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ICI Urges Congress to Support Legislation to Protect Senior Investors

"These bills will enhance protections for the more than 120 million Americans who rely on funds, such as mutual funds and exchange-traded funds, and other collective investment vehicles to achieve their most important financial goals."
ICI Letter to Financial Services Committee Chair French Hill and Ranking Member Maxine Waters
"These bills will enhance protections for the more than 120 million Americans who rely on funds, such as mutual funds and exchange-traded funds, and other collective investment vehicles to achieve their most important financial goals."
ICI Letter to Financial Services Committee Chair French Hill and Ranking Member Maxine Waters

The Investment Company Institute ("ICI") called on House Financial Services Committee leaders to back the Financial Exploitation Prevention Act, a measure designed to strengthen protections for senior investors.

The ICI said that the bipartisan bill, sponsored by Representatives Ann Wagner (R) and Josh Gottheimer (D), would authorize mutual funds and their transfer agents to temporarily delay redemptions when there is a reasonable belief of financial exploitation. The ICI explained that "mutual funds are vital to building financial security for tens of millions of households in the United States, and around a third of those investors are seniors." The ICI said that this bill would protect seniors and vulnerable adults by giving firms stronger tools to prevent manipulation and elder fraud.

 

Primary Sources

  1. ICI: Comment Letter: Requesting Support for Bipartisan Bills that Protect Retail Investors

Tags

Regulated Activities
Suitability and Consumer Protection
Sub-Activity
Seniors
Regulated Entities
Investment Funds (SEC Registered)
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
Trade / Industry Associations
Sub-Author
ICI