[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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