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New Bill Could Save Seniors from Scams | Durham News
Description
A landmark bill, H.R. 2478, just passed the House with a staggering 414-2 vote, targeting the billion-dollar scam crisis hitting older Americans. With seniors losing over $7 billion annually—mostly to investment fraud, romance scams, and AI voice tricks—the bill zeroes in on a critical loophole: mutual fund companies can’t stop withdrawals even when they suspect exploitation. This new law would empower funds to temporarily freeze redemptions for up to 15 business days if fraud is suspected, potentially disrupting scammers’ urgency tactics. Though it narrowly targets mutual funds and ETFs—not banks or crypto—it’s a vital step. The Senate’s approval is uncertain, but families can still protect loved ones by setting up trusted financial alerts now.
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