Us Congress 2023-2024 Regular Session

Us Congress House Bill HB7966 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	118THCONGRESS
3	3	2
4	4	DSESSION H. R. 7966
5	5	To amend title 10, United States Code, to require the verification of the
6	6	financial independence of financial services counselors providing services
7	7	to members of the Armed Forces, and for other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	APRIL11, 2024
10	10	Ms. S
11	11	HERRILL(for herself, Mr. BACON, Mr. LARSENof Washington, Mr.
12	12	R
13	13	YAN, Mr. PASCRELL, Ms. STEFANIK, Mr. DAVISof North Carolina, Mr.
14	14	G
15	15	OTTHEIMER, Ms. TOKUDA, Mr. COHEN, Mr. KEANof New Jersey, Ms.
16	16	G
17	17	ARCIAof Texas, and Mr. MOLINARO) introduced the following bill;
18	18	which was referred to the Committee on Armed Services
19	19	A BILL
20	20	To amend title 10, United States Code, to require the
21	21	verification of the financial independence of financial
22	22	services counselors providing services to members of the
23	23	Armed Forces, and for other purposes.
24	24	Be it enacted by the Senate and House of Representa-1
25	25	tives of the United States of America in Congress assembled, 2
26	26	SECTION 1. SHORT TITLE. 3
27	27	This Act may be cited as the ‘‘Protecting our Service 4
28	28	Members and their Families from Predatory Financial 5
29	29	Practices Act’’. 6
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32	32	•HR 7966 IH
33	33	SEC. 2. VERIFICATION OF THE FINANCIAL INDEPENDENCE 1
34	34	OF FINANCIAL SERVICES COUNSELORS IN 2
35	35	THE DEPARTMENT OF DEFENSE. 3
36	36	(a) V
37	37	ERIFICATION OFFINANCIALINDEPENDENCE.— 4
38	38	Section 992 of title 10, United States Code, is amended— 5
39	39	(1) in subsection (b)(2)(A)— 6
40	40	(A) in clause (i), by striking ‘‘and’’ at the 7
41	41	end; 8
42	42	(B) in clause (ii)— 9
43	43	(i) by striking ‘‘may’’ and inserting 10
44	44	‘‘shall’’; 11
45	45	(ii) by striking ‘‘installation by any 12
46	46	means elected by the Secretary from 13
47	47	among the following:’’ and inserting ‘‘in-14
48	48	stallation—’’; 15
49	49	(iii) in subclause (I)— 16
50	50	(I) by striking ‘‘Through’’ and 17
51	51	inserting ‘‘through’’; and 18
52	52	(II) by striking ‘‘Defense.’’ and 19
53	53	inserting ‘‘Defense;’’; 20
54	54	(iv) in subclause (II)— 21
55	55	(I) by striking ‘‘By contract’’ and 22
56	56	inserting ‘‘by contract’’; and 23
57	57	(II) by striking ‘‘Internet.’’ and 24
58	58	inserting ‘‘Internet; or’’; and 25
59	59	(v) in subclause (III)— 26
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63	63	(I) by striking ‘‘Through’’ and 1
64	64	inserting ‘‘through’’; and 2
65	65	(II) by striking ‘‘counseling.’’ and 3
66	66	inserting ‘‘counseling; and’’; and 4
67	67	(C) by adding at the end the following new 5
68	68	clause: 6
69	69	‘‘(iii) may not provide financial services through 7
70	70	any individual unless such individual agrees to sub-8
71	71	mit financial disclosures annually to the Secretary.’’; 9
72	72	(2) in subsection (b)(2)(B), by striking ‘‘instal-10
73	73	lation by any of the means set forth in subparagraph 11
74	74	(A)(ii), as elected by the Secretary concerned.’’ and 12
75	75	inserting ‘‘installation in accordance with the re-13
76	76	quirements established under subparagraph (A)(ii) 14
77	77	and (iii).’’; and 15
78	78	(3) in subsection (b)(4)— 16
79	79	(A) by inserting ‘‘(A)’’ before ‘‘The Sec-17
80	80	retary’’; and 18
81	81	(B) by inserting at the end the following 19
82	82	new subparagraphs: 20
83	83	‘‘(B) In carrying out the requirements of subpara-21
84	84	graph (A), the Secretary concerned shall establish a re-22
85	85	quirement that each financial services counselor under 23
86	86	paragraph (2)(A)(i), and any other individual providing 24
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89	89	•HR 7966 IH
90	90	counseling on financial services under paragraph (2), sub-1
91	91	mit financial disclosures annually to the Secretary. 2
92	92	‘‘(C) The Secretary concerned shall review all finan-3
93	93	cial disclosures submitted pursuant to subparagraph (B) 4
94	94	to ensure the counselor, or the individual providing coun-5
95	95	seling, is free from conflict as required under this para-6
96	96	graph. 7
97	97	‘‘(D) If the Secretary concerned determines that a 8
98	98	financial services counselor under paragraph (2)(A)(i), or 9
99	99	any other individual providing counseling on financial 10
100	100	services under paragraph (2), is not free from conflict as 11
101	101	required under this paragraph, the Secretary shall ensure 12
102	102	that the counselor, or the individual providing counseling, 13
103	103	does not provide such services until such time as the Sec-14
104	104	retary determines that such conflict is resolved.’’. 15
105	105	(b) R
106	106	EPORT ONFINANCIALINDEPENDENCE.—Not 16
107	107	later than 180 days after the date of the enactment of 17
108	108	this Act, and annually thereafter, each Secretary con-18
109	109	cerned shall submit to Congress a report on the percentage 19
110	110	of financial services counselors under paragraph (2)(A)(i) 20
111	111	of section 992(b) of title 10, United States Code (as 21
112	112	amended by subsection (a)), and other individuals pro-22
113	113	viding counseling on financial services under paragraph 23
114	114	(2) of such section (as amended by subsection (a)) whom 24
115	115	the Secretary determined to be free from conflicts as re-25
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119	119	quired under paragraph (4) of such section (as amended 1
120	120	by subsection (a)). 2
121	121	(c) S
122	122	ECRETARYCONCERNEDDEFINED.—In this sec-3
123	123	tion, the term ‘‘Secretary concerned’’ shall have the mean-4
124	124	ing given to such term in section 101 of title 10, United 5
125	125	States Code. 6
126	126	Æ
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