The House Committee on Financial Services voted on Wednesday to approve a bill that would make contractual mutual fund sales illegal.

H.R. 458, the Military Personnel Financial Services Protection Act, bans contractual sales, clarifies State insurance commissioners' jurisdiction over military bases, and requires the federal government to provide information to military personnel before the sale of insurance products, according to a release

The bill, which was introduced by Representative Geoff Davis (R, Kentucky), will now go to the larger House.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE