Senator Herb Kohl (D-Wisconsin), chairman of the U.S. Senate Special Committee on Aging, and Senator David Vitter (R-Louisiana) introduced a bill to fund state efforts to protect older American from "unscrupulous financial advisors who prey on the retirement savings of the elderly by touting misleading or fraudulent 'senior designations.'" The Senior Investor Protection Act of 2008 (S. 2794) would create a new grant program to encourage state regulators to adopt a uniform standard for the accreditation of senior financial advisors and to assist states in their efforts to protect seniors from being duped. The grants provided by the legislation are designed to give states the flexibility to use funds for a wide variety of senior investor protection efforts, including: hiring additional staff to investigate and prosecute cases; funding new technology, equipment, and training for regulators, prosecutors, and law enforcement; and providing educational materials to increase awareness and understanding of designations. The legislation has been endorsed by NASAA, The American College, and the Financial Planning Association.
Ileane Rosenthal was appointed as senior managing director, strategic development for SIFMA. Rosenthal joins SIFMA from the International Biomedical Research Alliance where she was president.
