Senior Safe Act of 2017

Bill 115 hr 3758, also known as the Senior Safe Act of 2017, is a piece of legislation aimed at protecting senior citizens from financial exploitation. The bill was introduced in the House of Representatives on September 7, 2017 by Rep. Kyrsten Sinema (D-AZ) and Rep. Bruce Poliquin (R-ME).

The Senior Safe Act encourages financial institutions to train their employees to identify and report suspected cases of elder financial abuse. It provides immunity from liability for employees who report such cases in good faith to the appropriate authorities. This immunity is intended to encourage employees to report potential instances of financial exploitation without fear of legal repercussions.

The bill also requires the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and other relevant agencies to collaborate on developing training materials for employees of financial institutions to help them recognize and respond to signs of elder financial abuse. Overall, the Senior Safe Act of 2017 aims to protect senior citizens from falling victim to financial exploitation by empowering financial institutions to take proactive measures to prevent and report suspected cases of elder financial abuse.