so ms. shaware you worried that because investment advisors don't have to advise in the customers interest that this may give unfair advantages to bad actors who push products that benefit themselves over good actor who's are doing everything they can to help their clients reach a secure retirement and protect that retirement? >> it's certainly a concern and it is part of the strong investor and consumer protection that has been a part of my agency since the days of senator cohen's running our department in maine. it's an area that we look at in maine and that we're looking at through nasa through many different lens include, you may be aware that nasa did a field study not too long ago. we're looking with the industry to include fee disclosure. they are worningat the table to improve disclosure and the ways in which consumers and customers can hopefully make better comparisons before they make decisions. there's a long way to go and it takes only a few minutes to see that there are indeed, bad a

ms. shaw i want to start with you because in your written testimony you talk about what you described as your guardian angel, the manager of a credit union who alerted you to the fact that your own mother might be a victim of abuse. could you tell us a little bit about that and also are there obstacles to financial institutions coming forward and reporting abuse such as privacy laws or other regulations that might make them hesitate even if they have evidence of exploitation? >> yes, thank you very much senator. i grew up in a small town in northern maine one of four children. like many children in small towns in northern maine i went to college and moved away along with my brothers but my sister stayed behind to pursue her education. my mother became a legal secretary when she graduated high school for a small law firm and a small town and remained there for 60 years. my father died at the age of 57 and he was sort of the socialite in our family. my mother's big social activity really was her

ms. shawhank you senator. chairman collins franky membership haskell members of the committee on judith shah securities administrator and cochair of the main council for elder abuse prevention. i'm also the president-elect of the north american securities administrators association although i am not testifying before the committee in that capacity today. i am honored to discuss one of the most serious problems facing our elderly financial exploitation and to present one approach currently and use in maine. addressing senior financial exploitation is difficult but critical. many in our elderly population are vulnerable due to social isolation and distance from family and other support networks. the days of americans growing growing old and communities surrounded by generations of family members are fading. what do we know about this population? we know that older adults are often targets of financial fraud scams and exploitation in part because they have tangible assets including homes and pens

ms. shaw. >> thank you senator. chairman collins franky membership haskell members of the committee on judith shah securities administrator and cochair of the main council for elder abuse prevention. i'm also the president-elect of the north american securities administrators association although i am not testifying before the committee in that capacity today. i am honored to discuss one of the most serious problems facing our elderly financial exploitation and to present one approach currently and use in maine. addressing senior financial exploitation is difficult but critical. many in our elderly population are vulnerable due to social isolation and distance from family and other support networks. the days of americans growing growing old and communities surrounded by generations of family members are fading. what do we know about this population? we know that older adults are often targets of financial fraud scams and exploitation in part because they have tangible assets including homes and pension streams that

ms. shaw's testimony by describing it but i think it provides a model for many states. financial exploitation knows no socio/economic boundaries. victims range from seniors who have very modest financial means to those whoa have amassed great health. for example, if it were not bad enough, the daughter and her boyfriend went onto deplete her mother's life savings over the course of two years, leaving her penniless as well as homeless. while individuals of limited means are particularly vulnerable, even the wealthiest the most fortunate americans are not immune from mr. martial and socialite brooke aster who summered in maine for decades and who what's so generalious to our state. he will testify how his mother while she suffered from alzheimer's. many times it is vital for a senior to have the assistance of a family or friend to help manage his or her finances particularly if that senior becomes becomes a troubling and complicated issue. i look forward to hearing from all of our witnesses today. we have a great potential about the efforts that are under way to address t

take pkg ;01 ;10 ;41 01;04 01;36 ---pkg--- el hijo de jamiel shaw fue asesinado por un inmigrante indocumentado hace msuando el joven tena apenas 17 aÑos. s/ jamiel shawn, padre de víctima (nat up) el que mat a mi hijo no estara en este pas si sus padres ilegales no hubieran cruzado la frontera dijo shawn.. quien testific esta maÑana en una audiencia en el congreso donde se hablaba de las polticas de deportacin del gobierno. all algunos republicanos acusaron al departamento de seguridad nacional de tragedias que sucedieron dijeron, porque el gobierno no deport a esas personas. pero algunos demcratas dicen que no se puede generalizar. s/ cong. luis gutierrez (d-il) "hay inmigrantes criminales. si existen. el problema es que la inmensa mayoría no lo son. y cuando tu propones y te quejas de los malos inmigrantes pero a la misma vez quieres deportar a los buenos inmigrantes eres un hipócrita". poltica aparte, dice este activista lo cierto es que los inmigrantes indocumentados deben concientizarse de sus responsabilidade s. s/ gustavo torres activista "es importante que la comunidad sepa cuáles son sus dere

thank you ms. shaw. ms. quinn. madam chairman, ranking member and other committee members, thank you for allowing me to speak be this. 'represent asp tlrk r and is created the financial advisory board on exploitation. elder abuse is a huge expensive doedly problem. the people are treated, twice the number the combine, twice. victims victims and it is expensive costing tax payers, institutions billions of dollars anyway. it often cooccurred with physical and emotional abuse. con con con. we have any serious attention really begun to be paid and resulted in significant reductions in the incidence rates of both problems. >> ms. quinn. pardon me for interrupting. there are foreminutes left in the vote and as my colleagues know, i've never missed one in more than 18 years so i am going to excuse myself to vote. senator, have you voted? and why don't we tack a take a break but we will resume when i return. thank you. >>> thank you for your comments. would you like to continue? >> i was but i think i only recently thanks