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119th Congress Finance and Financial Sector

H.R. 2478: Financial Exploitation Prevention Act of 2025

Passed HouseJun 25, 2026

  1. Introduced (completed)Mar 27, 2025
  2. Passed House (completed)Jun 25, 2026, 414–2
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Mar 27, 2025

This bill establishes procedures for delaying the redemption of certain securities if an investment company or agent believes that an older individual or an individual with certain impairments has been financially exploited.

Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company and serviced by a transfer agent if the company or agent reasonably believes the redemption involves the financial exploitation of an individual (1) age 65 or older, or (2) age 18 or older who is unable to protect his or her own interests due to a mental or physical impairment. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds. Transfer agents facilitate certain transactions for corporations and investment companies, including dividend distribution and change of securities ownership.)

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. A state regulator, appropriate administrative agency, or court may extend this period. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. The bill also establishes notification requirements.

Read the full summary

The bill requires the registered open-end investment company and transfer agent to notify the Securities and Exchange Commission (SEC) if they elect to comply with the procedures established under this bill.

Additionally, the SEC must make recommendations to address the financial exploitation of these adults.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Jun 25, 2026

On Motion to Suspend the Rules and Pass, as Amended

Passed 414–2

Yea 414two-thirds 278Nay 2

  • Democrats207 yea, 0 nay
  • Republicans206 yea, 2 nay
  • Independents1 yea, 0 nay

Broke with their party: Josh Brecheen (R-OK) and Andy Biggs (R-AZ) voted Nay

See how all 416 members voted

Showing 430 of 430 members

Yea 414

Republicans (206)

Democrats (207)

Independents (1)

Nay 2

Republicans (2) broke with their party

Not voting 14

Senate

Not yet voted

Passed the House Jun 25, 2026. Awaiting Senate action.

Roll calls

1 vote on this bill

Showing 1 of 1 roll calls

  • Jun 25, 2026HouseOn Motion to Suspend the Rules and Pass, as AmendedFinal passagePassed, yea-nay 414–2
    Roll call 227 tally by party
    PartyYeaNayPresentNot voting
    Democrats207005
    Republicans206209
    Independents1000
    Total4142014

    House roll call 227: On Motion to Suspend the Rules and Pass, as Amended. Passed.

    2 crossed party lines: 2 Republicans

    How each member voted (430)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

11

Bipartisan support.

Who scored on this bill

124 points earned
  1. 1Ann Wagner R-MO SponsorDrew cross-party cosponsors, introduced, marked up, reported, passed House5 events+68
  2. 2Andy Biggs R-AZ1 maverick vote1 event+6
  3. 2Josh Brecheen R-OK1 maverick vote1 event+6
  4. 4Cleo Fields D-LACosponsored; cosponsored bill passed2 events+4
  5. 4Andrew Garbarino R-NYCosponsored; 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. Jun 25, 2026Passed the House, 414–2.
  2. Mar 27, 2025Introduced in the House by Ann Wagner.
Show the full action history (17 actions)
  1. Jul 13, 2026Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jun 25, 2026Considered as unfinished business. (consideration: CR H4251-4252)
  3. Jun 25, 2026Considered as unfinished business.
  4. Jun 25, 2026Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
  5. Jun 25, 2026On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
  6. Jun 25, 2026Motion to reconsider laid on the table Agreed to without objection.
  7. Jun 24, 2026Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
  8. Jun 24, 2026Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  9. Jun 24, 2026Considered under suspension of the rules.
  10. Jun 24, 2026DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
  11. Jun 24, 2026At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Hill (AR) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
  12. Nov 4, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
  13. Nov 4, 2025Placed on the Union Calendar, Calendar No. 313.
  14. Sep 16, 2025Committee Consideration and Mark-up Session Held
  15. Sep 16, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
  16. Mar 27, 2025Introduced in House
  17. Mar 27, 2025Referred to the House Committee on Financial Services.