In the nature of a substitute.

SA 3341. Mr. SCHUMER (for Mr. Cornyn (for himself and Ms. Hassan))
proposed an amendment to the bill S. 1299, to amend title 38, United
States Code, to require the Secretary of Veterans Affairs to
periodically review the automatic maximum coverage under
Servicemembers' Group Life Insurance program and the Veterans' Group
Life Insurance program, and for other purposes; as follows:

Strike all after the enacting clause and insert the
following:

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Fairness for Servicemembers
and their Families Act of 2024''.

SEC. 2. PERIODIC REVIEW OF AUTOMATIC MAXIMUM COVERAGE UNDER
SERVICEMEMBERS' GROUP LIFE INSURANCE AND
VETERANS' GROUP LIFE INSURANCE.

(a) In General.--Subchapter III of chapter 19 of title 38,
United States Code, is amended by adding at the end the
following new section:

``Sec. 1980B. Periodic review of automatic maximum coverage

``(a) In General.--On January 1, 2025, and every five years
thereafter, the Secretary shall--
``(1) complete a review of how the amount specified in
section 1967(a)(3)(A)(i) compares to the amount described in
subsection (b); and
``(2) submit to the Committees on Veterans' Affairs of the
House of Representatives and the Senate the results of the
review, which may serve as a guide for coverage increases
within the existing administrative incremental structure.
``(b) Amount Described.--The amount described in this
subsection is the amount equal to--
``(1) $500,000; multiplied by
``(2) the average percentage by which the Consumer Price
Index changed during the five fiscal years preceding the
review under subsection (a).
``(c) Consumer Price Index Defined.--In this section, the
term `Consumer Price Index' means the Consumer Price Index
for All Urban Consumers published by the Bureau of Labor
Statistics of the Department of Labor.''.
(b) Clerical Amendment.--The table of sections at the
beginning of chapter 19 of such title is amended by inserting
after the item relating to section 1980A the following new
item:

``1980B. Periodic review of automatic maximum coverage.''.
______