Senate Gets Military Base Sales Bill

Although time is short this year, “our efforts now will give us a foot hold for next year,” Enzi says.

The bill, the Military Personnel Financial Services Protection Act, would clarify the authority of state insurance regulators over sales of insurance products on military bases in their states. The bill also would require state regulators and the U.S. Department of Defense to maintain lists of agents banned from various military installations and to share those lists with base commanders to help prevent bad agents from simply moving from base to base.

Additionally, the bill would prohibit the sale on contract mutual funds, which are similar to mutual funds but have up-front fees of as much as 50% during the first year that the fund contracts are in effect.

“It is critical that servicemen and women who sacrifice for their country not be exploited or taken advantage of through dishonest business practices,” says Sen. Chuck Hagel, R-Neb., a bill co-sponsor. “We must ensure that America’s military personnel are offered first-rate financial products so they can provide for their families and invest in their futures.”

Sens. Hillary Clinton and Charles Schumer, 2 Democrats from New York, are also co-sponsors.