SMART Save Act of 2024

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 7506 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 7506 To improve financial literacy training for members of the Armed Forces. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 29, 2024 Ms. Sewell (for herself and Mr. Moylan) introduced the following bill; which was referred to the Committee on Armed Services _______________________________________________________________________ A BILL To improve financial literacy training for members of the Armed Forces. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Service Members Are Ready To Save Act of 2024'' or the ``SMART Save Act of 2024''. SEC. 2. IMPROVEMENTS TO FINANCIAL LITERACY TRAINING. (a) In General.--Subsection (a) of section 992 of title 10, United States Code, is amended-- (1) in paragraph (2)(C), by striking ``grade E-4'' and inserting ``grade E-6''; (2) by adding at the end the following new paragraph: ``(5) In carrying out the program to provide training under this subsection, the Secretary concerned shall-- ``(A) use a curriculum across all military departments for such training that-- ``(i) focuses on ensuring that members of the Armed Forces who receive such training develop proficiency in financial literacy rather than focusing on completion of training modules; ``(ii) is based on best practices of the Financial Literacy Education Commission established under section 513 of the Financial Literacy and Education Improvement Act (20 U.S.C. 9702); and ``(iii) is designed to address the needs of members and their families; ``(B) ensure that such training-- ``(i) is conducted by a financial services counselor who is qualified as described in paragraph (3) of subsection (b) or by other means as described in paragraph (2)(A)(ii