HOUSE 500118th CongressReferred to the House Committee on Oversight and Accountability.

Commemorating 7 years since the Pulse nightclub shooting in Orlando, Florida, on June 12, 2016.

Last Action: 6/12/2023

Actions

2023-01-31Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2023-01-30Motion to reconsider laid on the table Agreed to without objection.
2023-01-30On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
2023-01-30Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
2023-01-30Considered as unfinished business. (consideration: CR H505)
2023-01-30At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2023-01-30DEBATE - The House proceeded with forty minutes of debate on H.R. 500.
2023-01-30Considered under suspension of the rules. (consideration: CR H498-501)
2023-01-30Mr. McHenry moved to suspend the rules and pass the bill.
2023-01-25Referred to the House Committee on Financial Services.
2023-01-25Introduced in House
2023-01-25Introduced in House

CRS Summary

As of 2023-01-30 (53)

Financial Exploitation Prevention Act of 2023

This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.)

Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests.

The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account.

Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

Cosponsors (13)

Josh Gottheimer (D-NJ)
Bryan Steil (R-WI)
Bill Huizenga (R-MI)
Al Green (D-TX)
Erin Houchin (R-IN)
Michael Lawler (R-NY)
Byron Donalds (R-FL)
Marie Perez (D-WA)
Nikema Williams (D-GA)
Young Kim (R-CA)
John Rose (R-TN)
Andrew Garbarino (R-NY)
John James (R-MI)

Subjects

Administrative law and regulatory procedures
Congressional oversight
Crime victims
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Securities
Securities and Exchange Commission (SEC)

Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.