The Association of Military Banks of America (AMBA) has expressed its support for Congressman French Hill, Chair-Elect of the House Financial Services Committee, following his introduction of the Military Financial Services Protection Act of 2024. This legislation is designed to enhance financial protections and services for military personnel and their families, providing them with necessary tools to manage the unique financial challenges associated with military life.

“Our service members and their families deserve and have earned the best services we can provide them. I am proud to lead the Military Financial Services Protection Act so that the Department of Defense fully understands the intersection of financial services and defense,” stated Congressman Hill. “Supporting our brave men and women in uniform and their families is of the utmost importance to me, and that starts with ensuring they have peace of mind in their financial security.”

Military service often involves considerable financial stress due to factors such as unexpected relocations or limited access to reliable banking services near installations. The new act aims to address these issues by establishing an advisory committee dedicated to reviewing existing programs, identifying gaps, and recommending improvements. The legislation seeks practical changes to improve service members' financial well-being, allowing them to concentrate on their duties without undue financial concerns.

“This legislation shows Congressman Hill’s steadfast commitment to supporting military members and their families,” said AMBA CEO Omuso George. “By creating a platform to evaluate and strengthen financial services tailored to their needs, this bill lays the foundation for greater financial security and peace of mind for those who serve our nation.”

The key components of the Military Financial Services Protection Act include forming an advisory committee consisting of defense and finance leaders tasked with evaluating Military Banking Programs; reviewing contracts to ensure secure, efficient, accessible financial services for military families; and recommending strategies to overcome barriers limiting banking service availability on or off military bases.

AMBA has pledged strong support for this legislative effort, recognizing its critical role in enhancing financial protections while providing essential resources for service members. The association looks forward to working alongside Congressman French Hill and other stakeholders over the next year towards implementing effective measures that deliver substantial support for those serving in uniform.