FOR IMMEDIATE RELEASE
July 29, 2010
AARP APPLAUDS HOUSE VOTE TO PROTECT OLDER AMERICANS FROM FINANCIAL EXPLOITATION
Bipartisan legislation helps detect, combat and prevent financial elder abuse
WASHINGTON – AARP applauded the House of Representatives today for its bipartisan vote in support of the Senior Financial Empowerment Act (H.R. 3040), a bill that would empower older Americans to more effectively manage and protect their retirement assets. AARP Executive Vice President Nancy LeaMond issued the following statement after the vote:
“AARP is very pleased that lawmakers on both sides of the aisle today chose to help older Americans, their families and their caregivers protect themselves against financial abuse by passing the Senior Financial Empowerment Act. We applaud Representatives Baldwin and Coble for their leadership in developing reasonable, cost effective steps that would combine public, private and non-profit efforts to detect, combat and prevent financial elder abuse and fraud, which affects over 5 million older Americans each year.
“Financial exploitation of older Americans is becoming more common and hitting closer to home for people across the country, with predators targeting our friends and families though telemarketing, the internet and direct mail. This bill would provide one more tool to protect vulnerable individuals against financial abuse from various fraudulent and deceptive techniques that undermine their financial security and independence. Financial fraud and abuse are difficult to detect early, but the impacts can be devastating and long-lasting.
“AARP has long encouraged individual investors to protect their nest eggs through informed decision making. With simple, informative tools, coupled with legislation such as the Senior Financial Empowerment Act that promotes cooperative partnerships among public, private and non-profit entities, older Americans most targeted by scam artists can better avoid damaging outcomes.”
AARP is working with the North American Securities Administrators Association (NASAA) on a national campaign designed to ensure that investors are not being pressured into purchasing fraudulent or unsuitable investments.The Free Lunch Monitor program (www.aarp.org/nofreelunch), provides information about scams and fraud to investors as they explore their financial options through investment seminars.
For more information on AARP’s investor protection efforts, go to www.aarp.org.
AARP is a nonprofit, nonpartisan organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA su Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.