[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2528 Introduced in Senate (IS)]
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118th CONGRESS
1st Session
S. 2528
To require verification of the financial independence of financial
services counselors in the Department of Defense.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 26, 2023
Mrs. Feinstein introduced the following bill; which was read twice and
referred to the Committee on Armed Services
_______________________________________________________________________
A BILL
To require verification of the financial independence of financial
services counselors in the Department of Defense.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. VERIFICATION OF THE FINANCIAL INDEPENDENCE OF FINANCIAL
SERVICES COUNSELORS IN THE DEPARTMENT OF DEFENSE.
(a) Verification of Financial Independence.--Section 992(b) of
title 10, United States Code, is amended--
(1) in paragraph (2)(A)--
(A) in clause (i), by striking ``and'' at the end;
(B) in clause (ii)--
(i) by striking ``may'' and inserting
``shall'';
(ii) by striking ``installation by any
means elected by the Secretary from among the
following:'' and inserting ``installation--'';
(iii) in subclause (I)--
(I) by striking ``Through'' and
inserting ``through''; and
(II) by striking ``Defense.'' and
inserting ``Defense;'';
(iv) in subclause (II)--
(I) by striking ``By contract'' and
inserting ``by contract''; and
(II) by striking ``Internet.'' and
inserting ``Internet; or''; and
(v) in subclause (III)--
(I) by striking ``Through'' and
inserting ``through''; and
(II) by striking ``counseling.''
and inserting ``counseling; and''; and
(C) by adding at the end the following new clause:
``(iii) may not provide financial services through any
individual unless such individual agrees to submit financial
disclosures annually to the Secretary.'';
(2) in paragraph (2)(B), by striking ``installation by any
of the means set forth in subparagraph (A)(ii), as elected by
the Secretary concerned.'' and inserting ``installation in
accordance with the requirements established under clauses (ii)
and (iii) of subparagraph (A).''; and
(3) in paragraph (4)--
(A) by inserting ``(A)'' before ``The Secretary'';
and
(B) by inserting at the end the following new
subparagraphs:
``(B) In carrying out the requirements of subparagraph (A), the
Secretary concerned shall establish a requirement that each financial
services counselor under paragraph (2)(A)(i), and any other individual
providing counseling on financial services under paragraph (2), submit
financial disclosures annually to the Secretary.
``(C) The Secretary concerned shall review all financial
disclosures submitted pursuant to subparagraph (B) to ensure the
counselor, or the individual providing counseling, is free from
conflict as required under this paragraph.
``(D) If the Secretary concerned determines that a financial
services counselor under paragraph (2)(A)(i), or any other individual
providing counseling on financial services under paragraph (2), is not
free from conflict as required under this paragraph, the Secretary
shall ensure that the counselor, or the individual providing
counseling, does not provide such services until such time as the
Secretary determines that such conflict is resolved.''.
(b) Report on Financial Independence.--Not later than 180 days
after the date of the enactment of this Act, and annually thereafter,
each Secretary concerned shall submit to Congress a report on the
percentage of financial services counselors under paragraph (2)(A)(i)
of section 992(b) of title 10, United States Code (as amended by
subsection (a)), and other individuals providing counseling on
financial services under paragraph (2) of such section (as amended by
subsection (a)), whom the Secretary determined to be free from
conflicts as required under paragraph (4) of such section (as amended
by subsection (a)).
(c) Secretary Concerned Defined.--In this section, the term
``Secretary concerned'' has the meaning given to such term in section
101 of title 10, United States Code.
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