House Bill 2478
119th Congress(2025-2026)
Financial Exploitation Prevention Act of 2025
Active
Passed House on Jun 25, 2026
Bill Intelligence
The "Financial Exploitation Prevention Act of 2025" aims to amend the Investment Company Act of 1940. It concerns the redemption of certain securities and introduces requirements for non-institutional direct at-fund accounts. Companies and transfer agents are allowed to elect to comply with the new requirements upon notifying the Commission. This bill addresses the protection of non-institutional investors and seeks to prevent financial exploitation within the investment industry.
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Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2478
Congress
119
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
checkPassed on June 25, 2026
Question
On Motion to Suspend the Rules and Pass, as Amended
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
227
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Summary
Financial Exploitation Prevention Act of 2025
This bill establishes procedures for delaying the redemption of certain securities if an investment company or agent believes that an older individual or an individual with certain impairments has been financially exploited.
Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company and serviced by a transfer agent if the company or agent reasonably believes the redemption involves the financial exploitation of an individual (1) age 65 or older, or (2) age 18 or older who is unable to protect his or her own interests due to a mental or physical impairment. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds. Transfer agents facilitate certain transactions for corporations and investment companies, including dividend distribution and change of securities ownership.)
The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. A state regulator, appropriate administrative agency, or court may extend this period. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. The bill also establishes notification requirements.
The bill requires the registered open-end investment company and transfer agent to notify the Securities and Exchange Commission (SEC) if they elect to comply with the procedures established under this bill.
Additionally, the SEC must make recommendations to address the financial exploitation of these adults.
Sort by most recent
06/25/2026
Motion to reconsider laid on the table Agreed to without objection.
06/25/2026
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).
06/25/2026
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).
06/25/2026
Considered as unfinished business. (consideration: CR H4251-4252)
06/24/2026
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.
06/24/2026
DEBATE - The House proceeded with forty minutes of debate on H.R. 2478.
06/24/2026
Considered under suspension of the rules. (consideration: CR H4222-4226; text: CR H4222-4223)
06/24/2026
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
11/04/2025
Placed on the Union Calendar, Calendar No. 313.
11/04/2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-361.
09/16/2025
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 0.
09/16/2025
Committee Consideration and Mark-up Session Held
03/27/2025
Referred to the House Committee on Financial Services.
03/27/2025
Introduced in House
Public Record
Record Updated
Jul 1, 2026 3:53:27 AM