[Congressional Record Volume 168, Number 157 (Wednesday, September 28, 2022)]
[Senate]
[Page S5273]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5800. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe) 
and intended to be proposed to the bill H.R. 7900, to authorize 
appropriations for fiscal year 2023 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

        At the end of subtitle D of title VI, add the following:

     SEC. 632. ADVISORY COUNCIL ON FINANCIAL READINESS.

       Section 992 of title 10, United States Code, is amended--
       (1) by redesignating subsection (e) as subsection (f); and
       (2) by inserting after subsection (d) the following new 
     subsection (e):
       ``(e) Advisory Council on Financial Readiness.--
       ``(1) Establishment.--There is established an Advisory 
     Council on Financial Readiness (in this section referred to 
     as the `Council').
       ``(2) Membership.--
       ``(A) In general.--The Council shall consist of 12 members 
     appointed by the Secretary of Defense, as follows:
       ``(i) Three shall be representatives of military support 
     organizations.
       ``(ii) Three shall be representatives of veterans service 
     organizations.
       ``(iii) Three shall be representatives of private, 
     nonprofit organizations with a vested interest in education 
     and communication of financial education and financial 
     services.
       ``(iv) Three shall be representatives of governmental 
     entities with a vested interest in education and 
     communication of financial education and financial services.
       ``(B) Qualifications.--The Secretary shall appoint members 
     to the Council from among individuals qualified to appraise 
     military compensation, military retirement, and financial 
     literacy training.
       ``(C) Terms.--Members of the Council shall serve for terms 
     of three years, except that, of the members first appointed--
       ``(i) four shall be appointed for terms of one year;
       ``(ii) four shall be appointed for terms of two years; and
       ``(iii) four shall be appointed for terms of three years.
       ``(D) Reappointment.--A member of the Council may be 
     reappointed for additional terms.
       ``(E) Vacancies.--Any member appointed to fill a vacancy 
     occurring before the expiration of the term of office for 
     which such member's predecessor was appointed shall be 
     appointed only for the remainder of such term.
       ``(3) Duties and functions.--The Council shall--
       ``(A) advise the Secretary with respect to matters relating 
     to the financial literacy and financial readiness of members 
     of the armed forces; and
       ``(B) submit to the Secretary recommendations with respect 
     to those matters.
       ``(4) Meetings.--
       ``(A) In general.--The Council shall meet not less 
     frequently than twice each year and at such other times as 
     the Secretary requests.
       ``(B) Quorum.--A majority of members shall constitute a 
     quorum and action shall be taken only by a majority vote of 
     the members present and voting.
       ``(5) Support services.--The Secretary--
       ``(A) shall provide to the Council an executive secretary 
     and such secretarial, clerical, and other support services as 
     the Council considers necessary to carry out the duties of 
     the Council; and
       ``(B) may request that other Federal agencies provide 
     statistical data, reports, and other information that is 
     reasonably accessible to assist the Council in the 
     performance of the duties of the Council.
       ``(6) Compensation.--While away from their homes or regular 
     places of business in the performance of services for the 
     Council, members of the Council shall be allowed travel 
     expenses, including per diem in lieu of subsistence, in the 
     same manner as persons employed intermittently in the 
     Government service are allowed expenses under section 5703 of 
     title 5.
       ``(7) Annual report.--Not less frequently than annually, 
     the Secretary shall submit to Congress a report that--
       ``(A) describes each recommendation received from the 
     Council during the preceding year; and
       ``(B) includes a statement, with respect to each such 
     recommendation, of whether the Secretary has implemented the 
     recommendation and, if not, a description of why the 
     Secretary has not implemented the recommendation.
       ``(8) Termination.--Section 14(a) of the Federal Advisory 
     Committee Act (5 U.S.C. App.) (relating to termination) shall 
     not apply to the Council.
       ``(9) Definitions.--In this subsection:
       ``(A) Military support organization.--The term `military 
     support organization' means an organization that provides 
     support to members of the armed forces and their families 
     with respect to education, finances, health care, employment, 
     and overall well-being.
       ``(B) Veterans service organization.--The term `veterans 
     service organization' means any organization recognized by 
     the Secretary for the representation of veterans under 
     section 5902 of title 38.''.
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