HOUSERoll Call 94 · Jan 30, 2023, 11:54 PMpassage-suspension

On Motion to Suspend the Rules and Pass: H R 500 Financial Exploitation Prevention Act

H.R. 500
419YEA0NAY
Passed
H.R. 500Required: 2/3Source →
CRS SUMMARY PREVIEW

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.

VOTE VISUALIZATION

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D — YEA
D — NAY
R — YEA
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PARTY BREAKDOWN

Democratic100% unity
Yea: 204Nay: 0NV: 8
Republican100% unity
Yea: 215Nay: 0NV: 7

ALL VOTES (434)

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CA(52)
Not VotingRDoug LaMalfa
SD(1)
VT(1)