[Congressional Record Volume 169, Number 119 (Wednesday, July 12, 2023)]
[Senate]
[Pages S2391-S2392]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 208. Mrs. FEINSTEIN 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 end of subtitle C of title VI, add the following:

     SEC. 633. VERIFICATION OF THE FINANCIAL INDEPENDENCE OF 
                   FINANCIAL SERVICES COUNSELORS IN THE DEPARTMENT 
                   OF DEFENSE.

       (a) Verification of Financial Independence.--Section 992(b) 
     of title 10, United States Code, is amended--
       (1) in paragraph (2)(A)--
       (A) in clause (i), by striking ``and'' at the end;
       (B) in clause (ii)--
       (i) by striking ``may'' and inserting ``shall'';
       (ii) by striking ``installation by any means elected by the 
     Secretary from among the following:'' and inserting 
     ``installation--'';
       (iii) in subclause (I)--

       (I) by striking ``Through'' and inserting ``through''; and
       (II) by striking ``Defense.'' and inserting ``Defense;'';

       (iv) in subclause (II)--

       (I) by striking ``By contract'' and inserting ``by 
     contract''; and
       (II) by striking ``Internet.'' and inserting ``Internet; 
     or''; and

       (v) in subclause (III)--

       (I) by striking ``Through'' and inserting ``through''; and
       (II) by striking ``counseling.'' and inserting 
     ``counseling; and''; and

       (C) by adding at the end the following new clause:
       ``(iii) may not provide financial services through any 
     individual unless such individual agrees to submit financial 
     disclosures annually to the Secretary.'';
       (2) in paragraph (2)(B), by striking ``installation by any 
     of the means set forth in subparagraph (A)(ii), as elected by 
     the Secretary concerned.'' and inserting ``installation in 
     accordance with the requirements established under clauses 
     (ii) and (iii) of subparagraph (A).''; and
       (3) in paragraph (4)--
       (A) by inserting ``(A)'' before ``The Secretary''; and
       (B) by inserting at the end the following new 
     subparagraphs:
       ``(B) In carrying out the requirements of subparagraph (A), 
     the Secretary concerned shall establish a requirement that 
     each financial services counselor under paragraph (2)(A)(i), 
     and any other individual providing counseling on financial 
     services under paragraph (2), submit financial disclosures 
     annually to the Secretary.
       ``(C) The Secretary concerned shall review all financial 
     disclosures submitted pursuant

[[Page S2392]]

     to subparagraph (B) to ensure the counselor, or the 
     individual providing counseling, is free from conflict as 
     required under this paragraph.
       ``(D) If the Secretary concerned determines that a 
     financial services counselor under paragraph (2)(A)(i), or 
     any other individual providing counseling on financial 
     services under paragraph (2), is not free from conflict as 
     required under this paragraph, the Secretary shall ensure 
     that the counselor, or the individual providing counseling, 
     does not provide such services until such time as the 
     Secretary determines that such conflict is resolved.''.
       (b) Report on Financial Independence.--Not later than 180 
     days after the date of the enactment of this Act, and 
     annually thereafter, each Secretary concerned shall submit to 
     Congress a report on the percentage of financial services 
     counselors under paragraph (2)(A)(i) of section 992(b) of 
     title 10, United States Code (as amended by subsection (a)), 
     and other individuals providing counseling on financial 
     services under paragraph (2) of such section (as amended by 
     subsection (a)), whom the Secretary determined to be free 
     from conflicts as required under paragraph (4) of such 
     section (as amended by subsection (a)).
       (c) Secretary Concerned Defined.--In this section, the term 
     ``Secretary concerned'' has the meaning given to such term in 
     section 101 of title 10, United States Code.
                                 ______