Washington, D.C. — U.S. Senator Jon Ossoff is introducing a bipartisan bill to lower costs for Georgia servicemembers and their families.
Today, Sens. Ossoff and Rick Scott (R-FL) introduced the bipartisan Improving SCRA Benefit Utilization Act to expand access to financial protections and benefits available to active duty servicemembers and their families.
The Servicemembers Civil Relief Act (SCRA) provides legal and financial protections to active duty servicemembers, including National Guard and reserve members, and their families; however, the benefit is often underutilized, according to a Consumer Financial Protection Bureau report.
The bipartisan bill would expand existing financial literacy programs to include information about these protections; require the Department of Defense’s annual survey to include information about these programs; include benefit information on all activation orders; and require creditors to apply a 6 percent cap to all eligible accounts under their jurisdiction once a servicemember invokes their SCRA rights.
“Georgia’s servicemembers and their families deserve the very best, yet many are unaware of key benefits to help them save money. I’m introducing this new bipartisan bill to expand access to these key financial protections for our heroic servicemembers and help them save money and build wealth,” Sen. Ossoff said.
Senator Rick Scott said, “The members of our Armed Forces are heroes who put their lives on the line for their fellow Americans, and they deserve every benefit earned through this incredible service. The Improving SCRA Benefit Utilization Act is a critical step toward ensuring our service members have the financial knowledge and legal protections provided through their service and sacrifice for our nation. By embedding these safeguards into required financial literacy training, we can support those who serve and make it easier for them to access protections for personal, auto, and student loans. I’m proud to join my colleague in leading this bipartisan effort to protect the financial well-being of those who defend our nation, during and after their time in uniform.”
Companion legislation was introduced in the U.S. House of Representatives by Congresswoman April McClain Delaney (MD-06).
“The SCRA grants our servicemembers well-earned interest rate reductions on credit cards, loans, and mortgages. But too often, these benefits go unused due to a lack of awareness or overly complicated processes,” said Rep. McClain Delaney. “So, I’m proud to join Senators Ossoff and Scott in introducing the bipartisan Improving SCRA Benefit Utilization Act, a common-sense bill that will improve outreach and streamline access so our military can focus on their mission – not financial red tape.”
Sen. Ossoff continues to champion Georgia’s servicemembers and military families.
In March, Sens. Ossoff and Rev. Raphael Warnock launched an inquiry with the United States Transportation Command (USTRANSCOM) over reported delays and miscommunication impacting and generating uncertainty for Georgia’s servicemembers and their families when moving to new duty station through private contractors.
Sens. Ossoff and Rev. Warnock raised concerns in March with the Department of Defense regarding conditions at military dining facilities and access to healthy food options on installations.
In February, Sen. Ossoff co-sponsored the bipartisan Love Lives On Act, introduced by Sens. Jerry Moran (R-KS) and Rev. Warnock, to help spouses of deceased servicemembers retain survivor benefits upon remarriage.
Earlier this year, following Sen. Ossoff’s push, a historic 14.5% pay increase for junior-enlisted personnel across Georgia was signed into law as part of this year’s National Defense Authorization Act (NDAA).
Click here to read the Improving SCRA Benefit Utilization Act.
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