U.S. Congress legislation · 119th Congress
HB2478: Financial Exploitation Prevention Act of 2025
Status: Passed one chamber, July 13, 2026
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.
What the bill says
An act 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.
From the introduced text, July 13, 2026:
AN ACT 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. SECTION 1. Short title This Act may be cited as the Financial Exploitation Prevention Act of 2025 . SECTION 2. Redemption of certain securities postponed (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 accounts (1) Election (A) In general A registered open-end investment company and a transfer agent described under paragraph (2) may elect to comply with the requirements under paragraph (2) and subsection (i) by notifying the Commission of such election. (B) Effect of election Paragraph (2) and subsection (i) shall only apply to a registered open-end investment company and a transfer agent that have made the election under subparagraph (A). (2) Requirements In the case of a customer who is a holder of a non-institutional account held directly with a registered open-end investment company and serviced by a transfer agent (a direct-at-fund account ), the company and transfer agent shall-- (A) request from such customer the name and contact information of at least one individual …
Sponsors
- Ann Wagner (R, HD-002) · primary sponsor
- Josh Gottheimer (D, HD-005)
- Andrew Garbarino (R, HD-002)
- Bryan Steil (R, HD-001)
- Young Kim (R, HD-CA-40)
- Marie Gluesenkamp Perez (D, HD-WA-3)
- Michael Lawler (R, HD-017)
- Bill Huizenga (R, HD-004)
- Eugene Vindman (D, HD-007)
- Cleo Fields (D, HD-006)
- Pete Sessions (R, HD-017)
- Zachary Nunn (R, 3)
Latest actions
- : Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- : On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
- : Motion to reconsider laid on the table Agreed to without objection.
- : Considered as unfinished business. (consideration: CR H4251-4252)
- : Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 2 (Roll no. 227).
- : DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
- : At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Hill (AR) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
- : Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- : Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
- : Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
Votes
- On Motion to Suspend the Rules and Pass, as Amended (June 25, 2026): 414 yea, 2 nay, passed
Subjects: Fraud offenses and financial crimes, Administrative law and regulatory procedures, Securities, Crime victims, Government information and archives, Finance and Financial Sector, Government studies and investigations, Securities and Exchange Commission (SEC)
Common questions
- What is HB2478?
- HB2478 is a bill in Congress (119th Congress): Financial Exploitation Prevention Act of 2025.
- What does HB2478 do?
- In its own words: An act 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.
- What is the status of HB2478?
- Passed one chamber as of July 13, 2026. Latest action: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (July 13, 2026).
- Who sponsored HB2478?
- Ann Wagner (R, HD-002), with 11 co-sponsors.
- Where is the official record for HB2478?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/2478
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.