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Two bills have been introduced that focus on protecting senior investors from fraud and unscrupulous financial advisors. Americans 65 and older control nearly $15 trillion in assets.

The bills were introduced by U.S. Senators Bob Casey (D-PA), Herb Kohl (D-WI), Kirsten Gillibrand (D-NY) and Representatives Paul Hodes (D-NH) and Gwen Moore (D-WI). According to a release from Sen. Casey’s office:

The first bill, the Senior Investor Protection Act, creates a new grant program to assist states in their efforts to protect seniors from misleading financial advisor designations.

The second bill, the Senior Investor Protections Enhancement Act, would target those who commit securities violations against seniors. Violations could include selling them products that are unsuitable for their age, failing to disclose fees, charging large penalty fees, or switching the investment product actually sold from the one that was marketed.

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