H.R. 3040: Senior Financial Empowerment Act of 2009

H.R. 3040

Senior Financial Empowerment Act of 2009

Date
July 27, 2010 (111th Congress, 2nd Session)

Staff Contact
Sarah Makin

Floor Situation

H.R. 3040 is expected to be considered on the floor of the House on Tuesday, July 27, 2010, under a motion to suspend the rules, requiring a two-thirds vote for passage.  The legislation was introduced by Rep. Tammy Baldwin (D-WI) on June 25, 2009.  The Committee on the Judiciary held Subcommittee hearing on H.R. 3040. 

Bill Summary

H.R. 3040 would require the Federal Trade Commission (FTC) to do the following:

  1. Disseminate to seniors and families and caregivers of seniors general information on mail, telemarketing, and Internet fraud targeting seniors, including descriptions of the most common fraud schemes;
  2. Disseminate to seniors and families and caregivers of seniors information on means of referring complaints of fraud targeting seniors to appropriate law enforcement agencies, including the Director of the Federal Bureau of Investigation, the attorneys general of the States, and a national toll-free telephone number for reporting mail, telemarketing, and Internet fraud established by the Federal Trade Commission;
  3. Provide publicly available information on any record of civil or criminal law enforcement action for such fraud if requested; and
  4. Maintain a website as a resource for such individuals on those kinds of fraud.

The bill directs the Federal Trade Commission to establish a website to serve as a resource for seniors on financial fraud and authorizes $10,000,000 per year from FY10 through FY14 to carry out these provisions. 

The bill also directs the Attorney General to create a new competitive grant program for mail, telemarketing, and Internet fraud prevention education programs for senior citizens.  The bill would allow the Attorney General to award grants to State Attorneys General, State and local law enforcement agencies and groups, senior centers, and other local nonprofit organizations that provide assistance to seniors, as determined by the Attorney General.  The bill authorizes $20 million for each of the fiscal years 2010 through 2014 for this grant program

Background

The Congressional Budget Office has not produced a cost estimate for H.R. 3040 as of press time.  However, the bill authorizes $150 million over five years for a new grant program and for an FTC website.