This bill requires the Department of Defense to verify that financial services counselors working with military personnel are financially independent and free from conflicts of interest. Under the legislation, all financial services counselors and individuals providing financial counseling to service members must submit annual financial disclosures to the Secretary of Defense for review. If the Secretary determines that a counselor has a conflict of interest, that counselor cannot provide services until the conflict is resolved. Additionally, each military department must report to Congress within 180 days of the bill's enactment and annually thereafter on what percentage of financial counselors have been verified as free from conflicts of interest. The bill aims to protect military personnel from receiving biased financial advice by ensuring their counselors have no financial motivations that could compromise their recommendations.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.