Protecting our Service Members and their Families from Predatory Financial Practices Act
Impact
The implications of HB 7966 are significant, particularly for service members who might be vulnerable to financial scams and unethical counseling. By instituting stricter verification requirements, the bill seeks to deter unscrupulous advisors from operating within military installations. Additionally, the annual reporting requirement for financial counselors will ensure that there is ongoing oversight and accountability, thereby reinforcing the integrity of the financial advice provided to service members.
Summary
House Bill 7966, known as the Protecting our Service Members and their Families from Predatory Financial Practices Act, aims to amend Title 10 of the United States Code by enhancing the verification process for financial services counselors who provide services to members of the Armed Forces. The bill mandates that financial counselors must demonstrate their financial independence and submit annual financial disclosures to the Department of Defense. This measure is intended to protect military members from potential conflicts of interest and exploitative financial practices prevalent in the industry aimed at service members and their families.
Contention
While the bill generally has garnered support for its protective stance towards military members, some critics worry about the feasibility of implementation and the administrative burden it may impose on the Department of Defense. Concerns have also been raised regarding how these measures might limit access to financial services for service members who may be in need of urgent financial advice. The balance between protecting service members and ensuring they have access to necessary financial guidance will likely be a focal point of discussion as the bill progresses through the legislative process.
Related
Military Construction Authorization Act for Fiscal Year 2024 Black Sea Security Act of 2023 Preventing Child Sex Abuse Act of 2023 Department of Veterans Affairs Minor Construction Threshold Adjustment Act of 2023 Ensuring Interagency Cooperation to Support Veterans Act of 2023 Nuclear Fuel Security Act of 2023 Beryllium Testing Fairness Act International Port Security Enforcement Act Ending China's Developing Nation Status Act Radiation Exposure Compensation Expansion Act U.S. Hostage and Wrongful Detainee Day Act of 2023 Department of Veterans Affairs Post-Traumatic Stress Disorder Processing Claims Improvement Act of 2023 Department of Defense Overdose Data Act of 2023 Radiation Exposure Compensation Act Amendments of 2023 Sensible Classification Act of 2023 Classification Reform Act of 2023 Intergovernmental Critical Minerals Task Force Act GRATEFUL Act Granting Recognition to Accomplished Talented Employees for Unwavering Loyalty Act Western Hemisphere Partnership Act of 2023 International Children with Disabilities Protection Act of 2023 Combating Global Corruption Act Securing Maritime Data from China Act of 2023 Combating Cartels on Social Media Act of 2023 American Security Drone Act of 2023 Military Service Promotion Act of 2023 FEND Off Fentanyl Act Fentanyl Eradication and Narcotics Deterrence Off Fentanyl Act Space Force Personnel Management Act CONVENE Act of 2023 Connecting Oceania’s Nations with Vanguard Exercises and National Empowerment Intelligence Authorization Act for Fiscal Year 2024 Fort Belknap Indian Community Water Rights Settlement Act of 2023 Native American Housing Assistance and Self-Determination Reauthorization Act of 2023 Fair Debt Collection Practices for Servicemembers Act Architect of the Capitol Appointment Act of 2023 UAP Disclosure Act of 2023 Unidentified Anomalous Phenomena Disclosure Act of 2023 Department of State Authorization Act of 2023 ADVANCE Act of 2023 Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2023