WeVote
Log In

Bill

Bill

HR 8056

Military Financial Literacy Act of 2026

119th Congress Introduced by Nanette Barragán and 14 co-sponsors

Expands one-on-one financial and housing counseling for service members, including budgeting, credit, PCS housing, VA loan benefits, and SCRA protections.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 8056

Summary: Military Financial Literacy Act of 2026 (H.R. 8056)

Jurisdiction: United States Congress (House, 119th Congress)
Sponsor: Rep. Kristen McDonald Rivet (with Reps. Harrigan, Fitzpatrick); introduced March 24, 2026.
Committee: Armed Services

Main purpose

  • To expand credentialed, personalized financial and housing counseling for U.S. armed forces members who are on active duty or transitioning from military service.
  • Aims to provide tailored, one-on-one guidance on financial and housing matters, leveraging HUD-approved counseling resources and veteran-focused organizations.

Key provisions and changes

Section 2: Expansion of Personalized Counseling

  • Amendments to 10 U.S.C. § 992 (section numbering adjusted in the bill):
    • Adds new topic areas to the list of practices covered under general counseling for service members:
    • Financial management
    • Home buying and selling
    • Renting during a permanent change of station (PCS)
    • Rental planning
    • Home loan benefits administered by the Department of Veterans Affairs (VA)
    • Protections under the Servicemembers Civil Relief Act (SCRA) and related sections
  • Creates a new subsection (d) establishing an individualized counseling program:
    • Timeline: Within one year after enactment, the Secretary of Defense must establish a pilot/regular program providing one-on-one counseling tailored to individual service members.
    • Counseling topics to be covered:
    • Credit management
    • Budgeting
    • Anti-predatory lending practices
    • PCS-related housing considerations and rental planning
    • VA home loan benefits
    • SCRA protections and related legal frameworks
  • Counselor qualification and partnerships:
    • The Secretary of Defense should seek partnerships with a counseling service organization that:
    • Is HUD-approved (per HUD Act of 1968 definitions)
    • Is a tax-exempt entity under 501(c)(19), defined as a Veteran Service Organization serving military-connected communities
    • Has expertise in financial literacy, housing stability, and veteran home loan benefits
    • Is capable of developing, administering, maintaining, and providing training/certification for HUD-Certified Housing Counselors serving service members, veterans, and families

Section 2(b): Regulations

  • The Secretary of Defense may issue necessary regulations to implement the amendments.

Section 2(c): Reporting

  • Within two years after the new services are established, the Secretary of Defense must submit a report to the Senate and House Armed Services Committees that includes:
    • Number of service members who received counseling on housing stability, VA home loan benefits, or rental planning
    • Rate of completion of counseling services within the pilot/program
    • Indicators of financial stress and housing instability among participating service members
    • Metrics on risk mitigation outcomes for participants

Who is affected

  • Active-duty service members and those transitioning from service, at a minimum, will be eligible for expanded, individualized financial and housing counseling.
  • Counseling providers and organizations (HUD-approved agencies and veteran service organizations) that partner with the Department of Defense to deliver services.
  • House and Senate Armed Services Committees will receive annual reporting on program implementation and outcomes.

Timelines and procedural aspects

  • Enactment deadline for the new counseling program: Within one year after enactment.
  • Regulatory framework: Secretary of Defense may issue implementing regulations as needed.
  • Evaluation/reporting: A formal implementation report due to Congress within two years after the counseling services are established.
  • Coverage of VA home loan benefits and SCRA protections is integrated into counseling topics from the outset.

Potential impact

  • Improves financial resilience and housing stability for service members and veterans by providing personalized, credentialed guidance on budgeting, credit, PCS housing decisions, and VA loan benefits.
  • Promotes awareness and appropriate use of legal protections (SCRA) and veteran-focused home loan programs.
  • Establishes partnerships with HUD-approved, veteran-oriented organizations to deliver standardized counseling and training for HUD-Certified Housing Counselors serving military communities.
  • Creates measurable metrics for program uptake, completion, and financial/housing stress indicators to inform ongoing policy decisions.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.