Congress may wait until next year to protect service members from what some say is financial exploitation.[@@]
Sen. Michael Enzi, R-Wyo., chairman of the Senate Securities and Investment Subcommittee, introduced a bill in the Senate Wednesday that would clarify the regulation of insurance products on military bases and protect enlistees from inappropriate sales practices and products.
“There are many upstanding financial and insurance companies that sell very worthwhile investment and insurance products to military families, and this bill is not geared toward these companies,” Enzi says. “It’s designed for those few out there who are selling financial snake oil to military personnel. These brave men and women who serve in our armed forces protect our freedom. With this legislation we can give them some protection from disingenuous sales tactics.”
The House passed a similar version of the bill earlier this week.
Even though the House version of the bill passed with a 396-2 vote, the chances of the bill becoming law this year are viewed as slim at best, given the bill’s late arrival on the congressional calendar and the rush by lawmakers to adjourn for the final weeks of the fall election campaigns.