Senate Targets Financial Scams Aimed at Military

The Senate yesterday passed legislation to protect military service members from unscrupulous sellers of of insurance, financial, and investment products. The bill (S. 418) would prohibit the sale of "periodic payment plan certificates," which are like mutual funds, only with very high sales commissions. The legislation is similar to a bill passed in the House last year. The slight differences between the two bills will have to be worked out before the measure goes to the president.