01 — The Text
What.
- Investment companies can delay redeeming securities for seniors 65+ or adults with mental/physical impairments if they suspect financial exploitation.
- Initial delay: up to 15 days. After confirming exploitation, an additional 10 days. Money stays in demand deposit accounts during holds.
- Companies must notify the SEC if they use these delay procedures. SEC must develop recommendations to combat elder financial exploitation.
02 — The Stakes
So what?
- Protects vulnerable adults from scams by creating a window to investigate suspicious large withdrawals before money leaves the account.
- Investment firms gain legal protection to act on abuse suspicions without liability; seniors/impaired adults get a safety net against theft.
- Trade-off: Legitimate account holders may face temporary delays accessing their own money—even if no actual exploitation occurred.
03 — The Path
Now what?
- House passed it 414-2 on June 25, 2026. Bill now heads to Senate for consideration.
- Contact your senator to voice support or concerns about delaying senior withdrawals in suspected exploitation cases.
Legislative History
Actions.
- Jun 25, 2026 — Motion to reconsider laid on the table Agreed to without objection.
- Jun 25, 2026 — 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).
- Jun 25, 2026 — Passed/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).
- Jun 25, 2026 — Considered as unfinished business. (consideration: CR H4251-4252)
- Jun 24, 2026 — At 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 The point of no quorum was considered as withdrawn.
- Jun 24, 2026 — DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
- Jun 24, 2026 — Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
- Jun 24, 2026 — Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.