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HR 5946 112th Congress House Armed Forces and National Security Bank accounts, deposits, capital Congressional oversight Consumer credit Financial literacy Financial services and investments Interest, dividends, interest rates Military personnel and dependents

Military Savings Act of 2012

Introduced: June 12, 2012 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 10, 2012
Referred to the Subcommittee on Military Personnel.
Jun 12, 2012
Referred to the House Committee on Armed Services.
Jun 12, 2012
Introduced in House
 Plain-English summary Congressional Research Service

Military Savings Act of 2012 - Directs the Undersecretary of Defense (Comptroller) to carry out a five-year pilot program to develop innovative consumer financial products that encourage savings and wealth-creation among active-duty servicemembers. Requires the program to be carried out in such a way that it does not exacerbate the incidence of servicemember credit overextension. Directs the Undersecretary to choose at least 10 military installations at which to implement the program.

Directs the Undersecretary to contract for an annual independent program evaluation until its termination.

Allows the Undersecretary, under certain conditions, to expand the program to a nationwide program and to extend its duration.

What's happening now July 10, 2012

Referred to the Subcommittee on Military Personnel.

 Committees of jurisdiction 2