Senior Financial Empowerment Act of 2021

Gillibrand, Kirsten E.

Senior Financial Empowerment Act of 2021 This bill requires the Federal Trade Commission (FTC) to disseminate to senior citizens and their families and caregivers information regarding mail, telemarketing, and internet fraud that targets senior citizens. This includes information about safe and smart financial practices, instructions for referring a fraud complaint to law enforcement, and a toll-free telephone number that connects to a live individual who answers calls from seniors seeking advice about scams or how to report instances of fraud. Further, the Department of Justice may award grants for the prevention of senior citizen fraud to state attorneys general, state or local law enforcement, senior centers, or nonprofit organizations that provide assistance to seniors. The FTC must provide education regarding legal obligations and industry best practices with respect to addressing financial exploitation and neglect of seniors to specified financial entities and to employees of financial institutions who may be able to identify elder financial abuse. The National Institutes of Health must research the increased vulnerability of seniors to scams and fraud due to age-related health and neurological conditions. The bill expresses the sense of Congress that a week in March of each year should be designated as National Senior Fraud Awareness Week.