H.R. 2478

119th Congress

Introduced

Financial Exploitation Prevention Act of 2025

Sponsored byRepublican:Rep. Wagner, Ann [R-MO-2]MO· Introduced 27 mars 2025
Open on Congress.gov

11

Cosponsors

16

Actions

0

Amendments

1

Committees

—

Since introduced

Introduced
Committee
Passed Chamber
Passed Both
Enacted
Step 0 of 0
Latest action

Motion to reconsider laid on the table Agreed to without objection.

25 juin 2026·2 days ago

Summary

Introduced in House · Updated 24 novembre 2025

Financial Exploitation Prevention Act of 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. 

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.

Timeline

16 actions

  1. Considered as unfinished business.

    25 juin 2026 · Floor

  2. 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).

    25 juin 2026 · Floor

  3. Motion to reconsider laid on the table Agreed to without objection.

    25 juin 2026 · Floor

  4. 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).

    25 juin 2026 · Floor

  5. Considered under suspension of the rules.

    24 juin 2026 · Floor

  6. 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.

    24 juin 2026 · Floor

  7. 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.

    24 juin 2026 · Floor

  8. DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.

    24 juin 2026 · Floor

  9. DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.

    24 juin 2026 · Floor

  10. Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.

    24 juin 2026 · Floor

  11. Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.

    24 juin 2026 · Floor

  12. Considered under suspension of the rules.

    24 juin 2026 · Floor

  13. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.

    4 novembre 2025 · Committee

  14. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.

    4 novembre 2025 · Committee

  15. Placed on the Union Calendar, Calendar No. 313.

    4 novembre 2025 · Calendars

  16. Placed on the Union Calendar, Calendar No. 313.

    4 novembre 2025 · Calendars

  17. Placed on the Union Calendar, Calendar No. 313.

    4 novembre 2025 · Calendars

  18. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.

    4 novembre 2025 · Committee

  19. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.

    4 novembre 2025 · Committee

  20. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.

    4 novembre 2025 · Committee

Sponsorship

11 cosponsors

Sponsor

Republican:Rep. Wagner, Ann [R-MO-2]MO

Cosponsors

  • Democrat436%
  • Republican764%

Classification

Policy area

Finance and Financial Sector

Legislative subjects

Administrative law and regulatory proceduresCongressional oversightCrime victimsFraud offenses and financial crimesGovernment information and archivesGovernment studies and investigationsSecuritiesSecurities and Exchange Commission (SEC)

Committees

1

  • Financial Services Committee

    House · Standing

    • Referred To27 Mar 2025
    • Markup By16 Sept 2025
    • Reported By4 Nov 2025

Reports

Cosponsor momentum

Cumulative over time

Cosponsors grew from 6 on 27 mars 2025 to 11 on 16 septembre 2025.

Market relevance

AI-inferred

Impact via Regulation

Sectors

↓ Finance

Tickers

↓ BLK↓ STT↓ BK↓ NTRS

The bill amends the Investment Company Act of 1940, imposing new compliance requirements and operational procedures on registered open-end investment companies and their transfer agents. These requirements, such as requesting trusted contact information, establishing internal review processes for suspected financial exploitation of 'specified adults,' delaying redemptions, and extensive record-keeping, will increase operational costs and regulatory burden for these financial institutions. Companies like BlackRock (BLK) manage numerous open-end funds, while State Street (STT), Bank of New York Mellon (BK), and Northern Trust (NTRS) are major providers of transfer agency and asset servicing functions to investment companies.

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