Legis Daily

Financial Exploitation Prevention Act of 2025

USA119th CongressHR-2478| House 
| Updated: 7/13/2026
Ann Wagner

Ann Wagner

Republican Representative

Missouri

Cosponsors (11)
Marie Gluesenkamp Perez (Democratic)Zachary Nunn (Republican)Eugene Simon Vindman (Democratic)Young Kim (Republican)Pete Sessions (Republican)Andrew R. Garbarino (Republican)Cleo Fields (Democratic)Bill Huizenga (Republican)Josh Gottheimer (Democratic)Michael Lawler (Republican)Bryan Steil (Republican)

Financial Services Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
The Financial Exploitation Prevention Act of 2025 amends the Investment Company Act of 1940, empowering registered open-end investment companies and their transfer agents to combat the financial exploitation of vulnerable adults. It allows these entities to elect to implement new requirements, including requesting and retaining emergency contact information for customers with direct-at-fund accounts. This contact information can be used to address suspected exploitation, confirm customer health, or identify legal representatives. A core provision permits the postponement of security redemptions for more than seven days if the company or agent reasonably believes a specified adult is experiencing financial exploitation. A specified adult is defined as an individual aged 65 or older, or an individual aged 18 or older with a mental or physical impairment preventing them from protecting their own interests. The initial postponement can last up to 15 business days and may be extended by an additional 10 business days if exploitation is still suspected, an internal review is initiated, and designated contacts are notified, unless they are the suspected exploiter. Companies and transfer agents must establish internal procedures for identifying and reporting exploitation, managing delayed proceeds, and ensuring compliance. They are also required to disclose the possibility of redemption postponement in their prospectuses and maintain detailed records of all such actions. Finally, the bill directs the Securities and Exchange Commission to consult with various financial regulators and submit a report to Congress within one year, recommending further legislative and regulatory changes to protect specified adults from financial exploitation.

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-2265
Financial Exploitation Prevention Act of 2021

Bill from Previous Congress

HR 118-500
Financial Exploitation Prevention Act of 2023
Mar 27, 2025
Introduced in House
Mar 27, 2025
Referred to the House Committee on Financial Services.
Sep 16, 2025
Committee Consideration and Mark-up Session Held
Sep 16, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
Sep 17, 2025

Latest Companion Bill Action

S 119-2840
Introduced in Senate
Nov 4, 2025
Placed on the Union Calendar, Calendar No. 313.
Nov 4, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
Jun 24, 2026
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Jun 24, 2026
Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
Jun 24, 2026
Considered under suspension of the rules.
Jun 24, 2026
DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
Jun 24, 2026
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Hill (AR) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
Jun 25, 2026
Considered as unfinished business. (consideration: CR H4251-4252)
Jun 25, 2026
Considered as unfinished business.
Jun 25, 2026
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
View Vote
Jun 25, 2026
Motion to reconsider laid on the table Agreed to without objection.
Jul 13, 2026
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    HR 117-2265
    Financial Exploitation Prevention Act of 2021


  • Bill from Previous Congress

    HR 118-500
    Financial Exploitation Prevention Act of 2023


  • March 27, 2025
    Introduced in House


  • March 27, 2025
    Referred to the House Committee on Financial Services.


  • September 16, 2025
    Committee Consideration and Mark-up Session Held


  • September 16, 2025
    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.


  • September 17, 2025

    Latest Companion Bill Action

    S 119-2840
    Introduced in Senate


  • November 4, 2025
    Placed on the Union Calendar, Calendar No. 313.


  • November 4, 2025
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.


  • June 24, 2026
    Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.


  • June 24, 2026
    Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)


  • June 24, 2026
    Considered under suspension of the rules.


  • June 24, 2026
    DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.


  • June 24, 2026
    At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Hill (AR) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.


  • June 25, 2026
    Considered as unfinished business. (consideration: CR H4251-4252)


  • June 25, 2026
    Considered as unfinished business.


  • June 25, 2026
    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
    View Vote


  • June 25, 2026
    Motion to reconsider laid on the table Agreed to without objection.


  • July 13, 2026
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • S 119-2840: Financial Exploitation Prevention Act of 2025
Administrative law and regulatory proceduresCongressional oversightCrime victimsFraud offenses and financial crimesGovernment information and archivesGovernment studies and investigationsSecuritiesSecurities and Exchange Commission (SEC)

Financial Exploitation Prevention Act of 2025

USA119th CongressHR-2478| House 
| Updated: 7/13/2026
The Financial Exploitation Prevention Act of 2025 amends the Investment Company Act of 1940, empowering registered open-end investment companies and their transfer agents to combat the financial exploitation of vulnerable adults. It allows these entities to elect to implement new requirements, including requesting and retaining emergency contact information for customers with direct-at-fund accounts. This contact information can be used to address suspected exploitation, confirm customer health, or identify legal representatives. A core provision permits the postponement of security redemptions for more than seven days if the company or agent reasonably believes a specified adult is experiencing financial exploitation. A specified adult is defined as an individual aged 65 or older, or an individual aged 18 or older with a mental or physical impairment preventing them from protecting their own interests. The initial postponement can last up to 15 business days and may be extended by an additional 10 business days if exploitation is still suspected, an internal review is initiated, and designated contacts are notified, unless they are the suspected exploiter. Companies and transfer agents must establish internal procedures for identifying and reporting exploitation, managing delayed proceeds, and ensuring compliance. They are also required to disclose the possibility of redemption postponement in their prospectuses and maintain detailed records of all such actions. Finally, the bill directs the Securities and Exchange Commission to consult with various financial regulators and submit a report to Congress within one year, recommending further legislative and regulatory changes to protect specified adults from financial exploitation.

Bill Text Versions

View Text
4 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-2265
Financial Exploitation Prevention Act of 2021

Bill from Previous Congress

HR 118-500
Financial Exploitation Prevention Act of 2023
Mar 27, 2025
Introduced in House
Mar 27, 2025
Referred to the House Committee on Financial Services.
Sep 16, 2025
Committee Consideration and Mark-up Session Held
Sep 16, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
Sep 17, 2025

Latest Companion Bill Action

S 119-2840
Introduced in Senate
Nov 4, 2025
Placed on the Union Calendar, Calendar No. 313.
Nov 4, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
Jun 24, 2026
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Jun 24, 2026
Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
Jun 24, 2026
Considered under suspension of the rules.
Jun 24, 2026
DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
Jun 24, 2026
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Hill (AR) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
Jun 25, 2026
Considered as unfinished business. (consideration: CR H4251-4252)
Jun 25, 2026
Considered as unfinished business.
Jun 25, 2026
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
View Vote
Jun 25, 2026
Motion to reconsider laid on the table Agreed to without objection.
Jul 13, 2026
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    HR 117-2265
    Financial Exploitation Prevention Act of 2021


  • Bill from Previous Congress

    HR 118-500
    Financial Exploitation Prevention Act of 2023


  • March 27, 2025
    Introduced in House


  • March 27, 2025
    Referred to the House Committee on Financial Services.


  • September 16, 2025
    Committee Consideration and Mark-up Session Held


  • September 16, 2025
    Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.


  • September 17, 2025

    Latest Companion Bill Action

    S 119-2840
    Introduced in Senate


  • November 4, 2025
    Placed on the Union Calendar, Calendar No. 313.


  • November 4, 2025
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.


  • June 24, 2026
    Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.


  • June 24, 2026
    Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)


  • June 24, 2026
    Considered under suspension of the rules.


  • June 24, 2026
    DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.


  • June 24, 2026
    At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Hill (AR) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.


  • June 25, 2026
    Considered as unfinished business. (consideration: CR H4251-4252)


  • June 25, 2026
    Considered as unfinished business.


  • June 25, 2026
    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
    View Vote


  • June 25, 2026
    Motion to reconsider laid on the table Agreed to without objection.


  • July 13, 2026
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Ann Wagner

Ann Wagner

Republican Representative

Missouri

Cosponsors (11)
Marie Gluesenkamp Perez (Democratic)Zachary Nunn (Republican)Eugene Simon Vindman (Democratic)Young Kim (Republican)Pete Sessions (Republican)Andrew R. Garbarino (Republican)Cleo Fields (Democratic)Bill Huizenga (Republican)Josh Gottheimer (Democratic)Michael Lawler (Republican)Bryan Steil (Republican)

Financial Services Committee, Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • S 119-2840: Financial Exploitation Prevention Act of 2025
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresCongressional oversightCrime victimsFraud offenses and financial crimesGovernment information and archivesGovernment studies and investigationsSecuritiesSecurities and Exchange Commission (SEC)