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11/18/2019 04:23 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=27151
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: December 20, 2018 08:19 AM
From: Representative Stephen McCarter
To: All House members
Subject: Senior Citizen Retirement Investment Protection Commission
 

Older Americans are at serious risk of becoming victims of financial exploitation, which has unfortunately become a common problem in Pennsylvania. In fact, as many as 20 percent of older Americans have already experienced financial fraud or are very concerned about becoming victims of fraud. Reports of elder abuse in this Commonwealth have increased in recent years, with elder financial exploitation being the number one issue reported to the Pennsylvania Department of Aging. Elder financial exploitation also causes hardship for families as victims often end up becoming dependent on their caregivers or social service agencies, which can significantly decrease their quality of life.

To better assist senior citizens in managing their retirement investments and protect them from financial exploitation, my legislation would establish the Senior Citizen Retirement Investment Protection Commission. The commission would develop public policies, procedures, educational tools and issue a report in an effort to stop this harmful and predatory practice.

Please join me in supporting this important legislation that will safeguard the Commonwealth’s most vulnerable citizens.



Introduced as HB696