Hon. Michael G. Oxley: “I rise in support of H.R. 458, the Military Personnel Financial Services Protection Act. This bill, introduced by my…”

“I rise in support of H.R. 458, the Military Personnel Financial Services Protection Act. This bill, introduced by my good friend Mr. Geoff Davis from the Commonwealth of Kentucky, will go a long way towards protecting the men and women serving in our Nation's military from deceptive financial practices and unsuitable financial products. Mr. Speaker, since the tragic day of September 11, 2001, our country has been at war. In the prosecution of that war, our armed services have performed heroically. Many have made the ultimate sacrifice for the cause of freedom. Unfortunately, there are a few bad actors in the financial services industry who have been taking financial advantage of our armed forces. These unscrupulous companies and salesmen gain access to military installations and use aggressive, misleading, and often illegal sales tactics, to sell high-cost products of dubious value that are unsuitable for any investor, and are particularly unsuitable for our military personnel. The Pentagon has issued directives intended to prevent these abuses. But with the ongoing confusion over regulatory jurisdiction, the lack of communication among government agencies, and the lack of sufficient protection standards for certain financial products, it is clear that the abuses will not stop unless Congress enacts this legislation. H.R.…”