Protection for Seniors in new Financial Reform Act
The new sweeping Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law on July 21 promises to be greatest change to the United States financial system since the Great Depression. With the press covering how the changes will impact Wall Street firms and advisors, not much notice has been given to some very specific provisions effecting seniors.
Eisner, LLP put out a summary this week of the new law, that included the foll lowing about new protections for seniors.
With regard to older investors, the Act directs the SEC to establish a program of grants to states to (1) investigate and prosecute misleading and fraudulent marketing practices and/or (2) develop educational materials and training to reduce misleading and fraudulent marketing of financial products.
Of course, the question will be how will such a program be funded and effectively carried out.
