,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #gbii  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #ac1         
#bjah,mr4 ,c>twright introduc$ ! foll[+ 
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices1 & 9 addition to !   
,committees on ,vet]ans' ,affairs1 ,arm$
 ,s]vices1 & ,ov]sight & ,gov]nm5t      
,re=m1 = a p]iod to be subsequ5tly      
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to provide = additional       
protections & disclosures to consum]s :5
 f9ancial products or s]vices are relat$
 to ! consum]s' milit>y or ,f$]al       
p5sions1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,annuity
 ,safety & ,security ,"u ,reasonable    
,en=cem5t ,act ( #bjah or ! ,,assure    
,act ( #bjah4  #b4 ,consid]ation (      
,f$]al & milit>y p5sions 9 ext5sions (  
cr$it ,! ,tru? 9 ,l5d+ ,act 7#ae        
,u4,s4,c4 #afja et seq47 is am5d$--     
7#a7 9 section #ajd7c71 by ins]t+ aft]  

o!r ?an ! foll[+3 paym5ts describ$ "u   
section #abf7;a7 &2  7#b7 by ins]t+ aft]
 section #abe ! foll[+3  #abf4 ,paym5ts 
9 consid]ation ( ,f$]al & milit>y       
p5sions  7a7 ,disclosure ,! ,bureau %all
 issue regulations requir+ any paym5t to
 a cov]$ individual1 :e!r or n su*      
paym5t is an ext5sion ( cr$it1 t        
dim9i%es ! cov]$ individual's ability to
 control ! paym5ts f _! ,f$]al or       
milit>y p5sion or ,?rift ,sav+s ,plan 9 
any way1 to be treat$ z an ext5sion (   
cr$it = purposes ( ! disclosures requir$
 "u ?is title4  7b7 ,int]e/ rate cap ,) 
respect to a paym5t to a cov]$          
individual describ$ "u subsection 7a7-- 
7#a7 if su* paym5t is an ext5sion (     
consum] cr$it1 a cr$itor may n impose an
 annual p]c5tage rate ( int]e/ great]   
?an ! ,f$]al funds rate plus #f p]c5t2 &
  7#b7 if su* paym5t is n an ext5sion ( 
consum] cr$it1 ! ,bureau %all issue     
regulations requir+ t ! aggregate am\nt 
( ca% & prop]ty paid 9 ex*ange = su*    
paym5t may n exce$ an am\nt t is        

equival5t to ! int]e/ rate describ$ "u  
p>agraph 7#a74  7c7 ,def9itions ,=      
purposes ( ?is section3 7#a7 ,cov]$     
individual ,! t]m cov]$ individual      
means--  7,a7 an individual :o is       
entitl$ to paym5ts "u a ,f$]al or       
milit>y p5sion2 &  7,b7 an individual :o
 has n less ?an #e ye>s ( cr$itable     
s]vice "u section #hccb or #hdaa ( title
 #e1 ,unit$ ,/ates ,code1 9 a position 9
 ! civil s]vice1 z def9$ 9 section #baja
 ( title #e1 ,unit$ ,/ates ,code4  7#b7 
,f$]al or milit>y p5sion ,! t]m ,f$]al  
or milit>y p5sion means-- 7,a7 an       
annuity describ$ "u section #hcde or    
#hdfe ( title #e1 ,unit$ ,/ates ,code2  
7,b7 retir$ or reta9] pay payable to a  
memb] ( ! uni=m$ s]vices 7z t t]m is    
def9$ 9 section #aja7;a77#e7 ( title    
#aj1 ,unit$ ,/ates ,code72  7,c7        
comp5sation payable "u *apt] #aa ( title
 #ch1 ,unit$ ,/ates ,code2  7,d7        
dep5d5cy & indemnity comp5sation payable
 "u *apt] #ac ( title #ch1 ,unit$ ,/ates
 ,code2  7,e7 p5sion payable "u *apt]   

#ae ( title #ch1 ,unit$ ,/ates ,code2 & 
7,f7 any o!r b5efit describ$ 9 section  
#ecja7;a7 ( title #ch1 ,unit$ ,/ates    
,code4  7#c7 ,f$]al funds rate ,=       
purposes ( ?is section1 ! t]m ,f$]al    
funds rate means ! ,f$]al funds rate    
publi%$ 9 ! ,f$]al ,res]ve ,/ati/ical   
,release on select$ int]e/ rates 7daily 
or weekly71 & commonly ref]r$ to z !    
,h4#ae release 7or any successor        
publication74  2 &  7#c7 9 ! table (    
cont5ts = *apt] #b ( su* ,act1 by ins]t+
 aft] ! item relat+ to section #abe !   
foll[+3  #abf4 ,paym5ts 9 consid]ation (
 ,f$]al & milit>y p5sions4  4  #c4      
,cl>ification ( assignm5ts2 private     
rights ( actions  7a7 ,vet]ans b5efits  
,section #ecja ( title #ch1 ,unit$      
,/ates ,code1 is am5d$ by add+ at ! end 
! foll[+3  7f7 ,private "r ( action     
7#a7 ,9 g5]al ,a b5efit recipi5t may br+
 an action aga9/ a p5sion assignee 9 !  
appropriate ,f$]al or ,/ate c\rt &      
recov]--  7,a7 ?ree times ! damages     
suff]$ due to ! assignm5t made 9        

violation ( ?is section2  7,b7 c\rt     
co/s2 &  7,c7 reasonable attorneys' fees
 & exp5ses4  7#b7 ,def9itions ,=        
purposes ( ?is subsection3  7,a7 ,b5efit
 recipi5t ,! t]m b5efit recipi5t means a
 p]son ) respect to :i* paym5ts (       
b5efits describ$ "u ?is section are due 
or are to become due4  7,b7 ,p5sion     
assignee ,) respect to a b5efit         
recipi5t1 ! t]m p5sion assignee means a 
p]son :o has be5 assign$ ! b5efits ( !  
b5efit recipi5t 9 violation ( ?is       
section4  4  7b7 ,milit>y retir$ pay    
,section #gja ( title #cg1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subsection    
7a71 by /rik+ ,"u regulations & ins]t+  
,subject to subsection 7f7 & "u         
regulations2 &  7#b7 by add+ at ! end ! 
foll[+ new subsection3  7f7 7#a7 ,except
 z provid$ 9 p>agraph 7#b71 = purposes (
 subsections 7a7 & 7c71 9 any case :]e a
 memb] is entitl$ to retir$ or reta9]   
pay & ent]s into an agreem5t ) ano!r    
p]son "u :i* agreem5t su* o!r p]son     
acquires = consid]ation ! "r to receive 

paym5t ( su* retir$ or reta9] pay1 :e!r 
by paym5t f ! memb] to su* o!r p]son1   
deposit into an acc\nt f :i* su* o!r    
p]son may make )drawals1 or o!rwise1 su*
 agreem5t %all be deem$ to be an        
assignm5t & is void4 ,any agreem5t or   
arrangem5t = collat]al = security = an  
agreem5t t is void "u ?is p>agraph is   
also void4  7#b7 ,p>agraph 7#a7 does n  
apply to a "r to receive paym5t ( retir$
 or reta9] pay 9 compliance ) a c\rt    
ord] z provid$ = 9 section #adjh ( title
 #aj or z o!rwise expressly au?oriz$ by 
law4  7#c7  7,a7 ,a retir$ pay recipi5t 
may br+ an action aga9/ a retir$ pay    
assignee 9 ! appropriate ,f$]al or ,/ate
 c\rt & recov]--  7i7 ?ree times !      
damages suff]$ due to ! assignm5t (     
retir$ pay made 9 violation ( ?is       
subsection2  7ii7 c\rt co/s2 &  7iii7   
reasonable attorneys' fees & exp5ses4   
7,b7 ,9 ?is p>agraph3 7i7 ,! t]m retir$ 
pay recipi5t means a p]son ) respect to 
:i* retir$ or reta9] pay cov]$ by ?is   
subsection is due or is to become due4  

7ii7 ,! t]m retir$ pay assignee1 )      
respect to a retir$ pay recipi5t1 means 
a p]son :o has be5 assign$ or allott$ ! 
retir$ or reta9] pay ( ! retir$ pay     
recipi5t 9 violation ( ?is subsection4  
4  7c7 ,,csrs annuities ,section        
#hcde7;h7 ( title #e1 ,unit$ ,/ates     
,code1 is am5d$ to read z foll[s3  7h7  
,non-,assignm5t ( annuities  7#a7 ,9    
g5]al ,an individual entitl$ to an      
annuity f ! ,fund may n make allotm5ts  
or assignm5ts ( am\nts f su* annuity4   
7#b7 ,con/ruction ,= purposes ( ?is     
subsection-- 7,a7 9 any case :]e an     
individual entitl$ to an annuity f !    
,fund ent]s into an agreem5t ) ano!r    
p]son "u :i* agreem5t su* o!r p]son     
acquires = consid]ation ! "r to receive 
paym5t ( su* annuity1 :e!r by paym5t f !
 individual to su* o!r p]son1 deposit   
into an acc\nt f :i* su* o!r p]son may  
make )drawals1 or o!rwise1 su* agreem5t 
%all be deem$ to be an assignm5t & is   
prohibit$2 &  7,b7 any agreem5t or      
arrangem5t = collat]al = security = an  

agreem5t t is prohibit$ "u subp>agraph  
7,a7 is also prohibit$4  7#c7 ,exception
 ,p>agraphs 7#a7 & 7#b7 %all n apply to 
am\nts us$ to pay dues to unions or o!r 
employee organizations4  7#d7 ,private  
"r ( action  7,a7 ,9 g5]al ,an annuity  
recipi5t may br+ an action aga9/ an     
annuity assignee 9 ! appropriate ,f$]al 
or ,/ate c\rt & recov]--  7i7 ?ree times
 ! damages suff]$ due to ! assignm5t    
made 9 violation ( ?is subsection or !  
regulations issu$ pursuant to ?is       
subsection2  7ii7 c\rt co/s2 &  7iii7   
reasonable attorneys' fees & exp5ses4   
7,b7 ,def9itions ,= purposes ( ?is      
p>agraph3 7i7 ,annuity assignee ,)      
respect to an annuity recipi5t1 ! t]m   
annuity assignee means a p]son :o has   
be5 assign$ or allott$ all or "p ( an   
annuity f ! ,fund 9 violation ( ?is     
subsection or ! regulations issu$       
pursuant to ?is subsection4  7ii7       
,annuity recipi5t ,! t]m annuity        
recipi5t means an individual entitl$ to 
an annuity f ! ,fund4  4  7d7 ,,f]s     

annuities ,section #hdfe7;b7 ( title #e1
 ,unit$ ,/ates ,code1 is am5d$ to read z
 foll[s3  7b7 ,non-,assignm5t (         
annuities  7#a7 ,9 g5]al ,an individual 
entitl$ to an annuity f ! ,fund may n   
make allotm5ts or assignm5ts ( am\nts f 
su* annuity4  7#b7 ,con/ruction ,=      
purposes ( ?is subsection-- 7,a7 9 any  
case :]e an individual entitl$ to an    
annuity f ! ,fund ent]s into an agreem5t
 ) ano!r p]son "u :i* agreem5t su* o!r  
p]son acquires = consid]ation ! "r to   
receive paym5t ( su* annuity1 :e!r by   
paym5t f ! individual to su* o!r p]son1 
deposit into an acc\nt f :i* su* o!r    
p]son may make )drawals1 or o!rwise1 su*
 agreem5t %all be deem$ to be an        
assignm5t & is prohibit$2 &  7,b7 any   
agreem5t or arrangem5t = collat]al =    
security = an agreem5t t is prohibit$ "u
 subp>agraph 7,a7 is also prohibit$4    
7#c7 ,exception ,p>agraphs 7#a7 & 7#b7  
%all n apply to am\nts us$ to pay dues  
to unions or o!r employee organizations4
  7#d7 ,private "r ( action  7,a7 ,9    

g5]al ,an annuity recipi5t may br+ an   
action aga9/ an annuity assignee 9 !    
appropriate ,f$]al or ,/ate c\rt &      
recov]--  7i7 ?ree times ! damages      
suff]$ due to ! assignm5t made 9        
violation ( ?is subsection or !         
regulations issu$ pursuant to ?is       
subsection2  7ii7 c\rt co/s2 &  7iii7   
reasonable attorneys' fees & exp5ses4   
7,b7 ,def9itions ,= purposes ( ?is      
p>agraph3 7i7 ,annuity assignee ,)      
respect to an annuity recipi5t1 ! t]m   
annuity assignee means a p]son :o has   
be5 assign$ or allott$ all or "p ( an   
annuity f ! ,fund 9 violation ( ?is     
subsection or ! regulations issu$       
pursuant to ?is subsection4  7ii7       
,annuity recipi5t ,! t]m annuity        
recipi5t means an individual entitl$ to 
an annuity f ! ,fund4  4  #d4 ,bureau ( 
,consum] ,f9ancial ,protection          
provisions  7a7 ,regulation ( ,f$]al or 
milit>y p5sion-,relat$ products ,section
 #ajcb ( ! ,consum] ,f9ancial           
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 

#eecb7 is am5d$ by add+ at ! end !      
foll[+3  7g7 ,regulation ( ,f$]al or    
milit>y p5sion-,relat$ products  7#a7 ,9
 g5]al ,! ,bureau %all issue regulations
 to require a p]son (f]+ a ,f$]al or    
milit>y p5sion-relat$ product to provide
 additional disclosures :5 adv]tis+ or  
sell+ su* product1 suffici5t to all[    
consum]s to und]/&--  7,a7 h[ _! p5sion 
relates to ! product2 &  7,b7 :e!r any  
insur$ depository in/itution also (f]s !
 product4  7#b7 ,def9itions def9$ ,=    
purposes ( ?is subsection3 7,a7 ,f$]al  
or milit>y p5sion ,! t]m ,f$]al or      
milit>y p5sion means--  7i7 a b5efit    
describ$ "u section #ecja7;a7 ( title   
#ch1 ,unit$ ,/ates ,code2  7ii7 retir$  
pay to an enli/$ memb] ( ! ,army1 ,navy1
 ,air ,=ce1 ,m>9e ,corps1 or ,coa/      
,gu>d2  7iii7 an annuity describ$ "u    
section #hcde or #hdfe ( title #e1      
,unit$ ,/ates ,code2  7iv7 comp5sation  
"u *apt] #aa ( title #ch1 ,unit$ ,/ates 
,code2 &  7v7 dep5d5cy & indemnity      
comp5sation "u *apt] #ac ( title #ch1   

,unit$ ,/ates ,code4  7,b7 ,f$]al or    
milit>y p5sion-relat$ product ,! t]m    
,f$]al or milit>y p5sion-relat$ product 
means a f9ancial product or s]vice      
relat$ to a ,f$]al or milit>y p5sion1   
includ+ any ext5sion ( cr$it if !       
cr$itor1 :5 det]m9+ a consum]'s ability 
to repay ! ext5sion ( cr$it1 takes !    
p5sion into consid]ation4  4  7b7 ,/udy 
by ! ,bureau  7#a7 ,9 g5]al ,! ,bureau (
 ,consum] ,f9ancial ,protection %all    
c>ry out a /udy ( f9ancial products &   
s]vices t t>get milit>y retirees &      
,f$]al employee retirees4  7#b7 ,report 
,n lat] ?an ! end ( ! #c-mon? p]iod     
beg9n+ on ! date ( ! enactm5t ( ?is     
,act1 ! ,bureau %all issue a report to !
 ,congress conta9+ all f9d+s &          
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u ?is subsection4