S. 1741 · 113th Congress
Military Savings Act of 2013
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MarkeySponsorNo cosponsors.
Military Savings Act of 2013 - Requires the Under Secretary of Defense (DOD) to carry out a five-year pilot program at at least 10 military installations to develop innovative consumer financial products that encourage savings and wealth-creation among members of the Armed Forces on active duty.
What it does: CRS summary · Introduced in Senate · Nov 20, 2013
Military Savings Act of 2013 - Requires the Under Secretary of Defense (DOD) to carry out a five-year pilot program at at least 10 military installations to develop innovative consumer financial products that encourage savings and wealth-creation among members of the Armed Forces on active duty.
Authorizes products designed to: (1) increase the rate of savings among such members by providing automatic deposit of special pay and allowances; (2) reduce the need for high-cost short-term lending services by providing alternatives, such as financial institutions providing an option for members to receive advances on salary payments; and (3) address obstacles to traditional consumer banking and lending for members with limited credit history.
Requires a financial institution seeking to begin or renew operating on a military installation selected for such program to agree to offer such products and to notify members about the availability of such products.
Directs the Under Secretary to contract for an annual independent evaluation of such program.
Authorizes the Under Secretary to extend the program and expand it nationwide upon determining that such expansion would improve member savings rates or decrease their need to rely on payday lenders.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Military Savings Act of 2013
Latest action (Nov 20, 2013): Read twice and referred to the Committee on Armed Services.
Policy area: Armed Forces and National Security · Origin: Senate · Introduced: Nov 20, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.