Skip to content

Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., member of the Senate Banking Committee, was pleased by the recent announcement of a new financial literacy program for military families established by the NASD, a not-for-profit regulator of the securities industry. He made the following comments:

“This program will help military personnel quickly recognize a bad deal when they see one. Some military service members have been deceived by insurance and investment salespersons pushing financial products that can rob investors of years of earnings. Unfortunately, unclear jurisdictions and lax enforcement on some military bases has contributed to these incidents. These practices must be changed. I have introduced legislation with my colleagues, the Military Personnel Financial Services Protection Act, that would stop these bad actors by strengthening enforcement and banning the most egregious financial products from being sold to anyone, military or civilian. I am proud to have introduced this bill in the Senate and will continue my work on the Senate Banking Committee to see it passed as soon as possible.

“I congratulate NASD for its focused effort on military personnel and their families. In many circumstances, these families are young and in need of sound financial advice. I am hopeful that this program will provide military families the tools and education they need to make smart financial decisions.

“A combination of financial education and the reforms included in S. 418 will help protect our military families for the future. While our service men and women are fighting for freedom overseas, they should be protected at home. I am happy that the NASD has joined in this effort.”