Share story

PORTLAND, Maine (AP) — A bipartisan bill co-authored by Maine Sen. Susan Collins designed to protect older Americans from fraud is headed to President Donald Trump for his signature.

Collins, a Republican, and Democratic Sen. Claire McCaskill of Missouri worked on the bill, which passed the House of Representatives on Tuesday. The bill was part of a banking reform package. It passed the Senate in March.

A spokeswoman for Collins says the bill is expected to provide support for regulators, financial institutions and legal groups to train employees to identify and stop financial exploitation of senior citizens.

The Government Accountability Office says financial fraud that preys on seniors costs older Americans nearly $3 billion every year. The bill is designed to spur financial institutions to report more suspected cases of fraud that target seniors.