,i #aag? ,,congress #a/ ,session ,h4 ,r4 #ehhh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #d1 #bjba,mrs4 ,wagn] 7= h]self & ,mr4 ,david ,scott ( ,georgia7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,arm$ ,s]vices1 & 9 addition to ! ,committee on ,ov]sight & ,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 improve ! provision ( f9ancial lit]acy tra9+ & in=mation relat+ to ! ,bl5d$ ,retirem5t ,sy/em to memb]s ( ! ,arm$ ,=ces1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f9ancial ,read9ess ( ,am]ica's ,s]vicememb]s ,act ( #bjba4 #b4 ,improvem5ts to f9ancial lit]acy tra9+ 7a7 ,9 g5]al ,subsection 7a7 ( section #iib ( title #aj1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#b77;,c71 by /rik+ grade ,e-#d & ins]t+ grade ,e-#f2 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#e7 ,9 c>ry+ out ! program to provide tra9+ "u ?is subsection1 ! ,secret>y conc]n$ %all-- 7,a7 require ! developm5t ( a /&>d m9imum curriculum across all milit>y dep>tm5ts = su* tra9+ t-- 7i7 focuses on ensur+ t memb]s ( ! arm$ =ces :o receive su* tra9+ develop pr(ici5cy 9 f9ancial lit]acy r ?an focus+ on completion ( tra9+ modules2 7ii7 is bas$ on be/ practices 9 ! f9ancial s]vices indu/ry2 & 7iii7 is design$ to address ! ne$s ( memb]s & _! families2 7,b7 ensure t su* tra9+-- 7i7 is conduct$ by a regi/]$ inve/m5t advis] or a brok]-deal] regi/]$ ) ! ,securities & ,ex*ange ,commission :o utilizes in/ructors ) advanc$ cr$5tials 7z det]m9$ by ! ,secret>y72 & 7ii7 is provid$1 to ! ext5t practicable-- 7,i7 9 a class held 9 p]son ) few] ?an #ej att5dees2 7,,ii7 "o-on-"o betwe5 ! memb] & a f9ancial s]vices c\nselor or a qualifi$ repres5tative describ$ 9 subclause 7,,iii7 or 7,,iv7 ( subsection 7b77#b77;,a77ii72 or 7,,iii7 remotely via electronic means2 7,c7 ensure t-- 7i7 an 9-p]son or remote class describ$ 9 subp>agraph 7,b77i77,i7 is available to ! sp\se ( a memb]2 & 7ii7 if a sp\se ( a memb] is unable to att5d su* a class 9 p]son-- 7,i7 tra9+ is available to ! sp\se ?r\gh ! ,milit>y ,one,source ,program2 & 7,,ii7 ! memb] is in=m$ dur+ ! 9-p]son tra9+ ( ! memb] "u subp>agraph 7,b77i7 ) respect to h[ ! sp\se ( ! memb] c access ! tra9+2 & 7,d7 ensure t su* tra9+1 & all docum5ts & mat]ials provid$ 9 relation to su* tra9+1 are pres5t$ or writt5 9 a mann] t ! ,secret>y conc]n$ det]m9es c be und]/ood by ! av]age enli/$ memb]4 4 7b7 ,qualifi$ repres5tatives = c\nsel+ = memb]s & sp\ses ,subsection 7b77#b7 ( su* section is am5d$-- 7#a7 9 subp>agraph 7,a77ii71 by add+ at ! end ! foll[+3 7,,iv7 ,?r\gh qualifi$ repres5tatives ( banks or cr$it unions op]at+ on milit>y in/allations pursuant to an agreem5t ) ! ,secret>y conc]n$1 or ?r\gh a qualifi$ repres5tative ( a f9ancial plann+ firm :o has be5 approv$ by ! ,secret>y conc]n$ to provide su* c\nsel+ on a milit>y in/allation pursuant to regulations or guidance prescrib$ by ! ,secret>y conc]n$2 & 2 & 7#b7 by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,no pr(essional f9ancial plann+ firm may be disqualifi$ f provid+ c\nsel+ "u subp>agraph 7,a77ii7 solely on ! basis t ! firm op]ates a comm]cial bus9ess 9 ! f9ancial s]vices indu/ry4 4 7c7 ,provision ( retirem5t in=mation ,su* section is fur!r am5d$-- 7#a7 by r$esignat+ subsections 7d7 & 7e7 z subsections 7e7 & 7g71 respectively2 & 7#b7 by ins]t+ aft] subsection 7c7 ! foll[+ new subsection 7d73 7d7 ,provision ( retirem5t in=mation ,9 ea* tra9+ "u subsection 7a7 & 9 ea* meet+ to provide c\nsel+ "u subsection 7b71 a memb] ( ! arm$ =ces %all be provid$ ) ! foll[+1 9 bo? h>d copy & electronic =mat3 7#a7 ,all =ms relat+ to retirem5t t are relevant to ! memb]1 includ+ ) respect to ! ,?rift ,sav+s ,plan4 7#b7 ,in=mation ) respect to h[ to f9d additional in=mation4 7#c7 ,contact in=mation =-- 7,a7 a c\nselor provid$ ?r\gh-- 7i7 ! ,p]sonal ,f9ancial ,c\nselor program1 ,p]sonal ,f9ancial ,managem5t program1 or ! ,milit>y ,one,source ,program2 or 7ii7 a nonpr(it organization or ag5cy t has a curr5t agreem5t ) ! ,secret>y conc]n$ to provide f9ancial s]vices c\nsel+2 or 7,b7 a qualifi$ repres5tative (-- 7i7 a bank or cr$it union op]at+ on a milit>y in/allation pursuant to an agreem5t ) ! ,secret>y conc]n$2 & 7ii7 a c]tifi$ f9ancial plann+ firm approv$ by ! ,secret>y conc]n$ to provide su* c\nsel+ on a milit>y in/allation pursuant to regulations or guidance prescrib$ by ! ,secret>y conc]n$4 4 7d7 ,advisory ,c\ncil on ,f9ancial ,read9ess ,su* section is fur!r am5d$ by ins]t+ aft] subsection 7e71 z r$esignat$ by subsection 7c77#a71 ! foll[+ new subsection3 7f7 ,advisory ,c\ncil on ,f9ancial ,read9ess 7#a7 ,!re is e/abli%$ an ,advisory ,c\ncil on ,f9ancial ,read9ess 79 ?is section ref]r$ to z ! ,c\ncil74 7#b7 7,a7 ,! ,c\ncil %all consi/ ( #ae memb]s appo9t$ by ! ,secret>y ( ,def5se1 z foll[s-- 7i7 ?ree %all be repres5tatives ( milit>y support organizations2 7ii7 ?ree %all be repres5tatives ( vet]ans s]vice organizations2 7iii7 ?ree %all be repres5tatives ( private nonpr(it organizations ) a ve/$ int]e/ 9 education & communication ( f9ancial education & f9ancial s]vices2 7iv7 ?ree %all be repres5tatives ( firms :o employ regi/]$ inve/m5t advisors or brok]-deal]s z def9$ "u ! ,f$]al securities laws2 & 7v7 ?ree %all be repres5tatives ( gov]nm5tal entities ) a ve/$ int]e/ 9 education & communication ( f9ancial education & f9ancial s]vices4 7,b7 ,! ,secret>y %all appo9t memb]s to ! ,c\ncil f among individuals qualifi$ to appraise milit>y comp5sation1 milit>y retirem5t1 & f9ancial lit]acy tra9+4 7,c7 ,memb]s ( ! ,c\ncil %all s]ve = t]ms ( ?ree ye>s1 except t1 ( ! memb]s fir/ appo9t$-- 7i7 five %all be appo9t$ = t]ms ( "o ye>2 7ii7 five %all be appo9t$ = t]ms ( two ye>s2 & 7iii7 five %all be appo9t$ = t]ms ( ?ree ye>s4 7,d7 ,a memb] ( ! ,c\ncil may be reappo9t$ = additional t]ms4 7,e7 ,any memb] appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m ( (fice = :i* su* memb]'s pr$ecessor 0 appo9t$ %all be appo9t$ only = ! rema9d] ( su* t]m4 7#c7 ,! ,c\ncil %all-- 7,a7 advise ! ,secret>y ) respect to matt]s relat+ to ! f9ancial lit]acy & f9ancial read9ess ( memb]s ( ! arm$ =ces2 & 7,b7 submit to ! ,secret>y recomm5dations ) respect to ^? matt]s4 7#d7 7,a7 ,subject to subp>agraph 7,b71 ! ,c\ncil %all meet n less frequ5tly ?an twice ea* ye> & at su* o!r times z ! ,secret>y reque/s4 7,b7 ,a majority ( memb]s %all con/itute a quorum & action %all be tak5 only by a majority vote ( ! memb]s pres5t & vot+4 7#e7 ,! ,secret>y-- 7,a7 %all provide to ! ,c\ncil an executive secret>y & su* secret>ial1 cl]ical1 & o!r support s]vices z ! ,c\ncil consid]s necess>y to c>ry out ! duties ( ! ,c\ncil2 & 7,b7 may reque/ t o!r ,f$]al ag5cies provide /ati/ical data1 reports1 & o!r in=mation t is reasonably accessible to assi/ ! ,c\ncil 9 ! p]=mance ( ! duties ( ! ,c\ncil4 7#f7 ,:ile away f _! homes or regul> places ( bus9ess 9 ! p]=mance ( s]vices = ,c\ncil1 memb]s ( ! ,c\ncil %all be all[$ travel exp5ses1 includ+ p] diem 9 lieu ( subsi/5ce1 9 ! same mann] z p]sons employ$ int]mitt5tly 9 ! ,gov]nm5t s]vice are all[$ exp5ses "u section #egjc ( title #e4 7#g7 ,n less frequ5tly ?an annually1 ! ,secret>y %all submit to ,congress a report t-- 7,a7 describes ea* recomm5dation receiv$ f ! ,c\ncil dur+ ! prec$+ ye>2 & 7,b7 indicates1 ) respect to ea* su* recomm5dation1 :e!r ! ,secret>y has implem5t$ ! recomm5dation &1 if n1 an explanation ( :y ! ,secret>y has n implem5t$ ! recomm5dation4 7#h7 ,section #ad7;a7 ( ! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 7relat+ to t]m9ation7 %all n apply to ! ,c\ncil4 7#i7 7,a7 ,subject to subp>agraph 7,b71 ! ,c\ncil %all t]m9ate on ! day t is five ye>s aft] ! date ( ! enactm5t ( ! ,f9ancial ,read9ess ( ,am]ica's ,s]vicememb]s ,act ( #bjba4 7,b7 ,! ,secret>y may r5ew ! ,c\ncil = an additional p]iods ea* ( :i* %all n exce$ five ye>s 9 duration4 7#aj7 ,9 ?is subsection3 7,a7 ,! t]ms brok]-deal] & regi/]$ inve/m5t advisor h ! mean+s giv5 su* t]ms 9 section #bjb ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c74 7,b7 ,! t]m milit>y support organization means an organization t provides support to memb]s ( ! arm$ =ces & _! families ) respect to education1 f9ances1 heal? c>e1 employm5t1 & ov]all well-be+4 7,c7 ,! t]m private nonpr(it organization means an entity describ$ 9 section #eja7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7#bf ,u4,s4,c4 #eja7;c774 7,d7 ,! t]m vet]ans s]vice organization means any organization recogniz$ by ! ,secret>y ( ,vet]ans ,affairs = ! repres5tation ( vet]ans "u section #eijb ( title #ch4 4 7e7 ,report on effectiv5ess ( f9ancial s]vices c\nsel+ ,n lat] ?an ?ree ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,def5se %all submit to ! congressional def5se committees 7z t t]m is def9$ 9 section #aja ( title #aj1 ,unit$ ,/ates ,code7 a report on f9ancial lit]acy tra9+ & f9ancial s]vices c\nsel+ provid$ "u section #iib ( title #aj1 ,unit$ ,/ates ,code1 z am5d$ by ?is section1 t assesses-- 7#a7 ! effectiv5ess ( su* tra9+ & c\nsel+1 :i* %all be det]m9$ us+ actual localiz$ data simil> to ! ,unit ,risk ,inv5tory ,survey ( ! ,army2 & 7#b7 :e!r additional tra9+ or c\nsel+ is necess>y = enli/$ memb]s ( ! ,arm$ ,=ces or = (fic]s4 7f7 ,regulations ,n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,def5se %all prescribe regulations to c>ry out ?is section4 #c4 ,report on improv$ access to ,?rift ,sav+s ,plan ,n lat] ?an #ah mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al ,retirem5t ,?rift ,inve/m5t ,bo>d %all submit to ,congress a plan = improv+ ! access ( memb]s ( ! ,arm$ ,=ces to in=mation ab\t ! ,?rift ,sav+s ,plan t-- 7#a7 takes into acc\nt ! "t likely to pass betwe5 ! mail+ ( acc\nt in=mation to a memb] ( ! ,arm$ ,=ces & ! "t ! memb] is likely to receive ! in=mation2 & 7#b7 includes recomm5dations = legislation necess>y to improve su* access4