Military Personnel Financial Services Protection Act
PL 109-290 (S.418), enacted 09/29/2006

120 STAT. 1317
PUBLIC LAW 109–290—SEPT. 29, 2006
Public Law 109–290
109th Congress
An Act
To protect members of the Armed Forces from unscrupulous practices regarding
sales of insurance, financial, and investment products.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the ‘‘Military Per-
sonnel Financial Services Protection Act’’.
(b) TABLE OF CONTENTS.—The table of contents for this Act
is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Congressional findings.
Sec. 3. Definitions.
Sec. 4. Prohibition on future sales of periodic payment plans.
Sec. 5. Required disclosures regarding offers or sales of securities on military in-
stallations.
Sec. 6. Method of maintaining broker and dealer registration, disciplinary, and
other data.
Sec. 7. Filing depositories for investment advisers.
Sec. 8. State insurance and securities jurisdiction on military installations.
Sec. 9. Required development of military personnel protection standards regarding
insurance sales; administrative coordination.
Sec. 10. Required disclosures regarding life insurance products.
Sec. 11. Improving life insurance product standards.
Sec. 12. Required reporting of disciplinary actions.
Sec. 13. Reporting barred persons selling insurance or securities.
Sec. 14. Study and reports by Inspector General of the Department of Defense.
SEC. 2. CONGRESSIONAL FINDINGS.
Congress finds that—
(1) members of the Armed Forces perform great sacrifices
in protecting our Nation in the War on Terror;
(2) the brave men and women in uniform deserve to be
offered first-rate financial products in order to provide for their
families and to save and invest for retirement;
(3) members of the Armed Forces are being offered high-
cost securities and life insurance products by some financial
services companies engaging in abusive and misleading sales
practices;
(4) one securities product offered to service members,
known as the ‘‘mutual fund contractual plan’’, largely dis-
appeared from the civilian market in the 1980s, due to excessive
sales charges;
(5) with respect to a mutual fund contractual plan, a 50
percent sales commission is assessed against the first year
of contributions, despite an average commission on other securi-
ties products of less than 6 percent on each sale;
10 USC 992 note.
Military
Personnel
Financial
Services
Protection Act.
10 USC 992 note.
Sept. 29, 2006
[S. 418]
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120 STAT. 1318
PUBLIC LAW 109–290—SEPT. 29, 2006
(6) excessive sales charges allow abusive and misleading
sales practices in connection with mutual fund contractual plan;
(7) certain life insurance products being offered to members
of the Armed Forces are improperly marketed as investment
products, providing minimal death benefits in exchange for
excessive premiums that are front-loaded in the first few years,
making them entirely inappropriate for most military per-
sonnel; and
(8) the need for regulation of the marketing and sale of
securities and life insurance products on military bases neces-
sitates Congressional action.
SEC. 3. DEFINITIONS.
For purposes of this Act, the following definitions shall apply:
(1) LIFE INSURANCE PRODUCT.—
(A) IN GENERAL.—The term ‘‘life insurance product’’
means any product, including individual and group life
insurance, funding agreements, and annuities, that pro-
vides insurance for which the probabilities of the duration
of human life or the rate of mortality are an element
or condition of insurance.
(B) INCLUDED INSURANCE.—The term ‘‘life insurance
product’’ includes the granting of—
(i) endowment benefits;
(ii) additional benefits in the event of death by
accident or accidental means;
(iii) disability income benefits;
(iv) additional disability benefits that operate to
safeguard the contract from lapse or to provide a spe-
cial surrender value, or special benefit in the event
of total and permanent disability;
(v) benefits that provide payment or reimburse-
ment for long-term home health care, or long-term
care in a nursing home or other related facility;
(vi) burial insurance; and
(vii) optional modes of settlement or proceeds of
life insurance.
(C) EXCLUSIONS.—Such term does not include workers
compensation insurance, medical indemnity health insur-
ance, or property and casualty insurance.
(2) NAIC.—The term ‘‘NAIC’’ means the National Associa-
tion of Insurance Commissioners (or any successor thereto).
SEC. 4. PROHIBITION ON FUTURE SALES OF PERIODIC PAYMENT
PLANS.
(a) AMENDMENT.—Section 27 of the Investment Company Act
of 1940 (15 U.S.C. 80a–27) is amended by adding at the end the
following new subsection:
‘‘(j) TERMINATION OF SALES.—
‘‘(1) TERMINATION.—Effective 30 days after the date of
enactment of the Military Personnel Financial Services Protec-
tion Act, it shall be unlawful, subject to subsection (i)—
‘‘(A) for any registered investment company to issue
any periodic payment plan certificate; or
‘‘(B) for such company, or any depositor of or under-
writer for any such company, or any other person, to sell
such a certificate.
10 USC 992 note.
10 USC 992 note.
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120 STAT. 1319
PUBLIC LAW 109–290—SEPT. 29, 2006
‘‘(2) NO INVALIDATION OF EXISTING CERTIFICATES.—Para-
graph (1) shall not be construed to alter, invalidate, or otherwise
affect any rights or obligations, including rights of redemption,
under any periodic payment plan certificate issued and sold
before 30 days after such date of enactment.’’.
(b) TECHNICAL AMENDMENT.—Section 27(i)(2)(B) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–27(i)(2)(B)) is amended
by striking ‘‘section 26(e)’’ each place that term appears and
inserting ‘‘section 26(f)’’.
(c) REPORT
ON REFUNDS, SALES PRACTICES, AND REVENUES
FROM PERIODIC PAYMENT PLANS.—Not later than 6 months after
the date of enactment of this Act, the Securities and Exchange
Commission shall submit to the Committee on Financial Services
of the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate, a report describing—
(1) any measures taken by a broker or dealer registered
with the Securities and Exchange Commission pursuant to
section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C.
78o(b)) to voluntarily refund payments made by military service
members on any periodic payment plan certificate, and the
amounts of such refunds;
(2) after such consultation with the Secretary of Defense,
as the Commission considers appropriate, the sales practices
of such brokers or dealers on military installations over the
5 years preceding the date of submission of the report and
any legislative or regulatory recommendations to improve such
practices; and
(3) the revenues generated by such brokers or dealers in
the sales of periodic payment plan certificates over the 5 years
preceding the date of submission of the report, and the products
marketed by such brokers or dealers to replace the revenue
generated from the sales of periodic payment plan certificates
prohibited under subsection (a).
SEC. 5. REQUIRED DISCLOSURES REGARDING OFFERS OR SALES OF
SECURITIES ON MILITARY INSTALLATIONS.
Section 15A(b) of the Securities Exchange Act of 1934 (15
U.S.C. 78o–3(b)) is amended by inserting immediately after para-
graph (13) the following:
‘‘(14) The rules of the association include provisions gov-
erning the sales, or offers of sales, of securities on the premises
of any military installation to any member of the Armed Forces
or a dependent thereof, which rules require—
‘‘(A) the broker or dealer performing brokerage services
to 
clearly 
and 
conspicuously 
disclose 
to 
potential
investors—
‘‘(i) that the securities offered are not being offered
or provided by the broker or dealer on behalf of the
Federal Government, and that its offer is not sanc-
tioned, recommended, or encouraged by the Federal
Government; and
‘‘(ii) the identity of the registered broker-dealer
offering the securities;
‘‘(B) such broker or dealer to perform an appropriate
suitability determination, including consideration of costs
10 USC 992 note.
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120 STAT. 1320
PUBLIC LAW 109–290—SEPT. 29, 2006
and knowledge about securities, prior to making a rec-
ommendation of a security to a member of the Armed
Forces or a dependent thereof; and
‘‘(C) that no person receive any referral fee or incentive
compensation in connection with a sale or offer of sale
of securities, unless such person is an associated person
of a registered broker or dealer and is qualified pursuant
to the rules of a self-regulatory organization.’’.
SEC. 6. METHOD OF MAINTAINING BROKER AND DEALER REGISTRA-
TION, DISCIPLINARY, AND OTHER DATA.
Section 15A(i) of the Securities Exchange Act of 1934 (15 U.S.C.
78o–3(i)) is amended to read as follows:
‘‘(i) OBLIGATION TO MAINTAIN REGISTRATION, DISCIPLINARY, AND
OTHER DATA.—
‘‘(1) MAINTENANCE OF SYSTEM TO RESPOND TO INQUIRIES.—
A registered securities association shall—
‘‘(A) establish and maintain a system for collecting
and retaining registration information;
‘‘(B) establish and maintain a toll-free telephone listing,
and a readily accessible electronic or other process, to
receive and promptly respond to inquiries regarding—
‘‘(i) registration information on its members and
their associated persons; and
‘‘(ii) registration information on the members and
their associated persons of any registered national
securities exchange that uses the system described in
subparagraph (A) for the registration of its members
and their associated persons; and
‘‘(C) adopt rules governing the process for making
inquiries and the type, scope, and presentation of informa-
tion to be provided in response to such inquiries in consulta-
tion with any registered national securities exchange pro-
viding information pursuant to subparagraph (B)(ii).
‘‘(2) RECOVERY OF COSTS.—A registered securities associa-
tion may charge persons making inquiries described in para-
graph (1)(B), other than individual investors, reasonable fees
for responses to such inquiries.
‘‘(3) PROCESS FOR DISPUTED INFORMATION.—Each registered
securities association shall adopt rules establishing an adminis-
trative process for disputing the accuracy of information pro-
vided in response to inquiries under this subsection in consulta-
tion with any registered national securities exchange providing
information pursuant to paragraph (1)(B)(ii).
‘‘(4) LIMITATION
ON
LIABILITY.—A registered securities
association, or an exchange reporting information to such an
association, shall not have any liability to any person for any
actions taken or omitted in good faith under this subsection.
‘‘(5) DEFINITION.—For purposes of this subsection, the term
‘registration information’ means the information reported in
connection with the registration or licensing of brokers and
dealers and their associated persons, including disciplinary
actions, regulatory, judicial, and arbitration proceedings, and
other information required by law, or exchange or association
rule, and the source and status of such information.’’.
Regulations.
Regulations.
Communications
and tele-
communications.
10 USC 992 note.
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120 STAT. 1321
PUBLIC LAW 109–290—SEPT. 29, 2006
SEC. 7. FILING DEPOSITORIES FOR INVESTMENT ADVISERS.
(a) INVESTMENT ADVISERS.—Section 204 of the Investment
Advisers Act of 1940 (15 U.S.C. 80b–4) is amended—
(1) by striking ‘‘Every investment’’ and inserting the fol-
lowing:
‘‘(a) IN GENERAL.—Every investment’’; and
(2) by adding at the end the following:
‘‘(b) FILING DEPOSITORIES.—The Commission may, by rule,
require an investment adviser—
‘‘(1) to file with the Commission any fee, application, report,
or notice required to be filed by this title or the rules issued
under this title through any entity designated by the Commis-
sion for that purpose; and
‘‘(2) to pay the reasonable costs associated with such filing
and the establishment and maintenance of the systems required
by subsection (c).
‘‘(c) ACCESS TO DISCIPLINARY AND OTHER INFORMATION.—
‘‘(1) MAINTENANCE OF SYSTEM TO RESPOND TO INQUIRIES.—
‘‘(A) IN GENERAL.—The Commission shall require the
entity designated by the Commission under subsection
(b)(1) to establish and maintain a toll-free telephone listing,
or a readily accessible electronic or other process, to receive
and promptly respond to inquiries regarding registration
information (including disciplinary actions, regulatory,
judicial, and arbitration proceedings, and other information
required by law or rule to be reported) involving investment
advisers and persons associated with investment advisers.
‘‘(B) APPLICABILITY.—This subsection shall apply to any
investment adviser (and the persons associated with that
adviser), whether the investment adviser is registered with
the Commission under section 203 or regulated solely by
a State, as described in section 203A.
‘‘(2) RECOVERY
OF
COSTS.—An entity designated by the
Commission under subsection (b)(1) may charge persons making
inquiries, other than individual investors, reasonable fees for
responses to inquiries described in paragraph (1).
‘‘(3) LIMITATION
ON
LIABILITY.—An entity designated by
the Commission under subsection (b)(1) shall not have any
liability to any person for any actions taken or omitted in
good faith under this subsection.’’.
(b) CONFORMING AMENDMENTS.—
(1) INVESTMENT ADVISERS ACT OF 1940.—Section 203A of
the Investment Advisers Act of 1940 (15 U.S.C. 80b–3a) is
amended—
(A) by striking subsection (d); and
(B) by redesignating subsection (e) as subsection (d).
(2) NATIONAL SECURITIES MARKETS IMPROVEMENT ACT OF
1996.—Section 306 of the National Securities Markets Improve-
ment Act of 1996 (15 U.S.C. 80b–10, note) is repealed.
SEC. 8. STATE INSURANCE AND SECURITIES JURISDICTION ON MILI-
TARY INSTALLATIONS.
(a) CLARIFICATION
OF JURISDICTION.—Any provision of law,
regulation, or order of a State with respect to regulating the busi-
ness of insurance or securities shall apply to insurance or securities
activities conducted on Federal land or facilities in the United
Applicability.
10 USC 992 note.
Communication
and tele-
communications.
10 USC 992 note.
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120 STAT. 1322
PUBLIC LAW 109–290—SEPT. 29, 2006
States and abroad, including military installations, except to the
extent that such law, regulation, or order—
(1) directly conflicts with any applicable Federal law, regu-
lation, or authorized directive; or
(2) would not apply if such activity were conducted on
State land.
(b) PRIMARY STATE JURISDICTION.—To the extent that multiple
State laws would otherwise apply pursuant to subsection (a) to
an insurance or securities activity of an individual or entity on
Federal land or facilities, the State having the primary duty to
regulate such activity and the laws of which shall apply to such
activity in the case of a conflict shall be—
(1) the State within which the Federal land or facility
is located; or
(2) if the Federal land or facility is located outside of
the United States, the State in which—
(A) in the case of an individual engaged in the business
of insurance, such individual has been issued a resident
license;
(B) in the case of an entity engaged in the business
of insurance, such entity is domiciled;
(C) in the case of an individual engaged in the offer
or sale (or both) of securities, such individual is registered
or required to be registered to do business or the person
solicited by such individual resides; or
(D) in the case of an entity engaged in the offer or
sale (or both) of securities, such entity is registered or
is required to be registered to do business or the person
solicited by such entity resides.
SEC. 9. REQUIRED DEVELOPMENT OF MILITARY PERSONNEL PROTEC-
TION 
STANDARDS 
REGARDING 
INSURANCE 
SALES;
ADMINISTRATIVE COORDINATION.
(a) STATE STANDARDS.—Congress intends that—
(1) the States collectively work with the Secretary of
Defense to ensure implementation of appropriate standards
to protect members of the Armed Forces from dishonest and
predatory insurance sales practices while on a military installa-
tion of the United States (including installations located outside
of the United States); and
(2) each State identify its role in promoting the standards
described in paragraph (1) in a uniform manner, not later
than 12 months after the date of enactment of this Act.
(b) STATE REPORT.—It is the sense of Congress that the NAIC
should, after consultation with the Secretary of Defense and, not
later than 12 months after the date of enactment of this Act,
conduct a study to determine the extent to which the States have
met the requirement of subsection (a), and report the results of
such study to the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate.
(c) ADMINISTRATIVE COORDINATION; SENSE OF CONGRESS.—It
is the sense of the Congress that senior representatives of the
Secretary of Defense, the Securities and Exchange Commission,
and the NAIC should meet not less frequently than twice a year
to coordinate their activities to implement this Act and monitor
Deadline.
10 USC 992 note.
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120 STAT. 1323
PUBLIC LAW 109–290—SEPT. 29, 2006
the enforcement of relevant regulations relating to the sale of
financial products on military installations of the United States.
SEC. 10. REQUIRED DISCLOSURES REGARDING LIFE INSURANCE
PRODUCTS.
(a) REQUIREMENT.—Except as provided in subsection (e), no
person may sell, or offer for sale, any life insurance product to
any member of the Armed Forces or a dependent thereof on a
military installation of the United States, unless a disclosure in
accordance with this section is provided to such member or
dependent at the time of the sale or offer.
(b) DISCLOSURE.—A disclosure in accordance with this section
is a written disclosure that—
(1) states that subsidized life insurance is available to
the member of the Armed Forces from the Federal Government
under the Servicemembers’ Group Life Insurance program (also
referred to as ‘‘SGLI’’), under subchapter III of chapter 19
of title 38, United States Code;
(2) states the amount of insurance coverage available under
the SGLI program, together with the costs to the member
of the Armed Forces for such coverage;
(3) states that the life insurance product that is the subject
of the disclosure is not offered or provided by the Federal
Government, and that the Federal Government has in no way
sanctioned, recommended, or encouraged the sale of the life
insurance product being offered;
(4) fully discloses any terms and circumstances under which
amounts accumulated in a savings fund or savings feature
under the life insurance product that is the subject of the
disclosure may be diverted to pay, or reduced to offset, pre-
miums due for continuation of coverage under such product;
(5) states that no person has received any referral fee
or incentive compensation in connection with the offer or sale
of the life insurance product, unless such person is a licensed
agent of the person engaged in the business of insurance that
is issuing such product;
(6) is made in plain and readily understandable language
and in a type font at least as large as the font used for
the majority of the solicitation material used with respect to
or relating to the life insurance product; and
(7) with respect to a sale or solicitation on Federal land
or facilities located outside of the United States, lists the
address and phone number at which consumer complaints are
received by the State insurance commissioner for the State
having the primary jurisdiction and duty to regulate the sale
of such life insurance products pursuant to section 8.
(c) VOIDABILITY.—The sale of a life insurance product in viola-
tion of this section shall be voidable from its inception, at the
sole option of the member of the Armed Forces, or dependent
thereof, as applicable, to whom the product was sold.
(d) ENFORCEMENT.—If it is determined by a Federal or State
agency, or in a final court proceeding, that any person has inten-
tionally violated, or willfully disregarded the provisions of, this
section, in addition to any other penalty under applicable Federal
or State law, such person shall be prohibited from further engaging
in the business of insurance with respect to employees of the Federal
Government on Federal land, except—
10 USC 992 note.
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120 STAT. 1324
PUBLIC LAW 109–290—SEPT. 29, 2006
(1) with respect to existing policies; and
(2) to the extent required by the Federal Government
pursuant to previous commitments.
(e) EXCEPTIONS.—This section shall not apply to any life insur-
ance product specifically contracted by or through the Federal
Government.
SEC. 11. IMPROVING LIFE INSURANCE PRODUCT STANDARDS.
(a) IN GENERAL.—It is the sense of Congress that the NAIC
should, after consultation with the Secretary of Defense, and not
later than 6 months after the date of enactment of this Act, conduct
a study and submit a report to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives on—
(1) ways of improving the quality of and sale of life insur-
ance products sold on military installations of the United
States, which may include—
(A) limiting such sales authority to persons that are
certified as meeting appropriate best practices procedures;
and
(B) 
creating 
standards 
for 
products 
specifically
designed to meet the particular needs of members of the
Armed Forces, regardless of the sales location; and
(2) the extent to which life insurance products marketed
to members of the Armed Forces comply with otherwise
applicable provisions of State law.
(b) CONDITIONAL GAO REPORT.—If the NAIC does not submit
the report as described in subsection (a), the Comptroller General
of the United States shall—
(1) study any proposals that have been made to improve
the quality of and sale of life insurance products sold on military
installations of the United States; and
(2) not later than 6 months after the expiration of the
period referred to in subsection (a), submit a report on such
proposals to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives.
SEC. 12. REQUIRED REPORTING OF DISCIPLINARY ACTIONS.
(a) REPORTING BY INSURERS.—Beginning 1 year after the date
of enactment of this Act, no insurer may enter into or renew
a contractual relationship with any other person that sells or solicits
the sale of any life insurance product on any military installation
of the United States, unless the insurer has implemented a system
to report to the State insurance commissioner of the State of
domicile of the insurer and the State of residence of that other
person—
(1) any disciplinary action taken by any Federal or State
government entity with respect to sales or solicitations of life
insurance products on a military installation that the insurer
knows, or in the exercise of due diligence should have known,
to have been taken; and
(2) any significant disciplinary action taken by the insurer
with respect to sales or solicitations of life insurance products
on a military installation of the United States.
(b) REPORTING BY STATES.—It is the sense of Congress that,
not later than 1 year after the date of enactment of this Act,
the States should collectively implement a system to—
Effective date.
10 USC 992 note.
Deadline.
10 USC 992 note.
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120 STAT. 1325
PUBLIC LAW 109–290—SEPT. 29, 2006
(1) receive reports of disciplinary actions taken against
persons that sell or solicit the sale of any life insurance product
on any military installation of the United States by insurers
or Federal or State government entities with respect to such
sales or solicitations; and
(2) disseminate such information to all other States and
to the Secretary of Defense.
(c) DEFINITION.—As used in this section, the term ‘‘insurer’’
means a person engaged in the business of insurance.
SEC. 13. REPORTING BARRED PERSONS SELLING INSURANCE OR SECU-
RITIES.
(a) ESTABLISHMENT.—The Secretary of Defense shall maintain
a list of the name, address, and other appropriate information
relating to persons engaged in the business of securities or insur-
ance that have been barred or otherwise limited in any manner
that is not generally applicable to all such type of persons, from
any or all military installations of the United States, or that have
engaged in any transaction that is prohibited by this Act.
(b) NOTICE AND ACCESS.—The Secretary of Defense shall ensure
that—
(1) the appropriate Federal and State agencies responsible
for securities and insurance regulation are promptly notified
upon the inclusion in or removal from the list required by
subsection (a) of a person under the jurisdiction of one or
more of such agencies; and
(2) the list is kept current and easily accessible—
(A) for use by such agencies; and
(B) for purposes of enforcing or considering any such
bar or limitation by the appropriate Federal personnel,
including commanders of military installations.
(c) REGULATIONS.—
(1) IN GENERAL.—The Secretary of Defense shall issue regu-
lations in accordance with this subsection to provide for the
establishment and maintenance of the list required by this
section, including appropriate due process considerations.
(2) TIMING.—
(A) PROPOSED
REGULATIONS.—Not later than the
expiration of the 60-day period beginning on the date of
enactment of this Act, the Secretary of Defense shall pre-
pare and submit to the appropriate Committees of Congress
a copy of the regulations required by this subsection that
are proposed to be published for comment. The Secretary
may not publish such regulations for comment in the Fed-
eral Register until the expiration of the 15-day period
beginning on the date of such submission to the appropriate
Committees of Congress.
(B) FINAL REGULATIONS.—Not later than 90 days after
the date of enactment of this Act, the Secretary of Defense
shall submit to the appropriate Committees of Congress
a copy of the regulations under this section to be published
in final form.
(C) EFFECTIVE
DATE.—Final regulations under this
paragraph shall become effective 30 days after the date
of their submission to the appropriate Committees of Con-
gress under subparagraph (B).
Deadline.
Federal Register,
publication.
Deadline.
Records.
10 USC 992 note.
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120 STAT. 1326
PUBLIC LAW 109–290—SEPT. 29, 2006
LEGISLATIVE HISTORY—S. 418 (H.R. 458):
SENATE REPORTS: No. 109–282 (Comm. on Banking, Housing, and Urban 
Affairs).
CONGRESSIONAL RECORD, Vol. 152 (2006):
July 19, considered and passed Senate.
Sept. 20, 21, considered and passed House.
(d) DEFINITION.—For purposes of this section, the term ‘‘appro-
priate Committees of Congress’’ means—
(1) the Committee on Financial Services and the Committee
on Armed Services of the House of Representatives; and
(2) the Committee on Banking, Housing, and Urban Affairs
and the Committee on Armed Services of the Senate.
SEC. 14. STUDY AND REPORTS BY INSPECTOR GENERAL OF THE
DEPARTMENT OF DEFENSE.
(a) STUDY.—The Inspector General of the Department of
Defense shall conduct a study on the impact of Department of
Defense Instruction 1344.07 (as in effect on the date of enactment
of this Act) and the reforms included in this Act on the quality
and suitability of sales of securities and insurance products mar-
keted or otherwise offered to members of the Armed Forces.
(b) REPORTS.—Not later than 12 months after the date of enact-
ment of this Act, the Inspector General of the Department of
Defense shall submit an initial report on the results of the study
conducted under subsection (a) to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee
on Financial Services of the House of Representatives, and shall
submit followup reports to those committees on December 31, 2008
and December 31, 2010.
Approved September 29, 2006.
10 USC 992 note.
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