The chairs of the Senate’s Special Committee on Aging and Health Education Labor and Pensions Committee told Financial Advisor magazine Wednesday new legislation is possible to combat senior financial abuse.

Aging Committee Chair Susan Collins (R-Maine) said she is looking into introducing legislation to combat senior exploitation which she called a growing “epidemic,” but she has not drafted a bill.

Sen. Collins said increased cooperation by federal, state and local agencies may also be needed to attack senior fraud.

Her committee will be holding a hearing on the matter February 4.

Collins’ comments came after she joined with members of the Senate Health Education Labor and Pensions Committee in unanimously passing a revamped package of federal grants to state governments for elder programs known as the Older Americans Act.

The biggest changes in the 50-year-old collection of senior services are stiffer senior financial abuse protections. The proposed law would mandate states do a better job at reporting cases of abuse to the federal government and permits legal services to be funded through the grants to aid in anti-abuse efforts.

HELP Chair Lamar Alexander said he has spoken recently to Collins on senior financial exploitation and his committee would consider any senior fraud legislation she proposes.