United States 113th Congress Status: Died 1 D cosponsors

S 1741 — Military Savings Act of 2013

Last action — Read twice and referred to the Committee on Armed Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read S 1741 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Armed Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance veterans
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 1741 do?
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.
Who sponsors S 1741?
S 1741 is sponsored by Edward Markey (D).
What is the current status of S 1741?
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 1741?
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