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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Protecting our Service 
Members and their Families from Predatory Financial 
Practices Act’’. 
VerDate Sep 11 2014 
19:18 Apr 23, 2024
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H7966.IH
H7966
ssavage on LAPJG3WLY3PROD with BILLS
SEC. 2. VERIFICATION OF THE FINANCIAL INDEPENDENCE 
OF FINANCIAL SERVICES COUNSELORS IN 
THE DEPARTMENT OF DEFENSE. 
(a) VERIFICATION OF FINANCIAL INDEPENDENCE.— 
Section 992 of title 10, United States Code, is amended— 
(1) in subsection (b)(2)(A)— 
(A) in clause (i), by striking ‘‘and’’ at the 
end; 
(B) in clause (ii)— 
(i) by striking ‘‘may’’ and inserting 
‘‘shall’’; 
(ii) by striking ‘‘installation by any 
means elected by the Secretary from 
among the following:’’ and inserting ‘‘in-
stallation—’’; 
(iii) in subclause (I)— 
(I) by striking ‘‘Through’’ and 
inserting ‘‘through’’; and 
(II) by striking ‘‘Defense.’’ and 
inserting ‘‘Defense;’’; 
(iv) in subclause (II)— 
(I) by striking ‘‘By contract’’ and 
inserting ‘‘by contract’’; and 
(II) by striking ‘‘Internet.’’ and 
inserting ‘‘Internet; or’’; and 
(v) in subclause (III)— 
VerDate Sep 11 2014 
19:18 Apr 23, 2024
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H7966.IH
H7966
ssavage on LAPJG3WLY3PROD with BILLS
(I) by striking ‘‘Through’’ and 
inserting ‘‘through’’; and 
(II) by striking ‘‘counseling.’’ and 
inserting ‘‘counseling; and’’; and 
(C) by adding at the end the following new 
clause: 
‘‘(iii) may not provide financial services through 
any individual unless such individual agrees to sub-
mit financial disclosures annually to the Secretary.’’; 
(2) in subsection (b)(2)(B), by striking ‘‘instal-
lation by any of the means set forth in subparagraph 
(A)(ii), as elected by the Secretary concerned.’’ and 
inserting ‘‘installation in accordance with the re-
quirements established under subparagraph (A)(ii) 
and (iii).’’; and 
(3) in subsection (b)(4)— 
(A) by inserting ‘‘(A)’’ before ‘‘The Sec-
retary’’; and 
(B) by inserting at the end the following 
new subparagraphs: 
‘‘(B) In carrying out the requirements of subpara-
graph (A), the Secretary concerned shall establish a re-
quirement that each financial services counselor under 
paragraph (2)(A)(i), and any other individual providing 
VerDate Sep 11 2014 
19:18 Apr 23, 2024
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H7966.IH
H7966
ssavage on LAPJG3WLY3PROD with BILLS
counseling on financial services under paragraph (2), sub-
mit financial disclosures annually to the Secretary. 
‘‘(C) The Secretary concerned shall review all finan-
cial disclosures submitted pursuant to subparagraph (B) 
to ensure the counselor, or the individual providing coun-
seling, is free from conflict as required under this para-
graph. 
‘‘(D) If the Secretary concerned determines that a 
financial services counselor under paragraph (2)(A)(i), or 
any other individual providing counseling on financial 
services under paragraph (2), is not free from conflict as 
required under this paragraph, the Secretary shall ensure 
that the counselor, or the individual providing counseling, 
does not provide such services until such time as the Sec-
retary determines that such conflict is resolved.’’. 
(b) REPORT ON FINANCIAL INDEPENDENCE.—Not 
later than 180 days after the date of the enactment of 
this Act, and annually thereafter, each Secretary con-
cerned shall submit to Congress a report on the percentage 
of financial services counselors under paragraph (2)(A)(i) 
of section 992(b) of title 10, United States Code (as 
amended by subsection (a)), and other individuals pro-
viding counseling on financial services under paragraph 
(2) of such section (as amended by subsection (a)) whom 
the Secretary determined to be free from conflicts as re-
VerDate Sep 11 2014 
19:18 Apr 23, 2024
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H7966.IH
H7966
ssavage on LAPJG3WLY3PROD with BILLS
quired under paragraph (4) of such section (as amended 
by subsection (a)). 
(c) SECRETARY CONCERNED DEFINED.—In this sec-
tion, the term ‘‘Secretary concerned’’ shall have the mean-
ing given to such term in section 101 of title 10, United 
States Code. 
Æ 
VerDate Sep 11 2014 
19:18 Apr 23, 2024
Jkt 049200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H7966.IH
H7966
ssavage on LAPJG3WLY3PROD with BILLS