Sec Disclosure Effectiveness Testing Act

Floor Speech

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Mr. GOTTHEIMER. Mr. Chairman, my amendment is straightforward. It simply requires the SEC to specifically consider the unique challenges senior investors face as part of its overall investor testing.

Since I took office, I have been committed to helping seniors save their hard-earned money for retirement so they can afford to stay in New Jersey and enjoy their lives with their kids and grandkids.

Unfortunately, there are millions of senior investors across the country who have been the victims of financial scammers, hucksters, and snake oil salesmen who have cheated them out of their rightful retirement.

That is why, earlier this year, I introduced the Senior Security Act, bipartisan legislation that overwhelmingly passed out of the House to help the SEC protect vulnerable seniors from predatory scams and financial abuse.

This amendment is another critical step in making sure that the SEC continues to do right by our seniors, by making sure there is explicit consideration of senior investors as they proceed with investor testing.

New Jersey seniors have given us so much. I will always have their backs to ensure they have the help they need to stay in Jersey and to protect them from those who would seek to take advantage of them.

I thank my colleague and friend, Mr. Casten, for introducing this bill and for his commitment to protecting seniors. I thank the chairwoman also for her excellent leadership. And I urge my colleagues to support this commonsense amendment.

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Mr. GOTTHEIMER. Mr. Chairman, I would like to add one thing. Given the gravity of the situation with seniors in this country getting scammed out of billions of dollars or more every year, I don't think we can do enough.

The only thing I would urge my friend here is, anything we can do to actually protect our seniors, we should be doing because what we are doing now is not working.

When I go anywhere, I hear from seniors about these awful instances and stories of what is happening to them on these calls and getting defrauded. I think anything that we can do to help protect our seniors and go the extra mile to help them is critically important. This is a way to do it that I think is effective, efficient, and will get the backs of our seniors, which, to me, is the least we can do for our seniors who have given so much to us.

Mr. Chair, I yield 2 minutes to the gentleman from Illinois (Mr. Casten), the sponsor of the bill.

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Mr. GOTTHEIMER. Mr. Chairman, I would like to add, just one more time, to the critical importance, please.

There is a reason why I think Mr. Casten and so many others have been driving this bipartisan legislation, and why the Senior Security Act was bipartisan is for a pretty simple reason.

We all recognize that we have to do whatever possible to keep these fraudsters, these hucksters, these snake oil salesmen from scamming our seniors. It is beyond upsetting when you hear these stories of what has happened to our moms, our dads, and so many people in our community who have been, frankly, ripped off by these scam artists.

This legislation--not just this amendment, but the legislation--will help protect our seniors; will help protect investors; and with my amendment, will make sure that when people are ready to retire, they have the nest egg they need to not just take care of themselves and have the medicine they need but, of course, buy a gift for their grandkid and make sure they are able to have those resources that they spent their whole lives saving for.

Mr. Chairman, I yield back the balance of my time.

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Mr. GOTTHEIMER. Mr. Chairman, I demand a recorded vote.

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