The House voted 405 to 2 Tuesday for a bill designed to protect military personnel from abusive insurance and mutual fund products.
The Military Personnel Financial Protection Act would give state insurance regulators jurisdiction over military bases, create a registry of banned agents and companies caught selling prohibited products, and bar the use of contractual plan mutual funds - high-fee products that have essentially disappeared from the civilian market.
The bill, sponsored by Rep. Geoff Davis, R-Ky., would apply to firms with 10% or more of their customers in the military.
The House also was expected to approve a resolution to encourage homeownership as a way for American families to achieve economic security and build wealth. June is National Homeownership Month.
