I 

118TH CONGRESS 

2D SESSION H. R. 7966 

To amend title 10, United States Code, to require the verification of the 

financial independence of financial services counselors providing services 

to members of the Armed Forces, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 11, 2024 

Ms. SHERRILL (for herself, Mr. BACON, Mr. LARSEN of Washington, Mr. 

RYAN, Mr. PASCRELL, Ms. STEFANIK, Mr. DAVIS of North Carolina, Mr. 

GOTTHEIMER, Ms. TOKUDA, Mr. COHEN, Mr. KEAN of New Jersey, Ms. 

GARCIA of Texas, and Mr. MOLINARO) introduced the following bill; 

which was referred to the Committee on Armed Services 

A BILL 

To amend title 10, United States Code, to require the 

verification of the financial independence of financial 

services counselors providing services to members of the 

Armed Forces, 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 ‘‘Protecting our Service 

5 Members and their Families from Predatory Financial 

6 Practices Act’’. 


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1 SEC. 2. VERIFICATION OF THE FINANCIAL INDEPENDENCE 

2 OF FINANCIAL SERVICES COUNSELORS IN 

3 THE DEPARTMENT OF DEFENSE. 

4 (a) VERIFICATION OF FINANCIAL INDEPENDENCE.— 

5 Section 992 of title 10, United States Code, is amended— 

6 (1) in subsection (b)(2)(A)— 

7 (A) in clause (i), by striking ‘‘and’’ at the 

8 end; 

9 (B) in clause (ii)— 

10 (i) by striking ‘‘may’’ and inserting 

11 ‘‘shall’’; 

12 (ii) by striking ‘‘installation by any 

13 means elected by the Secretary from 

14 among the following:’’ and inserting ‘‘in15 stallation—’’; 

16 (iii) in subclause (I)— 

17 (I) by striking ‘‘Through’’ and 

18 inserting ‘‘through’’; and 

19 (II) by striking ‘‘Defense.’’ and 

20 inserting ‘‘Defense;’’; 

21 (iv) in subclause (II)— 

22 (I) by striking ‘‘By contract’’ and 

23 inserting ‘‘by contract’’; and 

24 (II) by striking ‘‘Internet.’’ and 

25 inserting ‘‘Internet; or’’; and 

26 (v) in subclause (III)— 


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1 (I) by striking ‘‘Through’’ and 

2 inserting ‘‘through’’; and 

3 (II) by striking ‘‘counseling.’’ and 

4 inserting ‘‘counseling; and’’; and 

5 (C) by adding at the end the following new 

6 clause: 

7 ‘‘(iii) may not provide financial services through 

8 any individual unless such individual agrees to sub9 mit financial disclosures annually to the Secretary.’’; 

10 (2) in subsection (b)(2)(B), by striking ‘‘instal11 lation by any of the means set forth in subparagraph 

12 (A)(ii), as elected by the Secretary concerned.’’ and 

13 inserting ‘‘installation in accordance with the re14 quirements established under subparagraph (A)(ii) 

15 and (iii).’’; and 

16 (3) in subsection (b)(4)— 

17 (A) by inserting ‘‘(A)’’ before ‘‘The Sec18 retary’’; and 

19 (B) by inserting at the end the following 

20 new subparagraphs: 

21 ‘‘(B) In carrying out the requirements of subpara22 graph (A), the Secretary concerned shall establish a re23 quirement that each financial services counselor under 

24 paragraph (2)(A)(i), and any other individual providing 


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1 counseling on financial services under paragraph (2), sub2 mit financial disclosures annually to the Secretary. 

3 ‘‘(C) The Secretary concerned shall review all finan4 cial disclosures submitted pursuant to subparagraph (B) 

5 to ensure the counselor, or the individual providing coun6 seling, is free from conflict as required under this para7 graph. 

8 ‘‘(D) If the Secretary concerned determines that a 

9 financial services counselor under paragraph (2)(A)(i), or 

10 any other individual providing counseling on financial 

11 services under paragraph (2), is not free from conflict as 

12 required under this paragraph, the Secretary shall ensure 

13 that the counselor, or the individual providing counseling, 

14 does not provide such services until such time as the Sec15 retary determines that such conflict is resolved.’’. 

16 (b) REPORT ON FINANCIAL INDEPENDENCE.—Not 

17 later than 180 days after the date of the enactment of 

18 this Act, and annually thereafter, each Secretary con19 cerned shall submit to Congress a report on the percentage 

20 of financial services counselors under paragraph (2)(A)(i) 

21 of section 992(b) of title 10, United States Code (as 

22 amended by subsection (a)), and other individuals pro23 viding counseling on financial services under paragraph 

24 (2) of such section (as amended by subsection (a)) whom 

25 the Secretary determined to be free from conflicts as reVerDate Sep 11 2014 19:18 Apr 23, 2024 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H7966.IH H7966

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1 quired under paragraph (4) of such section (as amended 

2 by subsection (a)). 

3 (c) SECRETARY CONCERNED DEFINED.—In this sec4 tion, the term ‘‘Secretary concerned’’ shall have the mean5 ing given to such term in section 101 of title 10, United 

6 States Code. 

Æ 


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