Two Florida congressmen -- Republican Vern Buchanan and Democrat Ted Deutch -- teamed up on Thursday to unveil the “Seniors Fraud Prevention Act” which cracks down on bogus sweepstakes and other scams targeting seniors.
The proposal, which also is backed by U.S. Rep. Peter Welch, D-Vt., would set up an office in the Federal Trade Commission’s Bureau of Consumer Affairs to tackle new reports of scams directed at seniors.
The congressmen pointed to reports from the Investor Protection Trust which finds one out of five seniors fall for scams, and another from the Metlife Mature Market Institute which shows scams cost seniors more than $3 billion annually.
"Seniors spend their entire lives working hard and saving so that they can retire with peace of mind," Buchanan said on Thursday. "Unfortunately, an increasing number of criminals are targeting Americans over 65, the fastest growing population in our country. With nearly 200,000 seniors living in our area of Southwest Florida, these schemes threaten more than retirement accounts -- they threaten the independence and trust of an already vulnerable community. The bipartisan Seniors Fraud Prevention Act is a critical step to combating fraud, protecting seniors and bringing those responsible for these crimes to justice.
"I am pleased to be working with Congressmen Deutch and Welch on this important bipartisan measure to protect our seniors from fraud," Buchanan added. "We must do everything we can to safeguard the savings and dignity of Americans as they enter their golden years against those who would try to exploit them."
Deutch pointed to how fraud impacts South Florida seniors.
“South Florida has long known that seniors make lucrative targets for financial scam artists peddling everything from fraudulent investment offers to bogus home repairs,” Deutch said. “In the coming years, protecting the hard-earned assets of America’s retirees is going to demand a proactive approach from the federal government. With bipartisan support for the Seniors Fraud Prevention Act in the House and Senate, I am hopeful that together we can step up the fight against financial fraud and better safeguard seniors from exploitation and abuse.”
As Deutch noted, the bill has bipartisan support in the Senate where U.S. Sen. Susan Collins, R-Maine, and U.S. Sen. Amy Klobuchar, D-Minn., are supporting the bill.
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
