ASA Urges Congress to Pass Rep. Wagner's Bipartisan Financial Exploitation Prevention Act

WASHINGTON – The American Securities Association (ASA) today sent a letter to House leadership calling for immediate passage of the Financial Exploitation Prevention Act of 2025 (H.R. 2478). This bipartisan legislation, sponsored by Rep. Ann Wagner (R-MO), would give financial firms clear legal authority to temporarily delay suspicious transactions when they have reasonable cause to believe seniors or vulnerable adults are victims of financial exploitation. The House is expected to consider the legislation under suspension this week.

"ASA applauds Rep. Wagner for her tireless leadership to protect America’s seniors from becoming victims of financial fraud and sophisticated scams," said ASA President and CEO Chris Iacovella. “We look forward to continuing to work with Congress to get this commonsense bipartisan investor protection legislation to the President’s desk without delay.”

“ASA has long advocated for a regulatory framework that empowers firm to act when they see fraud—without subjecting investors who have done nothing wrong to excessive holds, onerous data collection, or bureaucratic overreach,” Iacovella wrote in the letter. “This legislation strikes that balance, earning unanimous, bipartisan support and passing out of the House Financial Services Committee 50-to-0. It enjoys broad support across the financial services industry. It represents Congress at its best: delivering real, practical protection for every American investor who participates in our markets.”

To read ASA's full letter, click here.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.