| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 486 |
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| 5 | 5 | | To establish a grant program in the Bureau of Consumer Financial Protection |
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| 6 | 6 | | to fund the establishment of centers of excellence to support research, |
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| 7 | 7 | | development and planning, implementation, and evaluation of effective |
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| 8 | 8 | | programs in financial literacy education for young people and families |
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| 9 | 9 | | ages 8 through 24 years old, and for other purposes. |
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| 10 | 10 | | IN THE HOUSE OF REPRESENTATIVES |
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| 11 | 11 | | JANUARY16, 2025 |
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| 12 | 12 | | Mr. C |
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| 13 | 13 | | ARSON(for himself, Mr. AMO, Ms. BARRAGA´N, Ms. BROWN, Mr. CAR- |
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| 14 | 14 | | TERof Louisiana, Mr. CASE, Mr. CASTEN, Mr. COHEN, Ms. DEANof |
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| 15 | 15 | | Pennsylvania, Mr. E |
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| 16 | 16 | | SPAILLAT, Mr. EVANSof Pennsylvania, Mrs. HAYES, |
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| 17 | 17 | | Ms. N |
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| 18 | 18 | | ORTON, Mr. JOHNSONof Georgia, Mr. MAGAZINER, Mr. MCGOV- |
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| 19 | 19 | | ERN, Mrs. MCIVER, Mrs. RAMIREZ, Ms. SA´NCHEZ, Ms. SCHOLTEN, Mr. |
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| 20 | 20 | | S |
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| 21 | 21 | | OTO, Mr. THANEDAR, Ms. TITUS, and Mr. TORRESof New York) intro- |
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| 22 | 22 | | duced the following bill; which was referred to the Committee on Finan- |
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| 23 | 23 | | cial Services, and in addition to the Committee on Education and Work- |
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| 24 | 24 | | force, for a period to be subsequently determined by the Speaker, in each |
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| 25 | 25 | | case for consideration of such provisions as fall within the jurisdiction of |
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| 26 | 26 | | the committee concerned |
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| 27 | 27 | | A BILL |
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| 28 | 28 | | To establish a grant program in the Bureau of Consumer |
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| 29 | 29 | | Financial Protection to fund the establishment of centers |
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| 30 | 30 | | of excellence to support research, development and plan- |
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| 31 | 31 | | ning, implementation, and evaluation of effective pro- |
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| 32 | 32 | | grams in financial literacy education for young people |
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| 33 | 33 | | and families ages 8 through 24 years old, and for other |
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| 34 | 34 | | purposes. |
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| 37 | 37 | | •HR 486 IH |
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| 38 | 38 | | Be it enacted by the Senate and House of Representa-1 |
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| 39 | 39 | | tives of the United States of America in Congress assembled, 2 |
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| 40 | 40 | | SECTION 1. SHORT TITLE. 3 |
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| 41 | 41 | | This Act may be cited as the ‘‘Young Americans Fi-4 |
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| 42 | 42 | | nancial Literacy Act’’. 5 |
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| 43 | 43 | | SEC. 2. FINDINGS. 6 |
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| 44 | 44 | | The Congress finds as follows: 7 |
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| 45 | 45 | | (1) That 88 percent of Americans believe finan-8 |
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| 46 | 46 | | cial education should be taught in schools and 92 9 |
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| 47 | 47 | | percent of K–12 teachers believe that financial edu-10 |
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| 48 | 48 | | cation should be taught in school, but only 12 per-11 |
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| 49 | 49 | | cent of teachers actually teach the subject. 12 |
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| 50 | 50 | | (2) According to a 2020 survey, less than half 13 |
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| 51 | 51 | | of states require high school students to take a 14 |
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| 52 | 52 | | course on personal finance, and less than 17 percent 15 |
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| 53 | 53 | | of high schoolers were required to take a one semes-16 |
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| 54 | 54 | | ter personal finance course. 17 |
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| 55 | 55 | | (3) For the fourth year in a row, more than one 18 |
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| 56 | 56 | | third of surveyed consumers gave themselves a ‘‘B’’ 19 |
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| 57 | 57 | | when grading their own level of basic financial lit-20 |
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| 58 | 58 | | eracy. Less than one-fifth of Americans gave them-21 |
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| 59 | 59 | | selves an ‘‘A’’. Most adults feel that their financial 22 |
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| 60 | 60 | | literacy skills are inadequate, yet they do not rely on 23 |
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| 61 | 61 | | anyone else to handle their finances; they feel it is 24 |
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| 65 | 65 | | important to know more but have received no finan-1 |
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| 66 | 66 | | cial education. 2 |
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| 67 | 67 | | (4) The sudden disruptions caused by the 3 |
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| 68 | 68 | | spread of COVID–19 are presenting economic chal-4 |
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| 69 | 69 | | lenges with growing consequences. While some fac-5 |
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| 70 | 70 | | tors affecting financial well-being are beyond indi-6 |
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| 71 | 71 | | vidual control, financial literacy can help people bet-7 |
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| 72 | 72 | | ter manage their finances through times of hardship. 8 |
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| 73 | 73 | | (5) It is necessary to respond immediately to 9 |
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| 74 | 74 | | the pressing needs of individuals faced with the loss 10 |
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| 75 | 75 | | of their financial stability; however increased atten-11 |
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| 76 | 76 | | tion must also be paid to financial literacy education 12 |
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| 77 | 77 | | reform and long-term solutions to prevent future 13 |
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| 78 | 78 | | personal financial disasters. 14 |
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| 79 | 79 | | (6) There is an urgent need to respond to the 15 |
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| 80 | 80 | | COVID–19 economic recovery with research-based 16 |
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| 81 | 81 | | financial literacy education programs to reach indi-17 |
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| 82 | 82 | | viduals at all ages and socioeconomic levels, particu-18 |
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| 83 | 83 | | larly those facing unique and challenging financial 19 |
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| 84 | 84 | | situations, such as high school graduates entering 20 |
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| 85 | 85 | | the workforce, soon-to-be and recent college grad-21 |
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| 86 | 86 | | uates, young families, and the unique needs of mili-22 |
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| 87 | 87 | | tary personnel and their families. 23 |
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| 88 | 88 | | (7) High school and college students who are 24 |
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| 89 | 89 | | exposed to cumulative financial education show an 25 |
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| 91 | 91 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 92 | 92 | | •HR 486 IH |
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| 93 | 93 | | increase in financial knowledge, which in turn drives 1 |
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| 94 | 94 | | increasingly responsible behavior as they become 2 |
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| 95 | 95 | | young adults. 3 |
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| 96 | 96 | | (8) The majority (52 percent) of young adults 4 |
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| 97 | 97 | | between the ages of 23–28 consider ‘‘making better 5 |
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| 98 | 98 | | choices about managing money’’, the single most im-6 |
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| 99 | 99 | | portant issue for individual Americans to act on 7 |
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| 100 | 100 | | today. 8 |
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| 101 | 101 | | (9) According to the Government Accountability 9 |
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| 102 | 102 | | Office, giving Americans the information they need 10 |
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| 103 | 103 | | to make effective financial decisions can be key to 11 |
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| 104 | 104 | | their well-being and to the country’s economic 12 |
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| 105 | 105 | | health. The current pandemic, in which 88 percent 13 |
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| 106 | 106 | | of Americans say is causing stress on their personal 14 |
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| 107 | 107 | | finances, underscores the need to improve individ-15 |
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| 108 | 108 | | uals’ financial literacy and empower all Americans to 16 |
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| 109 | 109 | | make informed financial decisions. This is especially 17 |
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| 110 | 110 | | true for young people as they are earning their first 18 |
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| 111 | 111 | | paychecks, securing student aid, and establishing 19 |
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| 112 | 112 | | their financial independence. Therefore, focusing 20 |
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| 113 | 113 | | economic education and financial literacy efforts and 21 |
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| 114 | 114 | | best practices for young people between the ages of 22 |
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| 115 | 115 | | 8–24 is of the utmost importance. 23 |
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| 118 | 118 | | •HR 486 IH |
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| 119 | 119 | | SEC. 3. AUTHORIZATION FOR FUNDING THE ESTABLISH-1 |
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| 120 | 120 | | MENT OF CENTERS OF EXCELLENCE IN FI-2 |
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| 121 | 121 | | NANCIAL LITERACY EDUCATION. 3 |
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| 122 | 122 | | (a) I |
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| 123 | 123 | | NGENERAL.—The Consumer Financial Protec-4 |
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| 124 | 124 | | tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 5 |
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| 125 | 125 | | (1) by redesignating section 1037 as section 6 |
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| 126 | 126 | | 1038; and 7 |
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| 127 | 127 | | (2) by inserting after section 1036 the fol-8 |
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| 128 | 128 | | lowing: 9 |
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| 129 | 129 | | ‘‘SEC. 1037. AUTHORIZATION FOR FUNDING THE ESTAB-10 |
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| 130 | 130 | | LISHMENT OF CENTERS OF EXCELLENCE IN 11 |
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| 131 | 131 | | FINANCIAL LITERACY EDUCATION. 12 |
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| 132 | 132 | | ‘‘(a) I |
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| 133 | 133 | | NGENERAL.—The Director of the Bureau, in 13 |
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| 134 | 134 | | consultation with the Financial Literacy and Education 14 |
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| 135 | 135 | | Commission established under the Financial Literacy and 15 |
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| 136 | 136 | | Education Improvement Act, shall make competitive 16 |
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| 137 | 137 | | grants to and enter into agreements with eligible institu-17 |
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| 138 | 138 | | tions to establish centers of excellence to support research, 18 |
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| 139 | 139 | | development and planning, implementation, and evalua-19 |
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| 140 | 140 | | tion of effective programs in financial literacy education 20 |
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| 141 | 141 | | for young people and families ages 8 through 24 years 21 |
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| 142 | 142 | | old. 22 |
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| 143 | 143 | | ‘‘(b) A |
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| 144 | 144 | | UTHORIZEDACTIVITIES.—Activities author-23 |
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| 145 | 145 | | ized to be funded by grants made under subsection (a) 24 |
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| 146 | 146 | | shall include the following: 25 |
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| 148 | 148 | | ssavage on LAPJG3WLY3PROD with BILLS 6 |
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| 149 | 149 | | •HR 486 IH |
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| 150 | 150 | | ‘‘(1) Developing and implementing comprehen-1 |
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| 151 | 151 | | sive research based financial literacy education pro-2 |
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| 152 | 152 | | grams for young people— 3 |
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| 153 | 153 | | ‘‘(A) based on a set of core competencies 4 |
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| 154 | 154 | | and concepts established by the Director, in-5 |
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| 155 | 155 | | cluding goal setting, planning, budgeting, man-6 |
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| 156 | 156 | | aging money or transactions, tools and struc-7 |
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| 157 | 157 | | tures, behaviors, consequences, both long- and 8 |
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| 158 | 158 | | short-term savings, managing debt and earn-9 |
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| 159 | 159 | | ings; and 10 |
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| 160 | 160 | | ‘‘(B) which can be incorporated into edu-11 |
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| 161 | 161 | | cational settings through existing academic con-12 |
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| 162 | 162 | | tent areas, including materials that appro-13 |
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| 163 | 163 | | priately serve various segments of at-risk popu-14 |
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| 164 | 164 | | lations, particularly minority and disadvantaged 15 |
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| 165 | 165 | | individuals. 16 |
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| 166 | 166 | | ‘‘(2) Designing instructional materials using 17 |
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| 167 | 167 | | evidence-based content for young families and con-18 |
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| 168 | 168 | | ducting related outreach activities to address unique 19 |
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| 169 | 169 | | life situations and financial pitfalls, including bank-20 |
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| 170 | 170 | | ruptcy, foreclosure, credit card misuse, and preda-21 |
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| 171 | 171 | | tory lending. 22 |
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| 172 | 172 | | ‘‘(3) Developing and supporting the delivery of 23 |
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| 173 | 173 | | professional development programs in financial lit-24 |
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| 175 | 175 | | ssavage on LAPJG3WLY3PROD with BILLS 7 |
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| 176 | 176 | | •HR 486 IH |
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| 177 | 177 | | eracy education to assure competence and account-1 |
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| 178 | 178 | | ability in the delivery system. 2 |
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| 179 | 179 | | ‘‘(4) Improving access to, and dissemination of, 3 |
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| 180 | 180 | | financial literacy information for young people and 4 |
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| 181 | 181 | | families. 5 |
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| 182 | 182 | | ‘‘(5) Reducing student loan default rates by de-6 |
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| 183 | 183 | | veloping programs to help individuals better under-7 |
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| 184 | 184 | | stand how to manage educational debt through sus-8 |
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| 185 | 185 | | tained educational programs for college students. 9 |
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| 186 | 186 | | ‘‘(6) Conducting ongoing research and evalua-10 |
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| 187 | 187 | | tion of financial literacy education programs to as-11 |
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| 188 | 188 | | sure learning of defined skills and knowledge, and 12 |
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| 189 | 189 | | retention of learning. 13 |
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| 190 | 190 | | ‘‘(7) Developing research-based assessment and 14 |
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| 191 | 191 | | accountability of the appropriate applications of 15 |
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| 192 | 192 | | learning over short- and long-terms to measure ef-16 |
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| 193 | 193 | | fectiveness of authorized activities. 17 |
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| 194 | 194 | | ‘‘(c) P |
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| 195 | 195 | | RIORITY FORCERTAINAPPLICATIONS.—The 18 |
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| 196 | 196 | | Director shall give a priority to applications that— 19 |
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| 197 | 197 | | ‘‘(1) provide clear definitions of ‘financial lit-20 |
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| 198 | 198 | | eracy’ and ‘financially literate’ to clarify educational 21 |
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| 199 | 199 | | outcomes; 22 |
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| 200 | 200 | | ‘‘(2) establish parameters for identifying the 23 |
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| 201 | 201 | | types of programs that most effectively reach young 24 |
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| 202 | 202 | | people and families in unique life situations and fi-25 |
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| 204 | 204 | | ssavage on LAPJG3WLY3PROD with BILLS 8 |
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| 206 | 206 | | nancial pitfalls, including bankruptcy, foreclosure, 1 |
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| 207 | 207 | | credit card misuse, and predatory lending; 2 |
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| 208 | 208 | | ‘‘(3) include content that is appropriate to age 3 |
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| 209 | 209 | | and socioeconomic levels; 4 |
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| 210 | 210 | | ‘‘(4) develop programs based on educational 5 |
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| 211 | 211 | | standards, definitions, and research; 6 |
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| 212 | 212 | | ‘‘(5) include individual goals of financial inde-7 |
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| 213 | 213 | | pendence and stability; 8 |
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| 214 | 214 | | ‘‘(6) establish professional development and de-9 |
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| 215 | 215 | | livery systems using evidence-based practices; 10 |
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| 216 | 216 | | ‘‘(7) address the needs of one or more at-risk 11 |
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| 217 | 217 | | populations; 12 |
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| 218 | 218 | | ‘‘(8) incorporate sensitivities to specific cul-13 |
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| 219 | 219 | | tural, linguistic, or demographic characteristics; 14 |
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| 220 | 220 | | ‘‘(9) enhance opportunities for asset building, 15 |
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| 221 | 221 | | such as increasing savings for lower income house-16 |
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| 222 | 222 | | holds and investments into the stock, bond, and real 17 |
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| 223 | 223 | | estate markets; 18 |
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| 224 | 224 | | ‘‘(10) include an evaluation component to en-19 |
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| 225 | 225 | | sure the work’s effectiveness in increasing financial 20 |
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| 226 | 226 | | literacy or consumer access to appropriate financial 21 |
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| 227 | 227 | | products or services, or that the provider has evi-22 |
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| 228 | 228 | | dence of such effectiveness; 23 |
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| 229 | 229 | | ‘‘(11) promise future replication or can be sus-24 |
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| 230 | 230 | | tained beyond the program period; and 25 |
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| 234 | 234 | | ‘‘(12) will make effectiveness data (if any) that 1 |
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| 235 | 235 | | is generated from the work available to others in the 2 |
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| 236 | 236 | | financial education community. 3 |
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| 237 | 237 | | ‘‘(d) A |
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| 238 | 238 | | PPLICATION AND EVALUATIONSTANDARDS 4 |
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| 239 | 239 | | ANDPROCEDURES; DISTRIBUTIONCRITERIA.—The Di-5 |
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| 240 | 240 | | rector shall establish application and evaluation standards 6 |
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| 241 | 241 | | and procedures, distribution criteria, and such other 7 |
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| 242 | 242 | | forms, standards, definitions, and procedures as the Direc-8 |
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| 243 | 243 | | tor determines to be appropriate. 9 |
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| 244 | 244 | | ‘‘(e) C |
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| 245 | 245 | | ONTENTDELIVERY.—An eligible institution re-10 |
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| 246 | 246 | | ceiving a grant under this section shall— 11 |
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| 247 | 247 | | ‘‘(1) ensure that content is delivered in an ac-12 |
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| 248 | 248 | | cessible way to young people, through traditional 13 |
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| 249 | 249 | | educational methods and digital methods, including 14 |
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| 250 | 250 | | over appropriate social media platforms; and 15 |
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| 251 | 251 | | ‘‘(2) to the extent content is delivered through 16 |
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| 252 | 252 | | a website, ensure that the website is user friendly, 17 |
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| 253 | 253 | | visually appealing, and doesn’t bombard users with 18 |
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| 254 | 254 | | dense content that is difficult to comprehend. 19 |
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| 255 | 255 | | ‘‘(f) G |
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| 256 | 256 | | RANTAMOUNTS.— 20 |
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| 257 | 257 | | ‘‘(1) I |
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| 258 | 258 | | N GENERAL.—The aggregate amount of 21 |
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| 259 | 259 | | grants made under this section during any fiscal 22 |
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| 260 | 260 | | year— 23 |
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| 261 | 261 | | ‘‘(A) shall be at least $27,500,000; and 24 |
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| 262 | 262 | | ‘‘(B) may not exceed $55,000,000. 25 |
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| 266 | 266 | | ‘‘(2) TERMINATION.—No grants may be made 1 |
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| 267 | 267 | | under this section after the end of fiscal year 2029. 2 |
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| 268 | 268 | | ‘‘(g) R |
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| 269 | 269 | | EPORT TOCONGRESS.—The Director shall 3 |
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| 270 | 270 | | issue an annual report to Congress containing— 4 |
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| 271 | 271 | | ‘‘(1) a list of grant recipients under this sec-5 |
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| 272 | 272 | | tion, including the amount of such grant; and 6 |
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| 273 | 273 | | ‘‘(2) for each grant recipient, a description of 7 |
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| 274 | 274 | | the specific populations being served by such grant. 8 |
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| 275 | 275 | | ‘‘(h) D |
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| 276 | 276 | | EFINITIONS.—For purposes of this section the 9 |
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| 277 | 277 | | following definitions shall apply: 10 |
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| 278 | 278 | | ‘‘(1) E |
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| 279 | 279 | | LIGIBLE INSTITUTION.—The term ‘eligi-11 |
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| 280 | 280 | | ble institution’ means a partnership of two or more 12 |
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| 281 | 281 | | of the following: 13 |
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| 282 | 282 | | ‘‘(A) An institution of higher education. 14 |
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| 283 | 283 | | ‘‘(B) A State or local government agency 15 |
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| 284 | 284 | | which specializes in financial education pro-16 |
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| 285 | 285 | | grams. 17 |
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| 286 | 286 | | ‘‘(C) A nonprofit agency, organization, or 18 |
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| 287 | 287 | | association. 19 |
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| 288 | 288 | | ‘‘(D) A financial institution. 20 |
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| 289 | 289 | | ‘‘(E) A small organization that is 21 |
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| 290 | 290 | | partnering with, but is not itself, a person de-22 |
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| 291 | 291 | | scribed under subparagraph (A) through (D). 23 |
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| 292 | 292 | | ‘‘(2) I |
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| 293 | 293 | | NSTITUTION OF HIGHER EDUCATION .— 24 |
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| 294 | 294 | | The term ‘institution of higher education’ has the 25 |
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| 298 | 298 | | meaning given such term in section 101 of the High-1 |
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| 299 | 299 | | er Education Act of 1965 (20 U.S.C. 1001(a)).’’. 2 |
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| 300 | 300 | | (b) C |
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| 301 | 301 | | LERICALAMENDMENT.—The table of contents 3 |
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| 302 | 302 | | under section 1(b) of the Dodd-Frank Wall Street Reform 4 |
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| 303 | 303 | | and Consumer Protection Act is amended by striking the 5 |
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| 304 | 304 | | item relating to section 1037 and inserting the following: 6 |
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| 305 | 305 | | ‘‘Sec. 1037. Authorization for funding the establishment of centers of excellence |
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| 306 | 306 | | in financial literacy education. |
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| 307 | 307 | | ‘‘Sec. 1038. Effective date.’’. |
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| 308 | 308 | | Æ |
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