SAINT PAUL, MN—Today, Rep. Paul Rosenthal (DFL-Edina) presented a bill that would implement a statewide education and outreach program to protect vulnerable adults, seniors and caregivers from financial exploitation in the Aging and Long-Term Care Policy Committee.
“Currently, there are alarming statistics showing our vulnerable population falling prey to scammers” Rosenthal remarked. “Financial fraud hurts long term economic security for seniors and families. By taking proactive measures with the outreach program included in my bill, we are arming Minnesotans with tools to combat and prevent fraud and permanent financial hardship.”
According to the Investor Protection Trust, one out of every five persons over the age of 65 has been victimized by a financial swindle. One recent study estimated that older Americans are defrauded out of nearly three billion dollars each year.
The outreach program in HF 3454 would require a one-time $500,000 appropriation, but Rep. Rosenthal sees potential to make the program and appropriation ongoing. The education and outreach program must be statewide, and is aimed to include initiatives regarding the dissemination of information through, but not limited to, television, print, or other media, and fraud training and outreach to senior living facilities.
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