[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10488 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                               H. R. 10488

 To establish an advisory committee on military financial services in 
           the Department of Defense, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 18, 2024

   Mr. Hill introduced the following bill; which was referred to the 
                      Committee on Armed Services

_______________________________________________________________________

                                 A BILL


 
 To establish an advisory committee on military financial services in 
           the Department of Defense, 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 ``Military Financial Services 
Protection Act of 2024''.

SEC. 2. ADVISORY COMMITTEE ON MILITARY FINANCIAL SERVICES.

    (a) Establishment.--There is established in the Department of 
Defense an advisory committee to know known as the ``Advisory Committee 
on Military Financial Services'' (in this section referred to as the 
``Committee'').
    (b) Membership; Chairman; Meetings.--
            (1) Members.--The Committee shall consist of the following 
        members:
                    (A) The Under Secretary of Defense (Comptroller) or 
                designee, who shall serve as Chair of the Committee.
                    (B) Each Secretary of a military department, or 
                designees.
                    (C) The Under Secretary of Defense for Personnel 
                and Readiness or designee.
                    (D) The Undersecretary of Defense for Acquisition 
                and Sustainment or designee.
                    (E) The Comptroller of the Currency or designee.
                    (F) The Chairman of the Federal Deposit Insurance 
                Corporation or designee.
                    (G) The Chairman of the Board of Governors of the 
                Federal Reserve System or designee.
                    (H) The Chairman of the National Credit Union 
                Administration or designee.
                    (I) The head of a nonprofit organization for 
                military banking.
                    (J) The head of a nonprofit organization for credit 
                unions that serves members of the Armed Forces and 
                veterans.
            (2) Designees.--A designee of a Committee member shall, at 
        a minimum, be appointed to a Senior Executive Service position 
        (as defined in section 3132(a)(2) of title 5).
            (3) Meetings.--
                    (A) In general.--Not later than 30 days after the 
                date of the enactment of this section, the Committee 
                shall hold its first meeting. Thereafter, the Committee 
                shall meet semiannually or at the call of a majority of 
                the members of the Committee.
                    (B) Quorum.--Seven members of the Committee shall 
                constitute a quorum, but a lesser number may hold 
                hearings.
    (c) Duties.--The Committee shall--
            (1) review the Military Banking Programs and any relevant 
        rules relating to the Military Banking Programs;
            (2) not later than 180 days after the date of the enactment 
        of this Act, and annually thereafter until the termination date 
        specified in subsection (g), submit to Congress and the 
        Secretary of Defense a report on--
                    (A) the organization, implementation, and overall 
                effectiveness of the Military Banking Programs and make 
                recommendations for improvements to the Military 
                Banking Programs;
                    (B) the United States and foreign laws affecting 
                the delivery of financial services and products to a 
                member of the Armed Forces and any dependents of such 
                member;
                    (C) whether the terms and conditions established in 
                all Department of Defense contracts or other agreements 
                with any insured depository institution or insured 
                credit union delivering financial products or services 
                to such members and dependents are sufficient to 
                promote the safety, soundness, efficiency, and 
                effectiveness of such insured depository institutions 
                and insured credit unions; and
                    (D) the obstacles and incentives for insured 
                depository institutions or insured credit unions to 
                deliver financial products or services to such members 
                and dependents on and outside military installations.
    (d) Powers of the Committee.--
            (1) Hearings and sessions.--For purposes of carrying out 
        the duties referred to under subsection (c), the Committee or, 
        with authorization of the Committee, any subcommittee or member 
        thereof, may hold such hearings, sit and act at such times and 
        places, take such testimony, and receive such evidence as is 
        appropriate.
            (2) Powers of committee.--The Committee may secure directly 
        from any department or agency of the United States such 
        information necessary to carry out such duties. Upon request of 
        the Chairman of the Committee, the head of such department or 
        agency shall furnish such information to the Committee.
    (e) Administrative Provisions.--
            (1) Staff of federal agencies.--Upon request of the 
        Committee, the head of any Federal department or agency may 
        detail, on a nonreimbursable basis, any of the personnel of 
        such department or agency to assist the Committee in carrying 
        out the duties referred to under subsection (c). Such detail 
        shall be without interruption or loss of civil service status 
        or privilege to the personnel.
            (2) Experts and consultants.--The Committee may procure 
        temporary and intermittent services under section 3109(b) of 
        title 5, United States Code, but at rates for individuals not 
        to exceed the daily equivalent of the maximum annual rate of 
        basic pay for GS-15 of the General Schedule.
            (3) Compensation and travel expenses.--A member of the 
        Committee may not be paid for service performed as a member of 
        the Committee. However, members of the Committee may receive 
        travel expenses, including per diem in lieu of subsistence, in 
        accordance with applicable provisions under subchapter I of 
        chapter 57 of title 5, United States Code.
    (f) Applicability of FACA.--The Committee shall be subject to the 
provisions of chapter 10 of title 5, United States Code, except that 
the requirements for termination in section 1013 of such title shall 
not apply to the Committee.
    (g) Termination.--The Committee established under this section 
shall terminate five years after the date of the enactment of this Act.
    (h) Definitions.--In this section:
            (1) The term ``insured depository institution'' has the 
        meaning given in section 3 of the Federal Deposit Insurance Act 
        (12 U.S.C. 1813).
            (2) The term ``insured credit union'' has the meaning given 
        in section 101 of the Federal Credit Union Act (12 U.S.C. 
        1752).
            (3) The term ``financial product or service'' has the 
        meaning given in section 1002 of the Consumer Financial 
        Protection Act of 2010 (12 U.S.C. 5481).
            (4) The term ``Military Banking Programs'' means--
                    (A) the Overseas Military Banking Program of the 
                Department of Defense (or a similar successor program); 
                and
                    (B) any program operated by the Secretary of 
                Defense that provides financial products or services to 
                a member of the Armed Forces and any dependents of such 
                member.
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