The Senate voted unanimously Wednesday to pass a bill would impose new rules on companies selling life insurance and other financial services products on military bases.
The Senate bill, S. 418, the Military Personnel Financial Services Protection Act, was introduced by Sens. Michael Enzi, R-Wyo., and Hillary Clinton, D-N.Y.
S. 418 is different from H.R. 458, the military sales bill that the House passed in June 2005, and Congressional leaders already are preparing to set up a conference committee to reconcile the bills.
S. 418 would:
- Bar the sale of contract mutual funds, which have especially high fees in their early years, on military bases.