Financial Reform Bill Approved by Congress with Some Senior-Specific Provisions
Posted: Wednesday, July 21, 2010
On Thursday, July 15, the Senate passed H.R. 4173, the financial regulatory reform bill, called the Dodd-Frank Wall Street Reform and Consumer Protection Act, clearing it for President Obama’s signature. The wide-ranging bill aims to create new mechanisms to prevent an economic meltdown like the one that occurred in fall of 2008. It contains provisions (Sec. 1013(g)) to create an Office of Financial Protection for Older Americans within the Bureau of Consumer Financial Protection, which the bill also establishes. The office is tasked with “activities to facilitate the financial literacy” of those aged 62 and over; monitoring certifications of financial advisors who advise seniors; and coordination of consumer protection efforts of seniors with other federal agencies and state regulators. The bill also, in Sec. 989A, establishes a grant program for states to enhance protection of seniors from being misled by false designations of financial salespeople or advisors. The grants are for a maximum of $500,000 per year for 3 years.
You can read all 884 pages of the bill here.