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118th Congress > House > Vote 93

Date: January 30, 2023

Result: 419-0 (Passed)

Clerk session vote number: 94

Sponsor: WAGNER, Ann (R-MO)

Bill number: HR500

Question: On Motion to Suspend the Rules and Pass

Description: Financial Exploitation Prevention Act

Bill summary:

Financial Exploitation Prevention Act of 2023

This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.)

Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests.

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. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account.

Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

Bill titles: To amend the Investment Company Act of 1940 to postpone the date of payment or satisfaction upon redemption of certain securities in the case of the financial exploitation of specified adults, and for other purposes.

Links for more info on the vote: congress.gov

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Member Vote Map

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Vote Ideological Breakdown

This chart describes how members voted on the rollcall. Members are placed according to their NOMINATE ideological scores. A cutting line divides the vote into those expected to vote "Yea" and those expected to vote "Nay". The shaded heatmap reflects the expected probability of voting "Yea". You can select points or regions to subset the members listed above and below.

Votes

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