S. 4055 — Senior Security Act of 2026

This section establishes within the Securities and Exchange Commission (SEC) the Senior Investor Taskforce—headed by a Director appointed by the SEC Chairman from individuals with experience advocating for senior investors (i.e., investors over age 65)—to identify challenges facing senior investors such as financial exploitation and cognitive decline, recommend regulatory changes, and coordinate with other SEC offices, self-regulatory organizations, and state and federal entities. The Chairman must staff the Taskforce sufficiently, including personnel from the Division of Enforcement, Office of Compliance Inspections and Examinations, and Office of Investor Education and Assistance, while minimizing duplication of efforts and without additional compensation or new funding. The Taskforce must issue biennial reports to the Senate Committees on Banking, Housing, and Urban Affairs and Aging and the House Committee on Financial Services—beginning after review of a report under the National Senior Investor Initiative Act of 2026—summarizing trends, regulatory initiatives, enforcement findings, investor issues, industry practices, and recommendations for Commission rules, self-regulatory organization actions, and legislation; such reports must be provided to any requesting Member of Congress. The Taskforce terminates 10 years after enactment.

This section directs the Comptroller General of the United States to submit to Congress and the Senior Investor Taskforce, not later than two years after enactment, a study on the financial exploitation of senior citizens (i.e., individuals over age 65). The study must address (1) economic costs to victims, state and federal agencies, law enforcement, public programs, the private sector, and others; (2) frequency of exploitation, including annual percentages and risk factors (e.g., race, social isolation, income, net worth); and (3) policy responses and reporting, including underreporting rates and reasons, agencies receiving reports (e.g., adult protective services, law enforcement), information collected and actions taken, gaps in prevention and response, and legal hurdles to interagency and private-sector partnerships.