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Senate Passes Anti-Fraud Bill

By Joyce Kryszak

Washington, D.C. – The Unites States Senate Wednesday unanimously passed a pi-partisan bill that would stop financial scams on military bases.

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The bill would ensure military families are no longer taken advantage of by those who lawmakers called "snake-oil salesmen."

An investigation found that military men and women were being sold sham financial products. According to lawmakers, the products, including a form of mutual funds, carry interest rates as high as 200%.

The bill was co-sponsored by New York U.S. Senator Hillary Clinton. She said there are young, vulnerable people on our military bases.

Senator Clinton said the problem is more prevalent on some bases than others. Neil Nolf is public affairs officer for The Niagara Falls Air Reserve Base. He said they are diligent about protecting the financial security of the base's three thousand military families.

The law would require the Defense Department to keep a list of any individuals or companies banned from selling bogus products. State insurance regulators would also be allowed jurisdiction over the sales on bases.

Nolf said they, and the families, would welcome any help they can get.

The bill still must be reconciled with a previously passed House bill with similar safeguards.