Bills · 118th Congress · Finance and Financial Sector

Financial Exploitation Prevention Act of 2023

Where it stands

  1. Introduced1/25/23
  2. Passed HousePassed 1/30/23
  3. Senate
  4. President
  5. Law

Passed the House 419–0 on January 30, 2023 (Roll Call 94 →). Received in the Senate on January 31, 2023. No Senate action since.

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Roll calls on this bill

Votes on passage
HouseOn Motion to Suspend the Rules and Pass · 1/30/23Suspension of the rulesA fast-track House procedure, usually for measures expected to have broad support. Debate is limited to 40 minutes, no amendments can be offered, and it needs a two-thirds vote of members voting — not a simple majority. A yes vote passes the bill.Rules of the House, Rule XV, clause 1 ↗
Passed
  • Democratic204 Yea · 0 Nay · 8 Not voting
  • Republican215 Yea · 0 Nay · 7 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

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.

Full text on congress.gov ↗
Sponsor
Rep. Ann Wagner ( Republican · MO-2)
Cosponsors
13
Introduced
1/25/23
Policy area
Finance and Financial Sector

What happens next

The Senate must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (11)
  1. 1/25/23Introduced in House
  2. 1/25/23Referred to the House Committee on Financial Services.
  3. 1/30/23Mr. McHenry moved to suspend the rules and pass the bill.
  4. 1/30/23Considered under suspension of the rules. (consideration: CR H498-501)
  5. 1/30/23DEBATE - The House proceeded with forty minutes of debate on H.R. 500.
  6. 1/30/23At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  7. 1/30/23Considered as unfinished business. (consideration: CR H505)
  8. 1/30/23Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
  9. 1/30/23On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)
  10. 1/30/23Motion to reconsider laid on the table Agreed to without objection.
  11. 1/31/23Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.