[Congressional Record Volume 169, Number 119 (Wednesday, July 12, 2023)]
[Senate]
[Pages S2390-S2391]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 206. Mrs. MURRAY submitted an amendment intended to be proposed by 
her to the bill S. 2226, to authorize appropriations for fiscal year 
2024 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 appropriate place in title VI, insert the following:

     SEC. 6__. IMPROVEMENTS TO FINANCIAL LITERACY TRAINING.

       (a) In General.--Subsection (a) of section 992 of title 10, 
     United States Code, is amended--
       (1) in paragraph (2)(C), by striking ``grade E-4'' and 
     inserting ``grade E-6'';
       (2) by adding at the end the following new paragraph:
       ``(5) In carrying out the program to provide training under 
     this subsection, the Secretary concerned shall--
       ``(A) require the development of a standard curriculum 
     across all military departments for such training that--
       ``(i) focuses on ensuring that members of the armed forces 
     who receive such training develop proficiency in financial 
     literacy rather than focusing on completion of training 
     modules;
       ``(ii) is based on best practices in the financial services 
     industry, such as the use of a social learning approach and 
     the incorporation of elements of behavioral economics or 
     gamification; and
       ``(iii) is designed to address the needs of members and 
     their families;
       ``(B) ensure that such training--
       ``(i) is conducted by a financial services counselor who is 
     qualified as described in paragraph (3) of subsection (b) or 
     by other means as described in paragraph (2)(A)(ii) of that 
     subsection;
       ``(ii) is provided, to the extent practicable--
       ``(I) in a class held in person with fewer than 50 
     attendees; or
       ``(II) one-on-one between the member and a financial 
     services counselor or a qualified representative described in 
     subclause (III) or (IV) of subsection (b)(2)(A)(ii); and
       ``(iii) is provided using computer-based methods only if 
     methods described in clause (ii) are impractical or 
     unavailable;
       ``(C) ensure that--
       ``(i) an in-person class described in subparagraph 
     (B)(i)(I) is available to the spouse of a member; and
       ``(ii) if a spouse of a member is unable to attend such a 
     class in person--
       ``(I) training is available to the spouse through Military 
     OneSource; and
       ``(II) the member is informed during the in-person training 
     of the member under subparagraph (B)(i) with respect to how 
     the member's spouse can access the training;
       ``(D) ensure that such training, and all documents and 
     materials provided in relation to such training, are 
     presented or written in manner that the Secretary determines 
     can be understood by the average enlisted member.''.
       (b) Qualified Representatives for Counseling for Members 
     and Spouses.--Subsection (b)(2)(A)(ii) of such section is 
     amended by adding at the end the following:
       ``(IV) Through qualified representatives of banks or credit 
     unions operating on military installations pursuant to an 
     operating agreement with the Department of Defense or a 
     military department.''.
       (c) Provision of Retirement Information.--Such section is 
     further amended--
       (1) by redesignating subsections (d) and (e) as subsections 
     (e) and (g), respectively; and
       (2) by inserting after subsection (c) the following new 
     subsection (d):

[[Page S2391]]

       ``(d) Provision of Retirement Information.--In each 
     training under subsection (a) and in each meeting to provide 
     counseling under subsection (b), a member of the armed forces 
     shall be provided with--
       ``(1) all forms relating to retirement that are relevant to 
     the member, including with respect to the Thrift Savings 
     Plan;
       ``(2) information with respect to how to find additional 
     information; and
       ``(3) contact information for counselors provided through--
       ``(A) the Personal Financial Counselor program, the 
     Personal Financial Management program, or Military OneSource; 
     or
       ``(B) nonprofit organizations or agencies that have in 
     effect agreements with the Department of Defense to provide 
     financial services counseling.''.
       (d) Advisory Council on Financial Readiness.--Such section 
     is further amended by inserting after subsection (e), as 
     redesignated by subsection (c)(1), the following new 
     subsection:
       ``(f) 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 1013 of title 5 (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.''.
       (e) Report on Effectiveness of Financial Services 
     Counseling.--Not later than 3 years after the date of the 
     enactment of this Act, the Secretary of Defense shall submit 
     to the congressional defense committees (as defined in 
     section 101 of title 10, United States Code) a report on 
     financial literacy training and financial services counseling 
     provided under section 992 of title 10, United States Code, 
     as amended by this section, that assesses--
       (1) the effectiveness of such training and counseling, 
     which shall be determined using actual localized data similar 
     to the Unit Risk Inventory Survey of the Army; and
       (2) whether additional training or counseling is necessary 
     for enlisted members of the Armed Forces or for officers.
       (f) Regulations.--The Secretary of Defense may prescribe 
     such regulations as are necessary to carry out the amendments 
     made by this section.
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