Senate Banking Committee leaders are asking the Government Accountability Office to look into the military base life sales allegations.[@@]
Sen. Richard Shelby, R-Ala., the committee chairman, and Sen. Paul Sarbanes, D-Md., the ranking minority member, have asked the GAO “to research the manner in which financial products are marketed and sold to service members on U.S. military facilities.”
The request to the GAO comes as the House Financial Services Committee prepares to mark up H.R. 5011, a military base life sales bill, Sept. 29. H.R. 5011 was introduced by Rep. Max Burns, R-Ga.
The House could pass H.R. 5011 as early as Oct. 1, but the Shelby-Sarbanes GAO request might be a sign that Shelby and Sarbanes want to wait until 2005 to support Senate action on military base life sales legislation.
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H.R. 5011 would impose strict disclosure rules on sales of insurance on military bases. The bill also would make it clear that military base insurance sales are under the jurisdiction of state insurance regulators.