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H.R. 2478: Financial Exploitation Prevention Act of 2025

119th Congress · introduced 2025-03-27 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

What does this mean?

Official title

Financial Exploitation Prevention Act of 2025

Plain summary

Financial Exploitation Prevention Act of 2025 This bill establishes procedures for delaying the redemption of certain securities if an investment company or agent believes that an older individual or an individual with certain impairments has been financially exploited. Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company and serviced by a transfer agent if the company or agent reasonably believes the redemption involves the financial exploitation of an individual (1) age 65 or older, or (2) age 18 or older who is unable to protect his or her own interests due to a mental or physical impairment. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds. Transfer agents facilitate certain transactions for corporations and investment companies, including dividend distribution and change of securities ownership.) The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. A state regulator, appropriate administrative agency, or court may extend this period. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. The bill also establishes notification requirements. The bill requires the registered open-end investment company and transfer agent to notify the Securities and Exchange Commission (SEC) if they elect to comply with the procedures established under this bill. Additionally, the SEC must make recommendations to address the financial exploitation of these adults.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Exploitation Prevention Act of 2025

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Wagner, Ann [R-MO-2] · 11 cosponsors

Money: CBO cost estimate: H.R. 2478, Financial Exploitation Prevention Act of 2025 (2026-04-08) No linked contracts or vendors yet.

Recorded votes

Words on this page, explained (3)
Appropriation
Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Securities
Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr2478 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills