H.R. 2478: Financial Exploitation Prevention Act of 2025
Sponsor
Ann Wagner
Republican · MO-2
What H.R. 2478 does
H.R. 2478 would let mutual fund companies and their transfer agents delay a redemption if they reasonably believe it involves financial exploitation of someone age 65 or older, or an adult 18 or older who cannot protect their own interests because of a mental or physical impairment.
The company could first delay the redemption up to 15 days, and up to 10 more days once it determines exploitation occurred. A state regulator, administrative agency or court could extend the delay. During the delay the money would be held in a demand deposit account. Companies and agents that choose to use these procedures would have to notify the Securities and Exchange Commission, which would also have to make recommendations on addressing financial exploitation of these adults.
How the House voted
Passed · June 25, 20262 Republicans broke with their party to vote no
Andy Biggs
Josh BrecheenOn Motion to Suspend the Rules and Pass, as Amended: H R 2478 Financial Exploitation Prevention Act · Roll no. 227 · Official record
HR2478 Legislative Journey
Committee Action
Jul 13, 2026
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
House: Vote: 414-2
Jun 25, 2026
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).
House: Floor Debate
Jun 24, 2026
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 The point of no quorum was considered as withdrawn.
House: Committee Action
Nov 4, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
House: Vote: 50-0
Sep 16, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
House: Committee Action
Mar 27, 2025
Referred to the House Committee on Financial Services.
About the Sponsor
Ann Wagner
Republican, Missouri's 2nd congressional district · 13 years in Congress
Committees: Financial Services, House Permanent Select Committee on Intelligence
View full profile →
Cosponsors (11)
This bill has 11 cosponsors: 4 Democrats, 7 Republicans, reflecting bipartisan support. Cosponsors represent 10 states: California, Iowa, Louisiana, and 7 more.
Committee Sponsors
Banking, Housing, and Urban Affairs Committee
0 of 24 committee members cosponsored
No committee members have cosponsored this bill
Financial Services Committee
9 of 54 committee members cosponsored
36 Republicans across these committees haven't cosponsored yet. Mobilize their constituents
What laws does H.R. 2478 change?
1 changes
Sections Amended
Section 22 of Investment Company Act of 1940 (15 U.S.C. 80a-22)
adding at the end the following: ``(h) Requirements With Respect to Non-institutional Direct At-fund Accounts
H.R. 2478 Quick Facts
- Committee
- Banking, Housing, and Urban Affairs
- Chamber
- House
- Policy
- Finance and Financial Sector
- Introduced
- Mar 27, 2025
Passed the House, received in Senate
Jul 13, 2026
H.R. 2478 Bill Text
“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.”
Source: U.S. Government Publishing Office
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