Pressley Unveils Bipartisan Bill to Help Senior Fraud Victims Recover Financial Losses

Vice Chair of the House Democratic Task Force on Aging and Families Congresswoman Ayanna Pressley (MA-07) and House Elder Justice Caucus Co-Chairs Suzanne Bonamici (D-OR) and Peter King (R-NY), along with Reps. John Katko (R-NY), and Elise Stefanik (R-NY), announced bipartisan legislation to help seniors who have been victimized by financial scammers.

The bipartisan Edith Shorougian Senior Victims of Fraud Compensation Act (Edith’s Bill) will allow elderly victims of financial scams to recoup their financial losses through the Crime Victims Fund. The bill is named in honor of Edith Shorougian, who lost over $80,000 in retirement savings after being scammed by a financial planner. 

“Our seniors are among our most vulnerable, and we have a moral obligation to ensure their financial security,” said Congresswoman Ayanna Pressley. “As reports of scams targeting seniors skyrocket amid the COVID-19 crisis, it’s absolutely critical we do all we can to safeguard our older neighbors from fraud and support those who have fallen victim to these schemes. That’s why I’m so proud to introduce Edith’s Bill, which will protect senior victims of fraud by guaranteeing states have the funding needed to reimburse them for money stolen by scammers. It’s unconscionable that anyone would prey on our seniors, particularly in the midst of this pandemic, but in light of this tragic reality, we must take bold action to keep them financially secure, and that’s exactly what this bill will do.”

The bill is supported by: AARP, Alzheimer’s Association, Alzheimer’s Impact Movement, Elder Justice Coalition, National Coalition against Domestic Violence (NCADV), National Network to End Domestic Violence, National Alliance to End Sexual Violence (NAESV), National Children’s Alliance, National Organization for Victim Assistance (NOVA), Justice in Aging, The National Clearinghouse on Abuse in Later Life (NCALL), Public Investors Advocate Bar Association (PIABA), Association of Jewish Aging Services (AJAS), North American Securities Administrators Association (NASAA) and Public Citizen.  As Vice-Chair of the House Democratic Task Force on Aging and Families, Congresswoman Pressley has fought to protect our vulnerable aging population.

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