Gillibrand, Colleagues Introduce Legislation To Protect Seniors’ Savings

Mar 12, 2026
Today, U.S. Senator Kirsten Gillibrand (D-NY), the top Democrat on the Senate Aging Committee,  along with Senators Andy Kim (D-NJ), Susan Collins (R-ME), and Dave McCormick (R-PA), introduced the bipartisanSenior Security Actto help stop financial predators from scamming America’s seniors. This bipartisan legislation would protect seniors’ savings by creating a Senior Investor Task Force within the Securities and Exchange Commission (SEC) to offer recommendations for strengthening protections and safeguards for senior investors.
“Senior investors deserve to be protected, especially as scammers increasingly target older Americans, robbing them of their hard-earned savings and stealing their personal information,”said Senator Gillibrand.“As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families, and how far too often federal agencies remain unprepared to address the specific needs of older populations. OurSenior Security Actwould establish a dedicated task force to better protect investors over the age of 65 and help create the stronger protections that our seniors and their families deserve. I am proud to introduce this legislation and will fight to get it across the finish line.”
“Scammers are preying on our seniors, stealing billions of dollars from Americans’ hard-earned retirement savings. Aging with dignity and security shouldn’t be too much to ask for in our country. We need this legislation and task force to take targeted and thorough action to confront these crimes and stand up for our nation’s seniors,”said Senator Kim.
“As a Senator representing the oldest state in the country, I have consistently worked to fight fraud and financial exploitation targeted at older Americans,”said Senator Collins. “This bipartisan bill would ensure that the Securities and Exchange Commission has the expertise needed to coordinate the efforts of state authorities and regulators to reduce the risk of senior investors being defrauded.”
“Pennsylvania seniors deserve to be protected from scammers looking to steal their retirement savings,”said Senator McCormick.“I’m proud to work across the aisle to give the Securities and Exchange Commission stronger tools to crack down on fraud and ensure our seniors are not targets of financial scammers.”
TheSenior Security Actwas also introduced and passed in the U.S. House of Representatives by Reps. Josh Gottheimer (D-NJ-05) and Ann Wagner (R-MO-02). The bill is endorsed by AARP.
According to the FBI, seniors lost $4.8 billion in 2024 to frauds and scams. TheSenior Security Actwould create a dedicated Senior Investor Task Force to holistically coordinate across SEC divisions, consult with state and federal regulators, and issue a public report to Congress every two years outlining trends, enforcement actions, regulatory gaps, and legislative recommendations related to investors over the age of 65. The bill also directs the Government Accountability Office to conduct a comprehensive study on the economic costs, frequency, and reporting gaps associated with senior financial exploitation.
Senator Gillibrand has worked to prevent financial fraud throughout her time in office. As ranking member of the Senate Aging Committee, she has led thefight to protect seniors from frauds and scams,raised awareness about predatory scammers targeting seniors, anddemanded answers from those attempting to cut funding for agencies like the CFPB. She has also introduced legislation such as theNational Strategy for Combating Scams Act, theStop the Scammers Act, theSenior Financial Empowerment Act, and theDO NOT CALL Act, as well as theSNAP Theft Protection Act, the core of which was passed into law in 2022.
The full text of theSenior Security Actcan be foundhere.
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