3.0.0 1741 2023-01-11T13:23:42Z 2023-01-11T13:23:42Z Senate S S 2013-11-20 113 ssas00 Armed Services Committee Senate Standing Referred to 2013-11-20T17:59:50Z 2013-11-20 ssas00 Armed Services Committee Senate Read twice and referred to the Committee on Armed Services. IntroReferral 2013-11-20 Introduced in Senate IntroReferral 10000 9 Library of Congress M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. N Armed Forces and National Security Bank accounts, deposits, capital Congressional oversight Consumer credit Financial literacy Financial services and investments Interest, dividends, interest rates Military personnel and dependents Armed Forces and National Security 00 2013-11-20 Introduced in Senate 2014-02-10T20:41:56Z Military Savings Act of 2013 - Requires the Under Secretary of Defense (DOD) to carry out a five-year pilot program at at least 10 military installations to develop innovative consumer financial products that encourage savings and wealth-creation among members of the Armed Forces on active duty.

Authorizes products designed to: (1) increase the rate of savings among such members by providing automatic deposit of special pay and allowances; (2) reduce the need for high-cost short-term lending services by providing alternatives, such as financial institutions providing an option for members to receive advances on salary payments; and (3) address obstacles to traditional consumer banking and lending for members with limited credit history.

Requires a financial institution seeking to begin or renew operating on a military installation selected for such program to agree to offer such products and to notify members about the availability of such products.

Directs the Under Secretary to contract for an annual independent evaluation of such program.

Authorizes the Under Secretary to extend the program and expand it nationwide upon determining that such expansion would improve member savings rates or decrease their need to rely on payday lenders.


]]> Military Savings Act of 2013 Display Title Military Savings Act of 2013 Official Title as Introduced A bill to direct the Under Secretary of Defense (Comptroller) to carry out a pilot program to develop innovative consumer financial products that encourage savings and wealth-creation among members of the Armed Forces on active duty. Introduced in Senate IS Short Titles as Introduced Military Savings Act of 2013 Introduced in Senate 2013-11-20T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1741is/xml/BILLS-113s1741is.xml 2013-11-20 Read twice and referred to the Committee on Armed Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.