HAGÅTÑA (The Guam Daily Post) — With the intent of providing service members who are transitioning into civilian life the additional tools associated with financial literacy, Del. James Moylan joined Rep. Terri Sewell, D-Ala., in co-leading the Service Members Are Ready To Save Act of 2024, or SMART Save Act, in the U.S. House of Representatives, Moylan announced recently in a press release.
The legislation was originally introduced by Sen. Patty Murray, D-Wash., and Sen. Eric Schmitt, R-Mo., in the U.S. Senate, and the Sewell-Moylan version is the companion measure in the House.
If enacted, the SMART Save Act would update the Department of Defense mandatory financial literacy training for service members transitioning to civilian life, expanding the training to additional ranks in the military, adding spouses, boosting in-person instruction and bringing the process up to speed with evolving best practices, according to a press release from Moylan’s office. The objective of the legislation is to assist the service members with succeeding in the next chapter of their lives, the release states.
“The SMART Save Act is one piece of a larger pie which needs to be incorporated during the transition period, as education would be undertaken as a preventive measure to help reduce the financial stress veterans face. While the federal government needs to continue to enhance benefits and opportunities for those who served the nation, we can’t overlook practical approaches as well,” Moylan said in the release.
According to the Military Family Advisory Network’s most recent Military Family Support Programming Survey, over 80% of respondents said their finances were a source of stress. More than half of military and veteran families reported experiencing barriers to saving over the past two years. Over 22% of currently serving military families and 38% of veteran families have less than $500 or no emergency savings at all, according to the most recent survey.
“I would like to thank Rep. Sewell for inviting me to join her as the Republican co-lead for this bipartisan and bicameral legislation in the House, and Sens. Murray and Schmitt for initiating the process. Our office looks forward to increasing the support which should assist in getting the measure to the finish line. In the process, participating with these distinguished members of Congress on this legislation allows us the opportunity to discuss the unique challenges our veterans also face. Hence, this should increase the support for our endeavors as well,” Moylan said in the release.
Guam Delegate James Moylan gives a speech during the 2024 Year of the Veteran Kick-Off Event at the Tumon Sands Plaza in Tumon on Thursday, Feb. 29, 2024.
