s 1481, also known as the Financial Exploitation Prevention Act of 2023, aims to protect vulnerable adults from financial exploitation. The bill was introduced in the US Congress with the goal of preventing individuals from taking advantage of older adults or individuals with disabilities for financial gain.

The key provisions of the bill include establishing a national registry of individuals who have been convicted of financial exploitation of vulnerable adults. This registry would serve as a tool for financial institutions and other organizations to screen potential employees or volunteers who may have a history of exploiting vulnerable adults.

Additionally, the bill requires financial institutions to report suspected cases of financial exploitation of vulnerable adults to the appropriate authorities. This reporting requirement is intended to help law enforcement agencies investigate and prosecute individuals who are exploiting vulnerable adults for financial gain. Furthermore, the bill provides funding for education and training programs for financial institutions, caregivers, and other individuals who may come into contact with vulnerable adults. These programs are designed to raise awareness about the signs of financial exploitation and provide individuals with the tools they need to prevent and report suspected cases. Overall, the Financial Exploitation Prevention Act of 2023 is a comprehensive piece of legislation aimed at protecting vulnerable adults from financial exploitation. By establishing a national registry, requiring reporting of suspected cases, and providing education and training programs, the bill seeks to prevent individuals from taking advantage of vulnerable adults for financial gain.