Bipartisan Senate Bill Targets Scams Aimed at Seniors

Proposed legislation would create a federal task force to combat financial fraud schemes targeting older Americans.

Mar. 12, 2026 at 2:22pm

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A bipartisan group of U.S. senators has introduced legislation aimed at strengthening protections for older adults targeted by financial scams. The proposal would create a federal task force within the Securities and Exchange Commission to coordinate efforts across agencies and develop strategies to confront fraud schemes targeting seniors, who lost an estimated $81.5 billion to such scams in 2024.

Why it matters

Financial scams targeting the elderly have become a major problem in recent years, with seniors losing billions to fraud. This bipartisan legislation seeks to address the issue by establishing a dedicated task force to combat these predatory schemes and better protect vulnerable older Americans.

The details

The proposed bill would require the task force to create a report highlighting common scams targeting seniors and identifying those most at risk. The analysis would also examine the federal response to these scams and propose new solutions to safeguard the people most vulnerable. Lawmakers hope the measure will be included in an upcoming capital formation package being prepared by the Senate Committee on Banking, Housing, and Urban Affairs.

  • In 2024, seniors lost an estimated $81.5 billion to financial fraud.
  • The U.S. House of Representatives passed identical legislation as part of its own capital formation package last year.

The players

Andy Kim

A U.S. senator who is part of the bipartisan group introducing the legislation.

Susan Collins

A Republican U.S. senator who is part of the bipartisan group introducing the legislation.

Kirsten Gillibrand

A Democratic U.S. senator who is part of the bipartisan group introducing the legislation and the top Democrat on the United States Senate Special Committee on Aging.

Dave McCormick

A Republican U.S. senator who is part of the bipartisan group introducing the legislation.

U.S. Securities and Exchange Commission

The federal agency that would house the task force created by the proposed legislation.

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What they’re saying

“I've seen firsthand the devastating impact these scams have. Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable.”

— Kirsten Gillibrand, U.S. Senator (Statement)

What’s next

The proposed legislation is expected to be considered as part of an upcoming capital formation package being prepared by the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

The takeaway

This bipartisan effort to create a federal task force dedicated to combating financial scams targeting seniors represents a significant step in addressing a growing problem that has cost vulnerable older Americans billions of dollars in recent years. By coordinating a more robust federal response, the legislation aims to better protect this population from predatory schemes.