Press Releases

Washington, DC--- Today, the House Financial Services Committee passed legislation that contains Congressman Hodes’ amendment to protect New Hampshire seniors from misleading financial advisors who falsely claim to have expertise in financial services for seniors. The Investor Protection Act passed the Committee by a vote of 41-28. The bill will now go to the House floor for a vote.

"New Hampshire’s seniors should not fall victim to predatory advisors who are seeking to squander their retirement savings and earn a quick dollar," said Congressman Hodes. "Our seniors have worked hard throughout their lives and saved responsibly for their retirement. This legislation will help protect their hard-earned savings from scam artists."

Congressman Hodes’ amendment would create a new grant program to provide states with the tools they need to prosecute securities and insurance fraud against seniors.  In these tough economic times, too many seniors have lost their savings, and are struggling to figure out how they are going to be able fund their retirement.  Some financial advisors who claim to have special expertise in financial services for seniors can cause financial ruin for seniors by encouraging them to participate in financial programs that are poorly suited to their retirement needs.

The grant program would support states with a wide variety of investor protection efforts, including hiring new staff to investigate and prosecute cases of fraud against seniors. The grant program would also provide funding for new technology, equipment, and training for law enforcement, regulators, and prosecutors. Finally, grants would also be available to provide educational materials to increase awareness and understanding of financial fraud against seniors.

Dozens of states, including New Hampshire, have already adopted rules to protect their senior citizens, and nine more states are currently considering new rules. This grant program would help states protect their seniors during these difficult economic times.

Congressman Hodes’ amendment is supported by organizations such as the North American Securities Administrators Association (NASAA), National Organization for Competency Assurance (NOCA), The American College, Financial Planning Association, Fund Democracy, Consumer Federation of America, Alliance for Retired Americans, National Association of Personal Financial Advisors (NAPFA), Older Women’s League (OWL) and Financial Certified Planners Board of Standards (CFP Board).  

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