HR 2478 United States House · 119th Congress

Financial Exploitation Prevention Act of 2025

This bill requires investment companies and transfer agents to collect contact information for a trusted person when serving "specified adults" (individuals 65+ or with impairments affecting their ability to protect their interests). It allows these entities to temporarily delay cash payments from investments (up to 15 business days, extendable by 10 more days) if they reasonably suspect financial exploitation during a redemption request. The delay period requires written notification to the trusted contact, internal review, and holding funds securely. The bill aims to prevent exploitation by giving companies time to verify situations before releasing funds. It also mandates record-keeping and future SEC reporting on financial exploitation risks.

Bill status passed 3 of 5 stages cleared

Introduction

Mar 2025

Committee Review

Jul 2026

House Passage

Jun 2026

Senate Passage

President

Introduced Mar 27, 2025 Last action Jul 13, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 4 edits · Jun 25, 2026

MODERATE

The changes from the Introduced to Engrossed version of HR 2478 are primarily formatting and typographical corrections, with two minor substantive edits. The heading for subsection (b) was clarified from 'Recommendations' to 'Regulatory and legislative recommendations,' and a logical error in the record retention provision was fixed by changing 'and' to 'or' when listing which postponements must be documented.

TECHNICAL

The heading of subsection (b) was changed from 'Recommendations' to 'Regulatory and legislative recommendations,' clarifying that the SEC report must address both regulatory and legislative changes to protect older or impaired investors.

In the record retention provision, 'and (C)' was corrected to 'or (C),' fixing a logical error so that records of postponements under any of subparagraphs (A), (B), or (C) must be retained rather than requiring all three simultaneously.

Capitalization was corrected in the heading for subsection (h): 'non-Institutional direct at-Fund accounts' changed to 'non-institutional direct at-fund accounts.'

Blank lines were added throughout the text for formatting consistency between sections and subsections.

Floor votes · House Jun 25, 2026

How they voted

414–2

Passed · 14 other

Total votes 430

Jun 25, 2026

D Democratic212

207 Yea 5

97% Yea

I Independent1

1 Yea

100% Yea

R Republican217

206 Yea 2 Nay 9

94% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jul 13, 2026

Committee

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

upper

Jun 25, 2026

Introduced

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).

lower

Jun 25, 2026

Lower · Passed

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).

lower

Jun 24, 2026

Introduced

Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.

lower

Nov 4, 2025

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.

lower

Sep 16, 2025

Introduced

Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.

lower

Sep 16, 2025

Lower · Passed

Committee Consideration and Mark-up Session Held

lower

Mar 27, 2025

Committee

Referred to the House Committee on Financial Services.

lower

Mar 27, 2025

Introduced

Introduced in House

lower

1 primary · 11 co-sponsors