AUGUSTA, Maine - Maine Sen. Susan Collins is urging the U.S. Senate to pass her legislation aimed at reducing financial fraud perpetrated on seniors.
Her Senior Safe Act would allow bank tellers to report suspicious transactions to law enforcement without having to worry about bank secrecy laws.
“It is not controversial," Collins said in Bangor today. "And yet it is a bill that would really make a difference to many seniors that area being ripped off by con artists every single day.”
Collins says her legislation is based on a Maine law that has led to the arrest of some con artists seeking to exploit seniors. She says a GAO study indicates seniors are bilked out of more than $2.9 billion a year by bogus schemes.
In the Senate, the Senior Safe Act is currently awaiting consideration by the Banking Committee. The U.S. House passed its version of the measure in July. It was introduced by Maine 2nd District Congressman Bruce Poliquin.
