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Improved Financial Literacy Training for Service Members and Families

This act aims to enhance personal finance training for U.S. Armed Forces members, helping them better manage their money. It introduces new training standards, focusing on practical skills tailored to the needs of service members and their families, including spouses. The changes are designed to boost financial awareness and prepare them for the future, including retirement.
Key points
Financial training will be more practical, focusing on real-world skills rather than just completing modules.
Spouses of service members will gain access to financial training, both in-person and online, supporting entire families.
Service members will receive detailed information on retirement plans, including the Thrift Savings Plan, and contacts for financial counselors.
A requirement for reporting training effectiveness has been introduced to ensure continuous improvement and adaptation to needs.
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Additional Information
Print number: 118_HR_7506
Sponsor: Rep. Sewell, Terri A. [D-AL-7]
Process start date: 2024-02-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SMART Save Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7506.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-02-29.

What are the main provisions?

Key points include:

  • Financial training will be more practical, focusing on real-world skills rather than just completing modules.
  • Spouses of service members will gain access to financial training, both in-person and online, supporting entire families.
  • Service members will receive detailed information on retirement plans, including the Thrift Savings Plan, and contacts for financial counselors.
  • A requirement for reporting training effectiveness has been introduced to ensure continuous improvement and adaptation to needs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Sewell, Terri A. [D-AL-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Armed Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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