The Department of Banking and Securities, Department of Aging, and Insurance Department issued a joint letter to leaders in the U.S. Senate and Pennsylvania senators urging passage of legislation focused on protecting senior citizens.
In the letter, Secretary of Banking and Securities Richard Vague, Secretary of Aging Robert Torres, and Acting Insurance Commissioner Michael Humphreys strongly urge members of the Senate to support The Empowering States to Protect Seniors from Bad Actors Act (HR 5914).
“With a growing population of older adults, Pennsylvania has a duty and vested interest in protecting its seniors from scam artists looking to prey on them for financial gain,” Secretary Vague said. “This legislation allows states to access additional tools to help ensure the safety and security of older adults in the commonwealth.”
The bipartisan bill establishes a senior investor protection grant program which would allow state securities and insurance regulators to access grant funding to develop and implement data-driven programs to reduce senior investment fraud.
“Scam artists and bad actors all too often target older Pennsylvanians in fraudulent schemes that could negatively impact their financial stability and independence,” said Acting Commissioner Humphreys. “The Pennsylvania Insurance Department has prioritized consumer protection in the insurance industry, and under Governor Wolf, worked to strengthen annuity requirements to protect seniors from…
