CARTER PROTECTS MILITARY FROM INSURANCE PREDATORS
Votes In Favor Of Military Personnel Financial Services Protection Act
Washington, DC, Sep 21 - U.S. Congressman John Carter (TX-31) today voted in favor of S. 418, the Military Personnel Financial Services Protection Act. Congressman Carter co-sponsored the House version of this legislation, which garnered strong support in the House in 2005. The legislation protects service members from abusive or misleading tactics by insurance and investment companies.
"I remain committed to protecting and supporting our service men and women. This bill safeguards our military from financial predators who have taken advantage of our troops," Congressman Carter said. "Halting these misleading financial practices will help improve the financial security of our service men and women and their families."
Specifically, the Military Personnel Financial Services Protection Act creates a registry of insurance agents and companies who are banned from conducting business on military installations. It also directs the Department of Defense, Securities Exchange Commission, and the National Association of Insurance Commissioners to meet bi-annually to monitor the sales of financial products on military installations.