‘‘(B) Each head of a Federal department or 
agency that pays to a fiduciary or other person ben-
efits under any law administered by such depart-
ment of agency for the use and benefit of a minor, 
incompetent, or other beneficiary. 
‘‘(f) BOND.—In requiring the furnishing of a bond 
under subsection (a)(4), the Secretary shall— 
‘‘(1) ensure that any such bond is not paid 
using any funds of the beneficiary; and 
‘‘(2) consider— 
‘‘(A) the care a proposed fiduciary has 
taken to protect the interests of the beneficiary; 
and 
‘‘(B) the capacity of the proposed fiduciary 
to meet the financial requirements of the bond 
without sustaining hardship. 
‘‘(g) LIST OF FIDUCIARIES.—Each regional office of 
the Veterans Benefits Administration shall maintain a list 
of the following: 
‘‘(1) The name and contact information of each 
fiduciary, including address, telephone number, and 
email address. 
‘‘(2) With respect to each fiduciary described in 
paragraph (1)— 
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‘‘(A) the date of the most recent back-
ground check and credit check performed by the 
Secretary under this section; 
‘‘(B) the date that any bond was paid 
under this section; 
‘‘(C) the name, address, and telephone 
number of each beneficiary the fiduciary acts on 
behalf of; and 
‘‘(D) the amount that the fiduciary con-
trols with respect to each beneficiary described 
in subparagraph (C).’’. 
(e) ANNUAL RECEIPT OF PAYMENTS.— 
(1) IN
GENERAL.—Section 5509 of title 38, 
United States Code, is amended— 
(A) in subsection (a)—— 
(i) by striking ‘‘may require a fidu-
ciary to file a’’ and inserting ‘‘, subject to 
regulations prescribed pursuant to sub-
section (f), shall require a fiduciary to file 
an annual’’; and 
(ii) by adding at the end the following 
new sentence: ‘‘The Secretary shall trans-
mit such annual report or accounting to 
the beneficiary and any legal guardian of 
such beneficiary.’’; 
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(B) by adding at the end the following new 
subsections: 
‘‘(c) MATTERS INCLUDED.—An annual report or ac-
counting under subsection (a) shall include the following: 
‘‘(1) For each beneficiary that a fiduciary acts 
on behalf of— 
‘‘(A) the amount of the benefits of the ben-
eficiary accrued during the year, the amount 
spent, and the amount remaining; and 
‘‘(B) if the fiduciary serves the beneficiary 
with respect to benefits not administered by the 
Secretary, an accounting of all sources of bene-
fits or other income the fiduciary oversees for 
the beneficiary. 
‘‘(2) A list of events that occurred during the 
year covered by the report that could affect the abil-
ity of the fiduciary to act on behalf of the bene-
ficiary, including— 
‘‘(A) the fiduciary being convicted of any 
crime; 
‘‘(B) the fiduciary declaring bankruptcy; 
and 
‘‘(C) any judgments entered against the fi-
duciary. 
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‘‘(d) RANDOM AUDITS.—The Secretary shall annu-
ally conduct random audits of fiduciaries who receive a 
commission pursuant to subsection 5502A(a)(1) of this 
title. 
‘‘(e) STATUS OF FIDUCIARY.—If a fiduciary includes 
in the annual report events described in subsection (c)(2), 
the Secretary may take appropriate action to adjust the 
status of the fiduciary as the Secretary determines appro-
priate, including by revoking the fiduciary status of the 
fiduciary. 
‘‘(f) REGULATIONS.—(1) In prescribing regulations 
to carry out this section, the Secretary, in consultation 
with the Under Secretary for Benefits and the Under Sec-
retary for Health, shall ensure that the care provided by 
a fiduciary described in paragraph (2) to a beneficiary is 
not diminished or otherwise worsened by the fiduciary 
complying with this section. 
‘‘(2) A fiduciary described in this paragraph is a fidu-
ciary who, in addition to acting as a fiduciary for a bene-
ficiary, provides care to the beneficiary pursuant to this 
title (including such care provided under section 1720G 
of this title).’’; and 
(C) by striking the section heading and in-
serting the following: ‘‘Annual reports and 
accountings of fiduciaries’’. 
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(2) CLERICAL AMENDMENT.—The table of sec-
tions at the beginning of chapter 55 of title 38, 
United States Code, is amended by striking the item 
relating to section 5509 and inserting the following 
new item: 
‘‘5509. Annual reports and accountings of fiduciaries.’’. 
(f) REPAYMENT OF MISUSED BENEFITS.—Section 
6107(a)(2)(C) of title 38, United States Code, is amended 
by inserting before the period the following: ‘‘, including 
by the Secretary not acting in accordance with section 
5507 of this title’’. 
(g) ANNUAL REPORTS.—Section 5510 of title 38, 
United States Code, is amended by striking ‘‘The Sec-
retary shall include in the Annual Benefits Report of the 
Veterans Benefits Administration or the Secretary’s An-
nual Performance and Accountability Report’’ and insert-
ing ‘‘Not later than July 1 of each year, the Secretary 
shall submit to the Committees on Veterans’ Affairs of 
the House of Representatives and the Senate a separate 
report containing’’. 
(h) REPORT.—Not later than one year after the date 
of the enactment of this Act, the Secretary of Veterans 
Affairs shall submit to the Committee on Veterans’ Affairs 
of the Senate and the Committee on Veterans’ Affairs of 
the House of Representatives a comprehensive report on 
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the implementation of the amendments made by this Act, 
including— 
(1) detailed information on the establishment of 
new policies and procedures pursuant to such 
amendments and training provided on such policies 
and procedures; and 
(2) a discussion of whether the Secretary 
should provide fiduciaries with standardized finan-
cial software to simplify reporting requirements. 
Æ 
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