This legislation, known as the National Senior Investor Initiative Act of 2026 or the Senior Security Act of 2026, aims to enhance protections for investors over the age of 65. It mandates the creation of a Senior Investor Taskforce within the Securities and Exchange Commission (SEC), which will report directly to the Chairman. The Taskforce will be staffed by individuals from various SEC divisions, including Enforcement, Compliance Inspections, and Investor Education, ensuring a broad range of expertise. The primary functions of this Taskforce include identifying challenges faced by senior investors, such as financial exploitation and cognitive decline, and proposing necessary changes to SEC regulations and self-regulatory organization rules. It will also coordinate with other SEC offices, taskforces, and the Elder Justice Coordinating Council, as well as consult with state and federal authorities to address senior investor issues comprehensively. The Taskforce is required to submit biennial reports to specific Congressional committees, providing statistical information, an analysis of recent trends, and a summary of regulatory initiatives. These reports will highlight key observations, best practices, and areas needing improvement, offering recommendations for regulatory and legislative actions to resolve problems encountered by senior investors. The Taskforce is set to terminate after a 10-year period. In conjunction with the Taskforce, the bill mandates a comprehensive study by the Government Accountability Office (GAO) on the financial exploitation of senior citizens, to be completed within two years. This study will analyze the economic costs incurred by victims, government agencies, and the private sector, as well as the frequency and contributing factors of exploitation, such as social isolation or illness. It will also examine policy responses, reporting rates, and gaps in empowering authorities to prevent and respond to senior financial exploitation, with its findings informing the work of the new Senior Investor Taskforce.