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House Bill 7966
118th Congress(2023-2024)
Protecting our Service Members and their Families from Predatory Financial Practices Act
Introduced
Introduced
Introduced in House on Apr 11, 2024
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Introduced in House 
Apr 11, 2024
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Introduced in House(Apr 11, 2024)
Apr 11, 2024
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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.
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H. R. 7966 (Introduced-in-House)


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 Representatives 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”.

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 “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.