House Passes Committee Bill to Combat Financial Fraud and Scams

Today, the U.S. House of Representatives passed H.R. 2478, the Financial Exploitation Prevention Act of 2025, by a vote of 414-2. Sponsored by Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) and Rep. Josh Gottheimer (NJ-05), this bipartisan bill provides financial institutions greater authority to help prevent suspected financial exploitation of older Americans and individuals with mental or physical disabilities by allowing them to temporarily delay certain transactions when such exploitation is reasonably suspected.

Chairman Hill said, "Protecting Americans from financial exploitation requires strong coordination among families, financial institutions, and law enforcement. This bill will help strengthen those partnerships and provide additional tools to safeguard vulnerable individuals from fraud and abuse. Importantly, this bill is tailored to address suspected exploitation while preserving the rights of customers and maintaining appropriate oversight. No American should lose their hard-earned money because an investment firm or financial institution lacks the authority or certainty to intervene when there are clear signs of financial exploitation. H.R. 2478 is a commonsense, bipartisan measure that helps protect our most vulnerable citizens from the growing number of financial predators.”

Watch Chairman Hill's floor remarks here.

Chairman Wagner said, "It's far too often that back home in Missouri and across this nation, our senior citizens are directly targeted for financial fraud.... According to the FTC, fraud perpetrated against those over the age of 60 increased by nearly 400% between 2020 and 2024. The total cost to American seniors reached almost $2.5 billion… My bill, the Financial Exploitation Prevention Act, allows financial institutions, including investment companies like mutual funds, to temporarily delay a transaction if they have a reasonable belief that the transaction is the result of financial exploitation. This gives potentially vulnerable investors, including our seniors, as well as those with certain disabilities, a crucial extra layer of defense that will help preserve the hard-earned savings they have built over decades.”

Watch Chair Wagner's floor remarks here.

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