Protecting our Service Members and their Families from Predatory Financial Practices Act

Bill: 118-hr-7966
Sponsor: full_name: Rep. Sherrill, Mikie [D-NJ-11]
Introduced: 2024-04-11
Policy area: Armed Forces and National Security
Latest action: action_date: 2024-04-11
text: Referred to the House Committee on Armed Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 7966 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. Short title This Act may be cited as the Protecting our Service Members and their Families from Predatory Financial Practices Act . 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 installation— ; (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)— (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 submit financial disclosures annually to the Secretary. ; (2) in subsection (b)(2)(B), by striking installation by any of the means set forth in subparagraph (A)(ii), as elected by the Secretary concerned. and inserting installation in accordance with the requirements established under subparagraph (A)(ii) and (iii). ; and (3) in subsection (b)(4)— (A) by inserting (A) before The Secretary ; and (B) by inserting at the end the following new subparagraphs: (B) In carrying out the requirements of subparagraph (A), the Secretary concerned shall establish a requirement that each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraph (2), submit financial disclosures annually to the Secretary. (C) The Secretary concerned shall review all financial disclosures submitted pursuant to subparagraph (B) to ensure the counselor, or the individual providing counseling, is free from conflict as required under this paragraph. (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 Secretary 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 concerned 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 providing 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 required under paragraph (4) of such section (as amended by subsection (a)). (c) Secretary concerned defined In this section, the term Secretary concerned shall have the meaning given to such term in section 101 of title 10, United States Code.