This bill allows mutual fund companies to temporarily delay withdrawals from customer accounts if they suspect financial exploitation of a “specified adult” (age 65+ or with a mental/physical impairment). Companies can request a trusted contact and, if exploitation is suspected, delay withdrawals for up to 15 business days, with a possible 10-day extension. During the delay, they must notify the trusted contact (unless risky), review the situation, and document actions. Records must be available to regulators. The Securities and Exchange Commission (SEC) must also consult other agencies and report to Congress on protecting vulnerable investors.
