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118th Congress Finance and Financial Sector

H.R. 500: Financial Exploitation Prevention Act of 2023

Passed HouseJan 30, 2023

  1. Introduced (completed)Jan 25, 2023
  2. Passed House (completed)Jan 30, 2023, 419–0
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Passed House, Jan 30, 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.

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.

Read the full summary

Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Jan 30, 2023

On Motion to Suspend the Rules and Pass

Passed 419–0

Yea 419two-thirds 280Nay 0

  • Democrats204 yea, 0 nay
  • Republicans214 yea, 0 nay
  • Independents1 yea, 0 nay
See how all 419 members voted

Showing 434 of 434 members

Yea 419

Republicans (214)

Democrats (204)

Independents (1)

Not voting 15

Republicans (7)

Senate

Not yet voted

Passed the House Jan 30, 2023. Awaiting Senate action.

Roll calls

1 vote on this bill

Showing 1 of 1 roll calls

  • Jan 30, 2023HouseOn Motion to Suspend the Rules and PassFinal passagePassed, yea-nay 419–0
    Roll call 94 tally by party
    PartyYeaNayPresentNot voting
    Democrats204008
    Republicans214007
    Independents1000
    Total4190015

    House roll call 94: On Motion to Suspend the Rules and Pass. Passed.

    How each member voted (434)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

13

Bipartisan support.

Who scored on this bill

88 points earned
  1. 1Ann Wagner R-MO SponsorDrew cross-party cosponsors, introduced, passed House3 events+36
  2. 2Byron Donalds R-FLCosponsored; cosponsored bill passed2 events+4
  3. 2Andrew Garbarino R-NYCosponsored; cosponsored bill passed2 events+4
  4. 2Marie Gluesenkamp Perez D-WACosponsored; cosponsored bill passed2 events+4
  5. 2Josh Gottheimer D-NJCosponsored; cosponsored bill passed2 events+4
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Ann Wagner

History

  1. Jan 30, 2023Passed the House, 419–0.
  2. Jan 25, 2023Introduced in the House by Ann Wagner.
Show the full action history (11 actions)
  1. Jan 31, 2023Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jan 30, 2023Mr. McHenry moved to suspend the rules and pass the bill.
  3. Jan 30, 2023Considered under suspension of the rules. (consideration: CR H498-501)
  4. Jan 30, 2023DEBATE - The House proceeded with forty minutes of debate on H.R. 500.
  5. Jan 30, 2023At 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.
  6. Jan 30, 2023Considered as unfinished business. (consideration: CR H505)
  7. Jan 30, 2023Passed/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)
  8. Jan 30, 2023On 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. Jan 30, 2023Motion to reconsider laid on the table Agreed to without objection.
  10. Jan 25, 2023Introduced in House
  11. Jan 25, 2023Referred to the House Committee on Financial Services.