Munroe to introduce bill to combat elder financial exploitation

Pennsylvania House Democratic Caucus    February 23, 2024 | 3:49 PM

WARMINSTER, Feb. 23 – State Rep. Brian Munroe introduced a bill today that would equip financial institutions and fiduciaries with the necessary tools to identify, report and prevent the financial exploitation of older adults and care dependent individuals.

Munroe said the legislation is personal to him because his mother was recently defrauded even though her bank was fully aware of the transaction.

“If this could happen to my mother, it can happen to anyone’s loved ones,” Munroe said. “Prior to this happening to my mother, I saw similar crimes committed countless times during my tenure as a Radnor Township police officer.”

Financial exploitation is one of the most prevalent forms of elder abuse in the nation; yet it remains grossly underreported. Left unchecked, elder people remain vulnerable to the continued misuse of powers of attorney, unauthorized cash withdrawals, financial scams and check and credit card fraud. These losses are often unrecoverable, frequently resulting in the elder being forced to rely on public assistance for their most basic needs.

Munroe said legal clarity will be included in the legislation to assist these financial institutions in reporting and preventing financial exploitation, as will the authority to share information with state investigators, law enforcement and other older adult protective services. 

 

Together, these measures would help to ensure that elder Pennsylvanians are protected from financial exploitation so that the funds they have earned and rely on are available to provide for their daily needs, he said. 

 

“No older adult in Pennsylvania should have to fear or worry over the safety of the money in their bank account,” Munroe said.  

Munroe represents the 144th Legislative District comprised of Ivyland, Warmister, Warrington and part of New Britain Township.

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CONTACT: Ryan Bevitz
House Democratic Communications Office
Phone: 717-787-7895
Email: rbevitz@pahouse.net