The Financial Exploitation Prevention Act, which is designed to provide tools for combating financial abuse of older Americans, has been reintroduced in the Senate. Meanwhile, a House version of the legislation was approved by the House Financial Services Committee this week. Both bills would require the Securities and Exchange Commission to report on potential ways to stop exploitation.

Reps. Seth Magaziner, D-R.I., and Ron Estes, R-Kan., have introduced the Unclaimed Retirement Rescue Act, which aims to help workers recover unclaimed retirement benefits. The legislation would allow retirement plan administrators to transfer unclaimed distributions to state unclaimed property programs and would call for states to update the Labor Department's Retirement Savings Lost and Found database.

The Federal Reserve announced a quarter-point reduction to a key interest rate and indicated that additional cuts are likely coming before the end of 2025. The reduction is the first since December and brings the overnight funds rate to a range between 4% and 4.25%. "In this less dynamic and somewhat softer labor market, the downside risks to employment appear to have risen," said Fed Chair Jerome Powell.

Financial professionals must recognize the cultural divide within Generation Z to connect effectively, writes Lloyd Lofton of Power Behind the Sales. Gen Z men prioritize family, financial independence and legacy, while Gen Z women are focused on career growth and economic mobility. "Gen Z doesn't trust hype. They don't need a product -- they need a plan," Lofton writes. "What they crave... is certainty in uncertain times."

Roughly two-thirds of US households own pets, and those pets are increasingly considered family members, prompting some advisors to include pet trusts in estate planning. A recent white paper outlines steps for creating pet trusts, including consulting an estate planning attorney, choosing a trustee and caregiver, drafting detailed care instructions and funding the trust.

Student loan borrowers enrolled in the Saving on a Valuable Education income-driven repayment plan should consider alternative repayment options, writes columnist Lynn O'Shaughnessy. A court injunction forced the plan's suspension, but interest on SAVE loans resumed in August. O'Shaughnessy reviews borrowers' options, which include the standard 10-year repayment plan or another income-driven repayment plan.