National Senior Investor Initiative Act of 2019

Floor Speech

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Mr. HOLLINGSWORTH. Madam Speaker, I, too, rise in support of this legislation.

This is not just a Main Street issue. It is an Elm Street issue; it is a Maple Street issue; it is a Broad Street issue. This is an issue that affects our friends; it affects our neighbors; it affects our veterans; it affects our parents and our grandparents. This is something that has gone on far too long.

We have all seen the startling statistics. Over 24,000 cases were reported to the Treasury Department last year alone, more than double just 5 years ago.

We have seen the statistics about how over $3 billion a year are lost by our senior citizens to scammers and fraudsters.

We have all seen the statistics showing how more than 10,000 baby boomers are retiring each and every year, so this problem will only grow into the future.

I applaud Representative Gottheimer for reaching across the aisle and working on how we stop this problem, how we slow the growth of this problem by setting up a task force at the SEC to specifically focus on how our senior citizens are being targeted, how we can lessen their vulnerabilities.

This is an issue that I am extremely passionate about, not only because of the statistics that are startling and eye-opening, but also because of the Hoosiers who walk through our offices every single day being the victims of these crimes.

We had one a couple of weeks ago who had already wired half of her life savings as a part of a scheme to get a Nigerian prince into the country. We had somebody last year who had wired over $8,000 because they believed that their son had been imprisoned in Mexico, wrongfully, and the money was needed to get him out of prison.

They try all sorts of schemes. They try all sorts of ruses. Well, it is time that we come together and try to stop them.

Madam Speaker, I appreciate the work of Representative Gottheimer reaching across the aisle and developing legislation on how we find the best practices to ensure that our senior citizens, our veterans, our friends, our neighbors, our parents, and our grandparents are protected in this very important time.

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