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Senate Bill 2528
118th Congress(2023-2024)
A bill to require verification of the financial independence of financial services counselors in the Department of Defense.
Introduced
Introduced
Introduced in Senate on Jul 26, 2023
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Introduced in Senate 
Jul 26, 2023
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Introduced in Senate(Jul 26, 2023)
Jul 26, 2023
No Linkage Found
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 2528 (Introduced-in-Senate)


118th CONGRESS
1st Session
S. 2528


To require verification of the financial independence of financial services counselors in the Department of Defense.

IN THE SENATE OF THE UNITED STATES

July 26, 2023

Mrs. Feinstein introduced the following bill; which was read twice and referred to the Committee on Armed Services

A BILL

To require verification of the financial independence of financial services counselors in the Department of Defense.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Verification of the financial independence of financial services counselors in the Department of Defense.

(a) Verification of financial independence.—Section 992(b) of title 10, United States Code, is amended—

(1) in paragraph (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 paragraph (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 clauses (ii) and (iii) of subparagraph (A).”; and

(3) in paragraph (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” has the meaning given to such term in section 101 of title 10, United States Code.