Military Financial Literacy Act of 2026
- Bill Number
- H.R. 8056
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Armed Forces and National Security
- Status
- Introduced
- Latest Action
- 2026-03-24: Referred to the House Committee on Armed Services.
- Last Updated
- 2026-07-06T22:06:15Z
AI-Generated Summary
Purpose
The Military Financial Literacy Act of 2026 (H.R. 8056) aims to expand access to personalized, credentialed counseling on financial management and housing for active-duty members of the Armed Forces and those transitioning out of service. It builds on existing programs to address financial stress, housing instability, and related challenges like frequent relocations.
Key Provisions
- Amendments to 10 U.S.C. § 992 (personalized financial counseling program):
- Adds new topics to counseling curriculum: financial management practices, home buying/selling, renting during permanent changes of station (PCS, or military relocations), rental planning, Department of Veterans Affairs (VA) home loans, and other services similar to private-sector home loans.
- Establishes a one-on-one individualized counseling program (new subsection (d)), covering:
- Credit management.
- Budgeting.
- Anti-predatory lending (loans with unfair terms targeting vulnerable people).
- PCS and rental planning.
- VA home loan programs.
- Protections under the Servicemembers Civil Relief Act (SCRA, a law providing financial and legal safeguards for service members, 50 U.S.C. § 3901 et seq.) and 10 U.S.C. § 987 (limits on high-interest loans to service members).
- Implementation requirements:
- Secretary of Defense must create the program within 1 year of enactment, following Department of Defense Instruction 1322.34 (or successor guidance on personal financial counseling).
- Partner with a qualified counseling organization that is:
- HUD-approved (Department of Housing and Urban Development agency for housing counseling).
- A tax-exempt Veterans Service Organization (501(c)(19) under IRS rules).
- Expert in financial literacy, housing stability, and veteran home loan benefits.
- Able to train and certify HUD-certified housing counselors for military families.
- Reporting: Within 2 years of program launch, Secretary submits report to Senate and House Armed Services Committees on:
- Number of service members counseled on housing stability, VA loans, or rentals.
- Completion rates.
- Metrics on financial stress, housing instability, and risk mitigation.
- Secretary may issue regulations to implement changes.
Significant Changes to Existing Law
- Expands the scope of the existing personalized financial counseling program under 10 U.S.C. § 992 by adding housing-specific topics and mandating one-on-one sessions via partnerships with specialized organizations.
- Inserts new subparagraph (D) and subsection (d); redesignates others for organizational clarity.
- Introduces timelines, reporting mandates, and specific partner qualifications not previously required.
Potential Impacts
- Government agencies: Department of Defense (DoD) gains new responsibilities for program setup, partnerships, training, and congressional reporting; may increase administrative costs but improve service member readiness.
- Citizens: Active-duty and transitioning service members (and families) get tailored support to avoid debt traps, manage relocations, and access VA benefits, potentially reducing financial hardships.
- No direct international relations impact.
Main Stakeholders
- Armed Forces members (active duty and transitioning) and their families: Primary beneficiaries.
- Department of Defense/Secretary of Defense: Leads implementation and reporting.
- Counseling organizations: HUD-approved Veterans Service Organizations with housing expertise.
- Congress (Armed Services Committees): Receives oversight reports.
- VA and HUD: Indirectly involved via loan programs and counselor certifications.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens compliance with SCRA and related protections; relies on existing DoD instructions, minimizing new regulatory burden.
- Constitutional: Aligns with Congress's authority over military welfare (Article I, Section 8); no apparent conflicts with individual rights.
- Political: Bipartisan introduction (Democrat and Republican sponsors); focuses on military support, likely broad appeal without controversy.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. McDonald Rivet, Kristen [D-MI-8]
Cosponsors (17)
Rep. Harrigan, Pat [R-NC-10], Rep. Fitzpatrick, Brian K. [R-PA-1], Rep. Evans, Gabe [R-CO-8], Rep. Magaziner, Seth [D-RI-2], Rep. Begich, Nicholas J. [R-AK-At Large], Rep. Davis, Donald G. [D-NC-1], Rep. Neguse, Joe [D-CO-2], Rep. Kim, Young [R-CA-40], Rep. Beatty, Joyce [D-OH-3], Rep. Edwards, Chuck [R-NC-11], Rep. Loudermilk, Barry [R-GA-11], Rep. Barragán, Nanette Diaz [D-CA-44], Rep. Lawler, Michael [R-NY-17], Rep. Levin, Mike [D-CA-49], Rep. Mills, Cory [R-FL-7], Rep. Barr, Andy [R-KY-6], Rep. Correa, J. Luis [D-CA-46]
Recent Actions
- 2026-03-24: Referred to the House Committee on Armed Services.
- 2026-03-24: Introduced in House
- 2026-03-24: Introduced in House
Bill Versions
- Military Financial Literacy Act of 2026 — issued 2026-03-24 — PDF (5 pages)