PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in House · Mar 27, 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.)
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Wagner, Ann [R-MO-2] · R–MO
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
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).
House roll call 227 · Individual votesPassed/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).
House roll call 227 · Individual votesConsidered as unfinished business. (consideration: CR H4251-4252)
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.
DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 313.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Nov 3, 2026. Consult Congress.gov for the current record.
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Analyze H.R.2478 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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