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Pennsylvania House of Representatives
05/16/2024 09:16 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20150&cosponId=16518
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: January 9, 2015 12:26 PM
From: Representative Stephen McCarter
To: All House members
Subject: Senior Citizen Retirement Investment Protection Commission (Prior HB 1171)
 
In the near future, I plan to re-introduce legislation that establishes the Senior Citizen Retirement Investment Commission. This legislation was previously introduced in the 2013-14 Legislative Session as House Bill 1171.

In the 21st century, Americans are living significantly longer than previous generations and planning for a financially secure retirement remains an important goal for many individuals. Unfortunately, older populations are especially vulnerable to the financially devastating impact of frauds and scams, which negatively impacts their personal financial management decisions. Additionally, investment fraud disproportionally hurts seniors and they have less opportunity to rebuild wealth.

This legislation establishes the Senior Citizen Retirement Investment Protection Commission which will meet twice annually to devise public policies, procedures, and public educational tools to help senior citizens in Pennsylvania manage their personal retirement investments, as well as protect them from unscrupulous practitioners who may prey on seniors and their retirement investment accounts. The Senior Citizen Retirement Investment Protection Commission will consist of the secretaries, or designated representatives, of the Departments of Aging, Banking and Securities, Revenue, and the Office of Attorney General. Additionally, the President of the Senate, the Speaker of the House of Representatives, and representatives from the Majority and Minority Leader of each caucus will be assigned to the Commission.

Please join me in sponsoring this important legislation.

Previous co-sponsors: KORTZ, DAVIS, SAINATO, DAVIDSON, V. BROWN, W. KELLER, YOUNGBLOOD, KINSEY, PARKER, D. MILLER, THOMAS, BROWNLEE, MAHONEY, NEILSON, COHEN, MURT, WHITE, SABATINA, DeLUCA, CALTAGIRONE, FLYNN and SAMUELSON.


Introduced as HB248