Washington -- To assist armed forces personnel with financial and insurance concerns, the House Financial Services Committee moved a bipartisan measure that protects military personnel from unfair financial products and bad sales practices.

By a vote of 68-0, the committee passed H.R. 5011, legislation that would ban the sale of contractual mutual funds, as well as require that military personnel be informed about life insurance available from the government prior to the sale of any private insurance. In addition, the states are directed to develop standards to further protect members of the armed services.

Meanwhile, Rep. Jim Ryun, R-Kan., offered an amendment to the bill that would establish a registry of financial advisors and insurance agents who are barred from practicing and subsequently make that roster available nationally to all military installations and federal and state financial regulators.

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