September 10, 2007

Statement of Chairman Dodd on Today’s SEC Senior Summit

“I am alarmed by the unscrupulous, fraudulent and abusive practices highlighted by the SEC at today’s Senior Summit. Our older citizens deserve the peace of mind of a safe and secure financial future, not the worry of being robbed blind of their hard-earned savings by a crooked salesman with a flashy, deceptive title. But regrettably, these practices appear to be part of a growing trend of predatory behavior targeted towards America’s seniors in the sale of securities, annuities and other financial products, and in other areas, including mortgage loan and refinance scams, bank account fraud, and financial identity theft. Chairman Cox, the SEC and the other regulators involved in today’s Summit have raised a number of important issues that we must address. As Chairman of the Senate Banking Committee, I am carefully examining these matters and intend to announce a comprehensive initiative aimed at addressing the financial exploitation of America’s seniors.”