HR 2478
· 119th Congress
· Finance and Financial Sector
Financial Exploitation Prevention Act of 2025
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 313.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Nov 04, 2025
committee
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
Financial Services Committee
Nov 04, 2025
other
Placed on the Union Calendar, Calendar No. 313.
Sep 16, 2025
committee
Committee Consideration and Mark-up Session Held
Financial Services Committee
Sep 16, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
Financial Services Committee
Mar 27, 2025
introduced
Introduced in House
Mar 27, 2025
introduced
Referred to the House Committee on Financial Services.
Financial Services Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
CRS summaries
Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.
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.)
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.
via Congressional Research Service · published through congress.gov
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+46
−5
37 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 2478 Introduced in House (IH)]
+[H.R. 2478 Reported in House (RH)]
<DOC>
+Union Calendar No. 313
119th CONGRESS
1st Session
H. R. 2478
+
+[Report No. 119-361]
To amend the Investment Company Act of 1940 to postpone the date of
payment or satisfaction upon redemption of certain securities in the
@@ -22,6 +25,20 @@
Mrs. Kim, Ms. Perez, and Mr. Lawler) introduced the following bill;
which was referred to the Committee on Financial Services
+November 4, 2025
+
+Additional sponsors: Mr. Huizenga, Mr. Vindman, Mr. Fields, Mr.
+Sessions, and Mr. Nunn of Iowa
+
+November 4, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+[For text of introduced bill, see copy of bill as introduced on March
+27, 2025]
+
_______________________________________________________________________
A BILL
@@ -43,7 +60,7 @@
(a) In General.--Section 22 of the Investment Company Act of 1940
(15 U.S.C. 80a-22) is amended by adding at the end the following:
-``(h) Requirements With Respect to Non-Institutional Direct At-Fund
+``(h) Requirements With Respect to Non-institutional Direct At-fund
Accounts.--
``(1) Election.--
``(A) In general.--A registered open-end investment
@@ -208,7 +225,7 @@
``(i) document and retain records of--
``(I) each postponement of
redemption under subparagraph (A), (B),
-and (C);
+or (C);
``(II) each finding under
subparagraph (B)(i);
``(III) the name and position of
@@ -230,7 +247,7 @@
believes has a mental or physical impairment that
renders the individual unable to protect the
individual's own interests.''.
-(b) Recommendations.--
+(b) Regulatory and Legislative Recommendations.--
(1) In general.--Not later than 1 year after the date of
the enactment of this section, the Securities and Exchange
Commission, in consultation with the entities specified in
@@ -252,4 +269,28 @@
System.
(F) The Comptroller of the Currency.
(G) The Federal Deposit Insurance Corporation.
-<all>
+Union Calendar No. 313
+
+119th CONGRESS
+
+1st Session
+
+H. R. 2478
+
+[Report No. 119-361]
+
+_______________________________________________________________________
+
+A BILL
+
+To amend the Investment Company Act of 1940 to postpone the date of
+payment or satisfaction upon redemption of certain securities in the
+case of the financial exploitation of specified adults, and for other
+purposes.
+
+_______________________________________________________________________
+
+November 4, 2025
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
Lobbying activity
Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.
5
filings · 2026 Q3
INSURED RETIREMENT INSTITUTE
FINRETTAX
5
filings · 2026 Q3
4
filings · 2026 Q3
AARP
FINTEC
3
filings · 2026 Q3
FINSECA
FINGOV
2
filings · 2026 Q4
1
filings · 2025 Q2
via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.
Cosponsors (11)
Members who signed on to support this bill.