Bipartisan Bill Would Help Safeguard Seniors’ Retirement Savings

Washington, DC; June 25, 2026—Today Investment Company Institute (ICI) President and CEO Eric J. Pan issued the following statement regarding the House passage of H.R. 2478, the Financial Exploitation Prevention Act. The bill, championed by Rep. Ann Wagner (R-MO) and Rep. Josh Gottheimer (D-NJ), would enable mutual funds and their transfer agents to better protect seniors by delaying the redemption of securities if there is reasonable belief that financial exploitation has occurred.

“We applaud the House passage of the bipartisan Financial Exploitation Prevention Act and the leadership of Representatives Wagner and Gottheimer. One in five Americans over the age of 65 has been a victim of financial exploitation, experiencing estimated losses of $2.9 billion. The bill would give our industry better tools to address suspected financial exploitation and abuse of seniors and those with disabilities. ICI urges the Senate to pass this bill without delay so seniors and other vulnerable investors can benefit from a greater level of protection.”