Statement from Congressman Denny Heck on President Barack Obama’s Announcement Regarding Implementation of the Servicemembers Civil Relief Act of 2003
The following is a statement from Rep. Denny Heck (WA-10) regarding the President’s announcement of new private sector commitments to enforce protections in the Servicemembers Civil Relief Act of 2003, which caps interest rates at 6 percent for obligations servicemembers entered into before beginning their service:
“The private sector realizes the privilege of having our nation’s servicemembers as customers, and this new agreement demonstrates the value of not only their business, but the investment in our active duty and veterans’ well-being. Now that our servicemembers will be proactively identified, notified, and assisted with various financial services, the private sector and military can create a lasting partnership. I introduced a similar measure called the Servicemembers Opportunity Act because I believe our economy can thrive while also ensuring that our men and women in uniform can afford college, own a home, and serve without being stuck with runaway interest rates.
“I am particularly happy that this solution cuts red tape instead of increasing it, and reduces the burden of proof on the active duty servicemember. I applaud this voluntary action by the industry and the President to not only provide protections, but to actively engage the military community so they become aware of their options.
“This new development, along with legislative actions and changes in policy, allow our active duty military personnel and veterans to be empowered. We all benefit when those with potential are given their rightful opportunity.”
Congressman Heck represents Joint Base Lewis-McChord and the surrounding communities. In February 2014, Heck introduced the Servicemembers Opportunity Act to amend the Servicemembers Civil Relief Act of 2003 to make sure servicemembers are able to invoke the crucial financial protections they’ve earned.