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Protecting Service Members and Families from Predatory Financial Practices

This act aims to protect service members and their families from predatory financial practices. It mandates the verification of financial independence for counselors and requires annual financial disclosures to ensure impartial advice and prevent conflicts of interest. This will help service members receive reliable financial guidance, free from hidden motives.
Key points
Verification of financial independence: Financial counselors serving service members must prove their financial independence.
Mandatory financial disclosures: Counselors will be required to submit annual financial disclosures to prevent conflicts of interest.
Protection from predatory practices: The changes aim to protect service members and their families from unfair and predatory financial practices.
Reports to Congress: Secretaries concerned will annually report to Congress on the percentage of conflict-free counselors.
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Status:
Expired
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Additional Information
Print number: 118_HR_7966
Sponsor: Rep. Sherrill, Mikie [D-NJ-11]
Process start date: 2024-04-11
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting our Service Members and their Families from Predatory Financial Practices Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7966.

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 2024-04-11.

What are the main provisions?

Key points include:

  • Verification of financial independence: Financial counselors serving service members must prove their financial independence.
  • Mandatory financial disclosures: Counselors will be required to submit annual financial disclosures to prevent conflicts of interest.
  • Protection from predatory practices: The changes aim to protect service members and their families from unfair and predatory financial practices.
  • Reports to Congress: Secretaries concerned will annually report to Congress on the percentage of conflict-free counselors.
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. Sherrill, Mikie [D-NJ-11].

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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Security Economy