Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2528 Compare Versions

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

Old	New	Differences
1	1	II
2	2	118THCONGRESS
3	3	1
4	4	STSESSION S. 2528
5	5	To require verification of the financial independence of financial services
6	6	counselors in the Department of Defense.
7	7	IN THE SENATE OF THE UNITED STATES
8	8	JULY26, 2023
9	9	Mrs. F
10	10	EINSTEINintroduced the following bill; which was read twice and
11	11	referred to the Committee on Armed Services
12	12	A BILL
13	13	To require verification of the financial independence of
14	14	financial services counselors in the Department of Defense.
15	15	Be it enacted by the Senate and House of Representa-1
16	16	tives of the United States of America in Congress assembled, 2
17	17	SECTION 1. VERIFICATION OF THE FINANCIAL INDEPEND-3
18	18	ENCE OF FINANCIAL SERVICES COUNSELORS 4
19	19	IN THE DEPARTMENT OF DEFENSE. 5
20	20	(a) V
21	21	ERIFICATION OFFINANCIALINDEPENDENCE.— 6
22	22	Section 992(b) of title 10, United States Code, is amend-7
23	23	ed— 8
24	24	(1) in paragraph (2)(A)— 9
25	25	VerDate Sep 11 2014 05:39 Aug 10, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2528.IS S2528
26	26	kjohnson on DSK79L0C42PROD with BILLS 2
27	27	•S 2528 IS
28	28	(A) in clause (i), by striking ‘‘and’’ at the 1
29	29	end; 2
30	30	(B) in clause (ii)— 3
31	31	(i) by striking ‘‘may’’ and inserting 4
32	32	‘‘shall’’; 5
33	33	(ii) by striking ‘‘installation by any 6
34	34	means elected by the Secretary from 7
35	35	among the following:’’ and inserting ‘‘in-8
36	36	stallation—’’; 9
37	37	(iii) in subclause (I)— 10
38	38	(I) by striking ‘‘Through’’ and 11
39	39	inserting ‘‘through’’; and 12
40	40	(II) by striking ‘‘Defense.’’ and 13
41	41	inserting ‘‘Defense;’’; 14
42	42	(iv) in subclause (II)— 15
43	43	(I) by striking ‘‘By contract’’ and 16
44	44	inserting ‘‘by contract’’; and 17
45	45	(II) by striking ‘‘Internet.’’ and 18
46	46	inserting ‘‘Internet; or’’; and 19
47	47	(v) in subclause (III)— 20
48	48	(I) by striking ‘‘Through’’ and 21
49	49	inserting ‘‘through’’; and 22
50	50	(II) by striking ‘‘counseling.’’ and 23
51	51	inserting ‘‘counseling; and’’; and 24
52	52	VerDate Sep 11 2014 05:39 Aug 10, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S2528.IS S2528
53	53	kjohnson on DSK79L0C42PROD with BILLS 3
54	54	•S 2528 IS
55	55	(C) by adding at the end the following new 1
56	56	clause: 2
57	57	‘‘(iii) may not provide financial services through 3
58	58	any individual unless such individual agrees to sub-4
59	59	mit financial disclosures annually to the Secretary.’’; 5
60	60	(2) in paragraph (2)(B), by striking ‘‘installa-6
61	61	tion by any of the means set forth in subparagraph 7
62	62	(A)(ii), as elected by the Secretary concerned.’’ and 8
63	63	inserting ‘‘installation in accordance with the re-9
64	64	quirements established under clauses (ii) and (iii) of 10
65	65	subparagraph (A).’’; and 11
66	66	(3) in paragraph (4)— 12
67	67	(A) by inserting ‘‘(A)’’ before ‘‘The Sec-13
68	68	retary’’; and 14
69	69	(B) by inserting at the end the following 15
70	70	new subparagraphs: 16
71	71	‘‘(B) In carrying out the requirements of subpara-17
72	72	graph (A), the Secretary concerned shall establish a re-18
73	73	quirement that each financial services counselor under 19
74	74	paragraph (2)(A)(i), and any other individual providing 20
75	75	counseling on financial services under paragraph (2), sub-21
76	76	mit financial disclosures annually to the Secretary. 22
77	77	‘‘(C) The Secretary concerned shall review all finan-23
78	78	cial disclosures submitted pursuant to subparagraph (B) 24
79	79	to ensure the counselor, or the individual providing coun-25
80	80	VerDate Sep 11 2014 05:39 Aug 10, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2528.IS S2528
81	81	kjohnson on DSK79L0C42PROD with BILLS 4
82	82	•S 2528 IS
83	83	seling, is free from conflict as required under this para-1
84	84	graph. 2
85	85	‘‘(D) If the Secretary concerned determines that a 3
86	86	financial services counselor under paragraph (2)(A)(i), or 4
87	87	any other individual providing counseling on financial 5
88	88	services under paragraph (2), is not free from conflict as 6
89	89	required under this paragraph, the Secretary shall ensure 7
90	90	that the counselor, or the individual providing counseling, 8
91	91	does not provide such services until such time as the Sec-9
92	92	retary determines that such conflict is resolved.’’. 10
93	93	(b) R
94	94	EPORT ONFINANCIALINDEPENDENCE.—Not 11
95	95	later than 180 days after the date of the enactment of 12
96	96	this Act, and annually thereafter, each Secretary con-13
97	97	cerned shall submit to Congress a report on the percentage 14
98	98	of financial services counselors under paragraph (2)(A)(i) 15
99	99	of section 992(b) of title 10, United States Code (as 16
100	100	amended by subsection (a)), and other individuals pro-17
101	101	viding counseling on financial services under paragraph 18
102	102	(2) of such section (as amended by subsection (a)), whom 19
103	103	the Secretary determined to be free from conflicts as re-20
104	104	quired under paragraph (4) of such section (as amended 21
105	105	by subsection (a)). 22
106	106	(c) S
107	107	ECRETARYCONCERNEDDEFINED.—In this sec-23
108	108	tion, the term ‘‘Secretary concerned’’ has the meaning 24
109	109	VerDate Sep 11 2014 05:39 Aug 10, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S2528.IS S2528
110	110	kjohnson on DSK79L0C42PROD with BILLS 5
111	111	•S 2528 IS
112	112	given to such term in section 101 of title 10, United States 1
113	113	Code. 2
114	114	Æ
115	115	VerDate Sep 11 2014 05:39 Aug 10, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S2528.IS S2528
116	116	kjohnson on DSK79L0C42PROD with BILLS