S. 512 would establish an office within the Federal Trade Commission’s (FTC) Bureau of Consumer Protection to advise the agency on preventing fraud targeting senior citizens. This office would monitor fraud targeting seniors delivered via mail, television, internet, telemarketing, and robocalls. In addition, it would educate senior consumers by distributing information and consumer resources, respond to reports of suspected fraudulent entities, and maintain a public website of fraudulent actions. Finally, the office would log and acknowledge complaints from fraud victims, and make those complaints available to law enforcement authorities.
According to the FTC, the Bureau of Consumer Protection is already fulfilling many of the bill’s requirements because it actively works to monitor and prevent consumer fraud perpetrated against senior citizens. Furthermore, the Elder Abuse Prevention and Prosecution Act requires the FTC to designate an Elder Justice Coordinator within the bureau who is responsible for coordinating elder justice issues. On that basis, CBO estimates that the cost associated with implementing the bill would be less than $500,000.