I 

118TH CONGRESS 

2D SESSION H. R. 10488 

To establish an advisory committee on military financial services in the 

Department of Defense, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 18, 2024 

Mr. HILL introduced the following bill; which was referred to the Committee 

on Armed Services 

A BILL 

To establish an advisory committee on military financial services in the Department of Defense, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Military Financial 

5 Services Protection Act of 2024’’. 

6 SEC. 2. ADVISORY COMMITTEE ON MILITARY FINANCIAL 

7 SERVICES. 

8 (a) ESTABLISHMENT.—There is established in the 

9 Department of Defense an advisory committee to know 


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1 known as the ‘‘Advisory Committee on Military Financial 

2 Services’’ (in this section referred to as the ‘‘Committee’’). 

3 (b) MEMBERSHIP; CHAIRMAN; MEETINGS.— 

4 (1) MEMBERS.—The Committee shall consist of 

5 the following members: 

6 (A) The Under Secretary of Defense 

7 (Comptroller) or designee, who shall serve as 

8 Chair of the Committee. 

9 (B) Each Secretary of a military depart10 ment, or designees. 

11 (C) The Under Secretary of Defense for 

12 Personnel and Readiness or designee. 

13 (D) The Undersecretary of Defense for Ac14 quisition and Sustainment or designee. 

15 (E) The Comptroller of the Currency or 

16 designee. 

17 (F) The Chairman of the Federal Deposit 

18 Insurance Corporation or designee. 

19 (G) The Chairman of the Board of Gov20 ernors of the Federal Reserve System or des21 ignee. 

22 (H) The Chairman of the National Credit 

23 Union Administration or designee. 

24 (I) The head of a nonprofit organization 

25 for military banking. 


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1 (J) The head of a nonprofit organization 

2 for credit unions that serves members of the 

3 Armed Forces and veterans. 

4 (2) DESIGNEES.—A designee of a Committee 

5 member shall, at a minimum, be appointed to a Sen6 ior Executive Service position (as defined in section 

7 3132(a)(2) of title 5). 

8 (3) MEETINGS.— 

9 (A) IN GENERAL.—Not later than 30 days 

10 after the date of the enactment of this section, 

11 the Committee shall hold its first meeting. 

12 Thereafter, the Committee shall meet semi13 annually or at the call of a majority of the 

14 members of the Committee. 

15 (B) QUORUM.—Seven members of the 

16 Committee shall constitute a quorum, but a 

17 lesser number may hold hearings. 

18 (c) DUTIES.—The Committee shall— 

19 (1) review the Military Banking Programs and 

20 any relevant rules relating to the Military Banking 

21 Programs; 

22 (2) not later than 180 days after the date of 

23 the enactment of this Act, and annually thereafter 

24 until the termination date specified in subsection 


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1 (g), submit to Congress and the Secretary of De2 fense a report on— 

3 (A) the organization, implementation, and 

4 overall effectiveness of the Military Banking 

5 Programs and make recommendations for im6 provements to the Military Banking Programs; 

7 (B) the United States and foreign laws af8 fecting the delivery of financial services and 

9 products to a member of the Armed Forces and 

10 any dependents of such member; 

11 (C) whether the terms and conditions es12 tablished in all Department of Defense con13 tracts or other agreements with any insured de14 pository institution or insured credit union de15 livering financial products or services to such 

16 members and dependents are sufficient to pro17 mote the safety, soundness, efficiency, and ef18 fectiveness of such insured depository institu19 tions and insured credit unions; and 

20 (D) the obstacles and incentives for in21 sured depository institutions or insured credit 

22 unions to deliver financial products or services 

23 to such members and dependents on and out24 side military installations. 

25 (d) POWERS OF THE COMMITTEE.— 


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1 (1) HEARINGS AND SESSIONS.—For purposes 

2 of carrying out the duties referred to under sub3 section (c), the Committee or, with authorization of 

4 the Committee, any subcommittee or member there5 of, may hold such hearings, sit and act at such times 

6 and places, take such testimony, and receive such 

7 evidence as is appropriate. 

8 (2) POWERS OF COMMITTEE.—The Committee 

9 may secure directly from any department or agency 

10 of the United States such information necessary to 

11 carry out such duties. Upon request of the Chair12 man of the Committee, the head of such department 

13 or agency shall furnish such information to the 

14 Committee. 

15 (e) ADMINISTRATIVE PROVISIONS.— 

16 (1) STAFF OF FEDERAL AGENCIES.—Upon re17 quest of the Committee, the head of any Federal de18 partment or agency may detail, on a nonreimburs19 able basis, any of the personnel of such department 

20 or agency to assist the Committee in carrying out 

21 the duties referred to under subsection (c). Such de22 tail shall be without interruption or loss of civil serv23 ice status or privilege to the personnel. 

24 (2) EXPERTS AND CONSULTANTS.—The Com25 mittee may procure temporary and intermittent servVerDate Sep 11 2014 18:19 Jan 24, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H10488.IH H10488

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1 ices under section 3109(b) of title 5, United States 

2 Code, but at rates for individuals not to exceed the 

3 daily equivalent of the maximum annual rate of 

4 basic pay for GS–15 of the General Schedule. 

5 (3) COMPENSATION AND TRAVEL EXPENSES.— 

6 A member of the Committee may not be paid for 

7 service performed as a member of the Committee. 

8 However, members of the Committee may receive 

9 travel expenses, including per diem in lieu of subsist10 ence, in accordance with applicable provisions under 

11 subchapter I of chapter 57 of title 5, United States 

12 Code. 

13 (f) APPLICABILITY OF FACA.—The Committee shall 

14 be subject to the provisions of chapter 10 of title 5, United 

15 States Code, except that the requirements for termination 

16 in section 1013 of such title shall not apply to the Com17 mittee. 

18 (g) TERMINATION.—The Committee established 

19 under this section shall terminate five years after the date 

20 of the enactment of this Act. 

21 (h) DEFINITIONS.—In this section: 

22 (1) The term ‘‘insured depository institution’’ 

23 has the meaning given in section 3 of the Federal 

24 Deposit Insurance Act (12 U.S.C. 1813). 


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1 (2) The term ‘‘insured credit union’’ has the 

2 meaning given in section 101 of the Federal Credit 

3 Union Act (12 U.S.C. 1752). 

4 (3) The term ‘‘financial product or service’’ has 

5 the meaning given in section 1002 of the Consumer 

6 Financial Protection Act of 2010 (12 U.S.C. 5481). 

7 (4) The term ‘‘Military Banking Programs’’ 

8 means— 

9 (A) the Overseas Military Banking Pro10 gram of the Department of Defense (or a simi11 lar successor program); and 

12 (B) any program operated by the Secretary 

13 of Defense that provides financial products or 

14 services to a member of the Armed Forces and 

15 any dependents of such member. 

Æ 


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