S.Amdt. 5800

1. Adds SEC. 632. ADVISORY COUNCIL ON FINANCIAL READINESS at the end of subtitle D of title VI

   Adds a section

   Inserted: SEC. 632. ADVISORY COUNCIL ON FINANCIAL READINESS.

   Inserted: Section 992 of title 10, United States Code, is amended--

   Inserted: (1) by redesignating subsection (e) as subsection (f); and

   Inserted: (2) by inserting after subsection (d) the following new subsection (e):

   Inserted: "(e) Advisory Council on Financial Readiness.--

   Inserted: "(1) Establishment.--There is established an Advisory Council on Financial Readiness (in this section referred to as the 'Council').

   Inserted: "(2) Membership.--

   Inserted: "(A) In general.--The Council shall consist of 12 members appointed by the Secretary of Defense, as follows:

   Inserted: "(i) Three shall be representatives of military support organizations.

   Inserted: "(ii) Three shall be representatives of veterans service organizations.

   Inserted: "(iii) Three shall be representatives of private, nonprofit organizations with a vested interest in education and communication of financial education and financial services.

   Inserted: "(iv) Three shall be representatives of governmental entities with a vested interest in education and communication of financial education and financial services.

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   Inserted: "(B) Qualifications.--The Secretary shall appoint members to the Council from among individuals qualified to appraise military compensation, military retirement, and financial literacy training.

   Inserted: "(C) Terms.--Members of the Council shall serve for terms of three years, except that, of the members first appointed--

   Inserted: "(i) four shall be appointed for terms of one year;

   Inserted: "(ii) four shall be appointed for terms of two years; and

   Inserted: "(iii) four shall be appointed for terms of three years.

   Inserted: "(D) Reappointment.--A member of the Council may be reappointed for additional terms.

   Inserted: "(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.

   Inserted: "(3) Duties and functions.--The Council shall--

   Inserted: "(A) advise the Secretary with respect to matters relating to the financial literacy and financial readiness of members of the armed forces; and

   Inserted: "(B) submit to the Secretary recommendations with respect to those matters.

   Inserted: "(4) Meetings.--

   Inserted: "(A) In general.--The Council shall meet not less frequently than twice each year and at such other times as the Secretary requests.

   Inserted: "(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.

   Inserted: "(5) Support services.--The Secretary--

   Inserted: "(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

   Inserted: "(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.

   Inserted: "(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.

   Inserted: "(7) Annual report.--Not less frequently than annually, the Secretary shall submit to Congress a report that--

   Inserted: "(A) describes each recommendation received from the Council during the preceding year; and

   Inserted: "(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.

   Inserted: "(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.

   Inserted: "(9) Definitions.--In this subsection:

   Inserted: "(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.

   Inserted: "(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.".

   Original wording

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

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As printed