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SWIFT Act
3/13/2024, 3:08 PM
Summary of Bill S 2741
The SWIFT Act aims to improve the cybersecurity of the SWIFT system by requiring financial institutions to implement certain security measures, such as multi-factor authentication and encryption protocols. The bill also seeks to enhance the transparency and accountability of the SWIFT system by requiring regular audits and reports on its security practices.
Additionally, the SWIFT Act includes provisions to strengthen the coordination and information sharing between the US government and financial institutions in order to better respond to cybersecurity threats targeting the SWIFT system. This bill is seen as a crucial step in safeguarding the global financial system from cyber attacks and ensuring the integrity of financial transactions conducted through the SWIFT network. Overall, the SWIFT Act is aimed at bolstering the security and resilience of the SWIFT system, which plays a critical role in facilitating international financial transactions. By implementing stronger cybersecurity measures and improving coordination between financial institutions and government agencies, this bill seeks to protect the integrity of the global financial system and safeguard against cyber threats.
Congressional Summary of S 2741
Surviving Widow(er) Income Fair Treatment Act of 2023 or the SWIFT Act
This bill modifies eligibility requirements and increases Social Security survivor benefits for widows, widowers, and surviving divorced spouses of a deceased worker.
Specifically, the bill makes widow and widower's benefits available to disabled individuals at any age, whereas currently the benefits are limited to such individuals between ages 50 to 60. In addition, provisions reducing benefits in various instances, such as when a beneficiary is entitled to multiple types of benefits, shall not apply to widow and widower's benefits for individuals with disabilities.
Additionally, the bill raises the upper age limit for determining whether a beneficiary has a child in his or her care from 16 to 18 years (or 19, if the child is a full-time elementary or secondary school student). An individual with a child in care may receive increased benefits in specified instances.
The bill also increases various limits on widow and widower's benefits in certain instances and modifies the calculation for increased benefits for individuals who choose to delay receiving such benefits.
For current beneficiaries, increases in Social Security benefits under this bill shall not affect the beneficiary's eligibility or benefit amount for any federal assistance program.
