This bill establishes an advisory committee within the Department of Defense to oversee and improve financial services available to military members and their families. The committee will include representatives from the Pentagon, military departments, federal banking regulators like the Federal Reserve and FDIC, and nonprofit organizations serving military families. Starting within 30 days of enactment, the committee must meet at least twice yearly and submit annual reports to Congress and the Secretary of Defense examining how well current military banking programs work, identifying legal barriers to financial services, and recommending improvements. The committee will have no budget specified in the legislation but can request staff assistance from federal agencies on a nonreimbursable basis and hire temporary consultants at standard government rates. The advisory committee will automatically terminate five years after the bill becomes law.
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