Senior Financial Empowerment Act of 2021

The Senior Financial Empowerment Act of 2021 is a bipartisan proposal designed to protect older adults from financial exploitation and scams. If passed, the bill would require the Federal Trade Commission (FTC) to establish a centralized resource center, including a toll-free hotline with live operators, to help seniors and their caregivers report fraud and access information on safe financial practices.

The legislation also expands preventative measures by authorizing grants for local law enforcement and senior centers to run anti-fraud programs. Additionally, it mandates new training for financial institution employees to help them spot signs of elder abuse and directs the National Institutes of Health to research how age-related health conditions may make seniors more vulnerable to deceptive marketing.