|Posted:||December 15, 2016 04:25 PM|
|From:||Representative Stephen McCarter|
|To:||All House members|
|Subject:||Senior Citizen Retirement Investment Protection Commission (Prior HB 248)|
|In the near future, I plan to re-introduce legislation – prior House Bill 248 of the 2015-2016 Legislative Session – that establishes the Senior Citizen Retirement Investment Commission.
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 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, representatives of the President of the Senate, the Speaker of the House of Representatives, and the Majority and Minority Leader of each caucus will be assigned to the commission.
Please join me in sponsoring this important legislation.
Introduced as HB1817