S. 2905: Military Personnel Financial Services Protection Act

108th Congress · introduced 2004-10-06 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2004-10-06 · official record
Who proposed it: Sen. Enzi, Michael B. [R-WY] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Military Personnel Financial Services Protection Act

Plain summary

Military Personnel Financial Services Protection Act - Amends the Investment Company Act of 1940 to state it is unlawful: (1) for any registered investment company to issue any periodic payment plan certificate; or (2) for such company or any other person to sell such a certificate. Amends the Securities Exchange Act of 1934 to require a registered securities association to establish a system for collecting and retaining registration, disciplinary, and other information, including a toll-free telephone listing for prompt response to inquiries regarding registration information on members. Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to require an investment adviser to file with the SEC, through any designated entity, any fee, application, report, or notice required to be filed. Directs the SEC to require such entity to establish and maintain a toll-free telephone listing, or a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration, disciplinary, and other information involving investment advisers and associated persons. States that any State law, regulation, or order regarding the business of insurance shall apply to insurance activities conducted on Federal land or facilities in the United States and abroad, including military installations, unless specified conditions exist. Prohibits an insurer or producer from selling or soliciting in person any life insurance product to any member of the Armed Forces on a Federal military installation, unless specified written disclosures have been provided before the sale. Expresses the sense of Congress that the National Association of Insurance Commissioners should study and report to certain congressional committees on ways of improving the quality and sale of life insurance products sold by insurers and producers on Federal military installations. Prohibits any insurer from contracting with an insurance producer that solicits or sells life insurance on U.S. military installations unless the insurer has implemented a system to report to certain State insurance commissioners any disciplinary actions taken against the producer with respect to such sales or solicitations. Requires the Secretary of Defense to establish a registry of insurance agents and financial advisors that have been barred or banned from doing business on Federal military installations.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Military Personnel Financial Services Protection Act

Source: Congressional Research Service summary (Introduced in Senate)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Enzi, Michael B. [R-WY] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Charles E. Schumer (D-NY)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108s2905.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/s>

Record fed-us-cong108-s2905 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108