To establish an advisory committee on military financial services in the Department of Defense, and for other purposes.

Bill 118 hr 10488, also known as the Military Financial Services Advisory Committee Act, aims to create an advisory committee within the Department of Defense focused on military financial services. The committee will be responsible for providing advice and recommendations to the Secretary of Defense on matters related to financial services available to military personnel and their families.

The bill outlines the composition of the advisory committee, which will consist of 15 members appointed by the Secretary of Defense. These members will include individuals with expertise in financial services, consumer protection, and military affairs. The committee will meet regularly to discuss issues such as financial literacy, access to banking services, and protections against predatory lending practices.

Additionally, the bill specifies that the advisory committee will submit an annual report to the Secretary of Defense and Congress outlining its findings and recommendations. The goal of the committee is to ensure that military personnel and their families have access to reliable and fair financial services that meet their unique needs. Overall, the Military Financial Services Advisory Committee Act seeks to improve the financial well-being of military personnel and their families by providing expert guidance and recommendations on financial services within the Department of Defense.