‘‘(II) the member is informed 
during the in-person training of the 
member under subparagraph (B)(i) 
with respect to how the spouse of the 
member can access the training; and 
‘‘(D) ensure that such training, and all 
documents and materials provided in relation to 
such training, are presented or written in a 
manner that the Secretary concerned deter-
mines can be understood by the average en-
listed member.’’. 
(b) QUALIFIED REPRESENTATIVES FOR COUNSELING 
FOR MEMBERS AND SPOUSES.—Subsection (b)(2) of such 
section is amended— 
(1) in subparagraph (A)(ii), by adding at the 
end the following: 
‘‘(IV) Through qualified representatives of 
banks or credit unions operating on military in-
stallations pursuant to an agreement with the 
Secretary concerned, or through a qualified rep-
resentative of a financial planning firm who has 
been approved by the Secretary concerned to 
provide such counseling on a military installa-
tion pursuant to regulations or guidance pre-
scribed by the Secretary concerned; and’’; and 
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(2) by adding at the end the following new sub-
paragraph: 
‘‘(C) No professional financial planning firm may be 
disqualified from providing counseling under subpara-
graph (A)(ii) solely on the basis that the firm operates 
a commercial business in the financial services industry.’’. 
(c) PROVISION
OF RETIREMENT INFORMATION.— 
Such section is further amended— 
(1) by redesignating subsections (d) and (e) as 
subsections (e) and (g), respectively; and 
(2) by inserting after subsection (c) the fol-
lowing new subsection (d): 
‘‘(d) PROVISION OF RETIREMENT INFORMATION.—In 
each training under subsection (a) and in each meeting 
to provide counseling under subsection (b), a member of 
the armed forces shall be provided with the following, in 
both hard copy and electronic format: 
‘‘(1) All forms relating to retirement that are 
relevant to the member, including with respect to the 
Thrift Savings Plan. 
‘‘(2) Information with respect to how to find 
additional information. 
‘‘(3) Contact information for— 
‘‘(A) a counselor provided through— 
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‘‘(i) the Personal Financial Counselor 
program, Personal Financial Management 
program, or the Military OneSource Pro-
gram; or 
‘‘(ii) a nonprofit organization or agen-
cy that has a current agreement with the 
Secretary concerned to provide financial 
services counseling; or 
‘‘(B) a qualified representative of— 
‘‘(i) a bank or credit union operating 
on a military installation pursuant to an 
agreement with the Secretary concerned; 
and 
‘‘(ii) a certified financial planning 
firm approved by the Secretary concerned 
to provide such counseling on a military in-
stallation pursuant to regulations or guid-
ance prescribed by the Secretary con-
cerned.’’. 
(d) ADVISORY
COUNCIL
ON
FINANCIAL
READI-
NESS.—Such section is further amended by inserting after 
subsection (e), as redesignated by subsection (c)(1), the 
following new subsection: 
‘‘(f) ADVISORY COUNCIL
ON FINANCIAL READI-
NESS.—(1) There is established an Advisory Council on 
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Financial Readiness (in this section referred to as the 
‘Council’). 
‘‘(2)(A) The Council shall consist of 15 members ap-
pointed by the Secretary of Defense, as follows— 
‘‘(i) three shall be representatives of military 
support organizations; 
‘‘(ii) three shall be representatives of veterans 
service organizations; 
‘‘(iii) three shall be representatives of private 
nonprofit organizations with a vested interest in 
education and communication of financial education 
and financial services; 
‘‘(iv) three shall be representatives of firms who 
employ registered investment advisors or broker- 
dealers as defined under the Federal securities laws; 
and 
‘‘(v) three shall be representatives of govern-
mental entities with a vested interest in education 
and communication of financial education and finan-
cial services. 
‘‘(B) The Secretary shall appoint members to the 
Council from among individuals qualified to appraise mili-
tary compensation, military retirement, and financial lit-
eracy training. 
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‘‘(C) Members of the Council shall serve for terms 
of three years, except that, of the members first ap-
pointed— 
‘‘(i) five shall be appointed for terms of one 
year; 
‘‘(ii) five shall be appointed for terms of two 
years; and 
‘‘(iii) five shall be appointed for terms of three 
years. 
‘‘(D) A member of the Council may be reappointed 
for additional terms. 
‘‘(E) Any member appointed to fill a vacancy occur-
ring before the expiration of the term of office for which 
such member’s predecessor was appointed shall be ap-
pointed only for the remainder of such term. 
‘‘(3) The Council shall— 
‘‘(A) advise the Secretary with respect to mat-
ters relating to the financial literacy and financial 
readiness of members of the armed forces; and 
‘‘(B) submit to the Secretary recommendations 
with respect to those matters. 
‘‘(4)(A) Subject to subparagraph (B), the Council 
shall meet not less frequently than twice each year and 
at such other times as the Secretary requests. 
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‘‘(B) A majority of members shall constitute a 
quorum and action shall be taken only by a majority vote 
of the members present and voting. 
‘‘(5) The Secretary— 
‘‘(A) shall provide to the Council an executive 
secretary and such secretarial, clerical, and other 
support services as the Council considers necessary 
to carry out the duties of the Council; and 
‘‘(B) may request that other Federal agencies 
provide statistical data, reports, and other informa-
tion that is reasonably accessible to assist the Coun-
cil in the performance of the duties of the Council. 
‘‘(6) While away from their homes or regular places 
of business in the performance of services for Council, 
members of the Council shall be allowed travel expenses, 
including per diem in lieu of subsistence, in the same man-
ner as persons employed intermittently in the Government 
service are allowed expenses under section 5703 of title 
5. 
‘‘(7) Not less frequently than annually, the Secretary 
shall submit to Congress a report that— 
‘‘(A) describes each recommendation received 
from the Council during the preceding year; and 
‘‘(B) indicates, with respect to each such rec-
ommendation, whether the Secretary has imple-
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mented the recommendation and, if not, an expla-
nation of why the Secretary has not implemented 
the recommendation. 
‘‘(8) Section 14(a) of the Federal Advisory Com-
mittee Act (5 U.S.C. App.) (relating to termination) shall 
not apply to the Council. 
‘‘(9)(A) Subject to subparagraph (B), the Council 
shall terminate on the day that is five years after the date 
of the enactment of the Financial Readiness of America’s 
Servicemembers Act of 2021. 
‘‘(B) The Secretary may renew the Council for an 
additional periods each of which shall not exceed five years 
in duration. 
‘‘(10) In this subsection: 
‘‘(A) The terms ‘broker-dealer’ and ‘registered 
investment advisor’ have the meanings given such 
terms in section 202 of the Investment Advisers Act 
of 1940 (15 U.S.C. 80a–3). 
‘‘(B) The term ‘military support organization’ 
means an organization that provides support to 
members of the armed forces and their families with 
respect to education, finances, health care, employ-
ment, and overall well-being. 
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‘‘(C) The term ‘private nonprofit organization’ 
means an entity described in section 501(c) of the 
Internal Revenue Code of 1986 (26 U.S.C. 501(c)). 
‘‘(D) The term ‘veterans service organization’ 
means any organization recognized by the Secretary 
of Veterans Affairs for the representation of vet-
erans under section 5902 of title 38.’’. 
(e) REPORT
ON EFFECTIVENESS
OF FINANCIAL 
SERVICES COUNSELING.—Not later than three years after 
the date of the enactment of this Act, the Secretary of 
Defense shall submit to the congressional defense commit-
tees (as that term is defined in section 101 of title 10, 
United States Code) a report on financial literacy training 
and financial services counseling provided under section 
992 of title 10, United States Code, as amended by this 
section, that assesses— 
(1) the effectiveness of such training and coun-
seling, which shall be determined using actual local-
ized data similar to the Unit Risk Inventory Survey 
of the Army; and 
(2) whether additional training or counseling is 
necessary for enlisted members of the Armed Forces 
or for officers. 
(f) REGULATIONS.—Not later than 120 days after 
the date of the enactment of this Act, the Secretary of 
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Defense shall prescribe regulations to carry out this sec-
tion. 
SEC. 3. REPORT ON IMPROVED ACCESS TO THRIFT SAV-
INGS PLAN. 
Not later than 18 months after the date of the enact-
ment of this Act, the Federal Retirement Thrift Invest-
ment Board shall submit to Congress a plan for improving 
the access of members of the Armed Forces to information 
about the Thrift Savings Plan that— 
(1) takes into account the time likely to pass 
between the mailing of account information to a 
member of the Armed Forces and the time the mem-
ber is likely to receive the information; and 
(2) includes recommendations for legislation 
necessary to improve such access. 
Æ 
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