S.Amdt. 206

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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