Sec. 524. VERIFICATION OF THE FINANCIAL INDEPENDENCE OF FINANCIAL SERVICES COUNSELORS IN THE DEPARTMENT OF DEFENSE
482 words·~2 min read·
/statute-compilations/comps-17632/sec-524A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 524 VERIFICATION OF THE FINANCIAL INDEPENDENCE OF FINANCIAL SERVICES COUNSELORS IN THE DEPARTMENT OF DEFENSE ###
(a)Verification of Financial Independence Section 992 of title 10, United States Code, is amended— ####
(1)in subsection (b)(2)(A)— #####
(A)in clause (i), by striking “and” at the end; #####
(B)in clause (ii)— ######
(i)by striking “may” and inserting “shall”; ######
(ii)by striking “installation by any means elected by the Secretary from among the following:” and inserting “installation—”; ######
(iii)in subclause (I)— ######
(I)by striking “Through” and inserting “through”; and ######
(II)by striking “Defense.” and inserting “Defense;”; ######
(iv)in subclause (II)— ######
(I)by striking “By contract” and inserting “by contract”; and ######
(II)by striking “Internet.” and inserting “Internet; or”; and ######
(v)in subclause (III)— ######
(I)by striking “Through” and inserting “through”; and ######
(II)by striking “counseling.” and inserting “counseling; and”; and #####
(C)by adding at the end the following new clause: > > ###### “(iii) > > may not provide financial services through any individual unless such individual agrees to submit financial disclosures annually to the Secretary.” > ; ####
(2)in subsection (b)(2)(B), by striking “installation by any of the means set forth in subparagraph (A)(ii), as elected by the Secretary concerned.” and inserting “installation in accordance with the requirements established under subparagraph (A)(ii) and (iii).”; and ####
(3)in subsection (b)(4)— #####
(A)by inserting “(A)” before “The Secretary”; and #####
(B)by inserting at the end the following new subparagraphs: > > ##### “(B) > > In carrying out the requirements of subparagraph (A), the Secretary concerned shall establish a requirement that each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraph (2), submit financial disclosures annually to the Secretary. > > > ##### “(C) > > The Secretary concerned shall review all financial disclosures submitted pursuant to subparagraph
(B)to ensure the counselor, or the individual providing counseling, is free from conflict as required under this paragraph. > > > ##### “(D) > > If the Secretary concerned determines that a financial services counselor under paragraph (2)(A)(i), or any other individual providing counseling on financial services under paragraph (2), is not free from conflict as required under this paragraph, the Secretary shall ensure that the counselor, or the individual providing counseling, does not provide such services until such time as the Secretary determines that such conflict is resolved.” > . ###
(b)Briefing on Financial Independence Not later than 180 days after the date of the enactment of this Act, each Secretary concerned shall submit to Congress a briefing on the implementation of the amendments made by this section. ###
(c)Secretary Concerned Defined In this section, the term “Secretary concerned” has the meaning given to such term in section 101 of title 10, United States Code.