,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #hia  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #bh1 #bjac   
,mr4 ,c>son ( ,indiana introduc$ !      
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices1 & 9   
addition to ! ,committee on ,education &
 ! ,work=ce1 = a p]iod to be subsequ5tly
 det]m9$ by ! ,speak]1 9 ea* case =     
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to e/abli% a grant program 9 !
 ,bureau ( ,consum] ,f9ancial           
,protection to fund ! e/abli%m5t ( c5t]s
 ( excell5ce to support rese>*1         
developm5t & plann+1 implem5tation1 &   
evaluation ( effective programs 9       
f9ancial lit]acy education = "y p &     
families ages #h ?r\gh #bd ye>s old1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,"y ,am]icans      
,f9ancial ,lit]acy ,act4  #b4 ,f9d+s ,! 
,congress f9ds z foll[s3  7#a7 ,s9ce    
#bjjg1 !re has be5 a ne>ly #bj-p]c5t    
drop 9 ! numb] ( #ah-ye>-olds ) bank    

acc\nts1 & 9 #bjab1 ne>ly "o 9 ?ree     
,am]icans don't pay _! bills on "t4     
7#b7 ,n9ety p]c5t ( ,am]icans believe   
all high s*ool /ud5ts %\ld be requir$ to
 take a class 9 f9ancial education4     
7#c7 ,eighty p]c5t ( p>5ts believe      
s*ools are tea*+ money managem5t &      
budget+1 :ile ov] #gj p]c5t ( tea*]s are
 n tea*+ f9ancial lit]acy4  7#d7        
,accord+ to a #bjaj survey1 only a few  
,/ates h adopt$ v>y+ degrees ( f9ancial 
lit]acy curriculum1 & only f\r ,/ates   
require high s*ool /ud5ts to take a     
seme/] long c\rse4  7#e7 ,two 9 five    
,u4,s4 adults gave !mselves a ,c1 ,d or 
,f on _! k ( p]sonal f9ance4 ,9 #bjaa1  
#gf p]c5t admitt$ !y c\ld b5efit f      
additional advice & answ]s to ev]yday   
f9ancial que/ions f a pr(essional4  7#f7
 ,two 9 five adults indicat$ t !y are n[
 sav+ less ?an !y 7 "o ye> ago4  7#g7   
,mo/ adults feel t _! f9ancial lit]acy  
skills are inadequate1 yet !y d n rely  
on anyone else to h&le _! f9ances2 !y   
feel x is important to "k m b h receiv$ 

no f9ancial education4  7#h7 ,x is      
necess>y to respond imm$iately to !     
press+ ne$s ( individuals fac$ ) ! loss 
( _! f9ancial /ability1 h[ev] increas$  
att5tion mu/ also be paid to f9ancial   
lit]acy education re=m & long-t]m       
solutions to prev5t future p]sonal      
f9ancial disa/]s4  7#i7 ,!re is an urg5t
 ne$ to respond to ! economic recov]y ) 
rese>*-bas$ f9ancial lit]acy education  
programs to rea* individuals at all ages
 & socioeconomic levels1 p>ticul>ly ^?  
fac+ unique & *all5g+ f9ancial          
situations1 su* z high s*ool graduates  
ent]+ ! work=ce1 soon-to-be & rec5t     
college graduates1 "y families1 & !     
unique ne$s ( milit>y p]sonnel & _!     
families4  7#aj7 ,m ?an #gj p]c5t (     
p>5ts say !y h spok5 ) _! te5s ab\t     
cr$it & us+ cr$it c>ds wisely1 :ile less
 ?an #dd p]c5t ( ! te5ag$ *ildr5 ( ^?   
respond5ts say _! p>5ts h talk$ to !m   
ab\t cr$it c>ds4  7#aa7 ,sev5ty-six     
p]c5t ( p>5ts survey$ said _! high s*ool
 /ud5t does n h a budget4  7#ab7        

,sev5ty-five p]c5t ( #af to #ah-ye>-olds
 say le>n+ m ab\t budget+ & money       
managem5t is "o ( _! top priorities4    
,rese>*]s docum5t a sn[ball effect t su*
 e>ly ef=ts expon5tially increase !     
likelihood t /ud5ts w pursue m f9ancial 
education z "t goes on4  7#ac7 ,high    
s*ool & college /ud5ts :o are expos$ to 
cumulative f9ancial education %[ an     
increase 9 f9ancial k1 :i* 9 turn drives
 increas+ly responsible behavior z !y   
become "y adults4  7#ad7 ,sixty p]c5t ( 
p>5ts id5tify _! te5s z quick sp5d]s1 & 
mo/ ackn[l$ge !y c\ld d a bett] job (   
tea*+ & prep>+ kids = ! f9ancial        
*all5ges ( adul?ood1 includ+ budget+1   
sav+1 & inve/+4  7#ae7 ,n9ety-?ree p]c5t
 ( te5s survey$ 9 a #bjab report say !y 
are n involv$ 9 pay+ h\sehold bills or  
manag+ ! h\sehold budget4 ,=ty-six p]c5t
 admit to n kn[+ h[ to create a budget4 
7#af7 ,! majority 7#eb p]c5t7 ( "y      
adults betwe5 ! ages ( #bc-bh consid]   
mak+ bett] *oices ab\t manag+ money !   
s+le mo/ important issue = individual   

,am]icans to act on today4  7#ag7       
,accord+ to ! ,gov]nm5t ,acc\ntability  
,(fice1 giv+ ,am]icans ! in=mation !y   
ne$ to make effective f9ancial decisions
 c be key to _! well-be+ & to ! c\ntry's
 economic heal?4 ,! rec5t f9ancial      
crisis1 :5 _m borr[]s fail$ to fully    
und]/& ! risks associat$ ) c]ta9        
f9ancial products1 und]scor$ ! ne$ to   
improve individuals' f9ancial lit]acy & 
emp[] all ,am]icans to make in=m$       
f9ancial decisions4 ,?is is especially  
true = "y p z !y are e>n+ _! fir/       
pay*ecks1 secur+ /ud5t aid1 & e/abli%+  
_! f9ancial indep5d5ce4 ,!re=e1 focus+  
economic education & f9ancial lit]acy   
ef=ts & be/ practices = "y p betwe5 !   
ages ( #h-bd is ( utmo/ importance4  #c4
 ,au?orization = fund+ ! e/abli%m5t (   
c5t]s ( excell5ce 9 f9ancial lit]acy    
education  7a7 ,9 g5]al ,! ,director ( !
 ,bureau ( ,consum] ,f9ancial           
,protection1 9 consultation ) !         
,f9ancial ,lit]acy & ,education         
,commission e/abli%$ "u ! ,f9ancial     

,lit]acy & ,education ,improvem5t ,act1 
may make competitive grants to & ent]   
into agreem5ts ) eligible in/itutions to
 e/abli% c5t]s ( excell5ce to support   
rese>*1 developm5t & plann+1            
implem5tation1 & evaluation ( effective 
programs 9 f9ancial lit]acy education = 
"y p & families ages #h ?r\gh #bd ye>s  
old4  7b7 ,au?oriz$ activities          
,activities au?oriz$ to be fund$ by     
grants made "u subsection 7a7 %all      
include ! foll[+3  7#a7 ,develop+ &     
implem5t+ compreh5sive rese>* bas$      
f9ancial lit]acy education programs = "y
 p--  7,a7 bas$ on a set ( core         
compet5cies & concepts e/abli%$ by !    
,director1 includ+ goal sett+1 plann+1  
budget+1 manag+ money or transactions1  
tools & /ructures1 behaviors1           
consequ5ces1 bo? long- & %ort-t]m sav+s1
 manag+ debt & e>n+s2 &  7,b7 :i* c be  
incorporat$ into educational sett+s     
?r\gh exi/+ academic cont5t areas1      
includ+ mat]ials t appropriately s]ve   
v>i\s segm5ts ( at-risk populations1    

p>ticul>ly m9ority & disadvantag$       
individuals4  7#b7 ,design+ in/ructional
 mat]ials us+ evid5ce-bas$ cont5t = "y  
families & conduct+ relat$ outrea*      
activities to address unique life       
situations & f9ancial pitfalls1 includ+ 
bankruptcy1 =eclosure1 cr$it c>d misuse1
 & pr$atory l5d+4  7#c7 ,develop+ &     
support+ ! deliv]y ( pr(essional        
developm5t programs 9 f9ancial lit]acy  
education to assure compet5ce &         
acc\ntability 9 ! deliv]y sy/em4  7#d7  
,improv+ access to1 & dissem9ation (1   
f9ancial lit]acy in=mation = "y p &     
families4  7#e7 ,r$uc+ /ud5t loan       
default rates by develop+ programs to   
help individuals bett] und]/& h[ to     
manage educational debt ?r\gh su/a9$    
educational programs = college /ud5ts4  
7#f7 ,conduct+ ongo+ rese>* & evaluation
 ( f9ancial lit]acy education programs  
to assure le>n+ ( def9$ skills & k1 &   
ret5tion ( le>n+4  7#g7 ,develop+       
rese>*-bas$ assessm5t & acc\ntability ( 
! appropriate applications ( le>n+ ov]  

%ort & long t]ms to measure effectiv5ess
 ( au?oriz$ activities4  7c7 ,priority =
 c]ta9 applications ,! ,director %all   
give a priority to applications t--     
7#a7 provide cle> def9itions ( f9ancial 
lit]acy & f9ancially lit]ate to cl>ify  
educational outcomes2  7#b7 e/abli%     
p>amet]s = id5tify+ ! types ( programs t
 mo/ effectively rea* "y p & families 9 
unique life situations & f9ancial       
pitfalls1 includ+ bankruptcy1 =eclosure1
 cr$it c>d misuse1 & pr$atory l5d+2     
7#c7 include cont5t t is appropriate to 
age & socioeconomic levels2  7#d7       
develop programs bas$ on educational    
/&>ds1 def9itions1 & rese>*2  7#e7      
include individual goals ( f9ancial     
indep5d5ce & /ability2 &  7#f7 e/abli%  
pr(essional developm5t & deliv]y sy/ems 
us+ evid5ce-bas$ practices4  7d7        
,application & evaluation /&>ds &       
proc$ures2 di/ribution crit]ia ,!       
,director %all e/abli% application &    
evaluation /&>ds & proc$ures1           
di/ribution crit]ia1 & su* o!r =ms1     

/&>ds1 def9itions1 & proc$ures z !      
,director det]m9es to be appropriate4   
7e7 ,limitation on grant am\nts  7#a7 ,9
 g5]al ,! aggregate am\nt ( grants made 
"u ?is section dur+ any fiscal ye> may n
 exce$ #ee1jjj1jjj4  7#b7 ,t]m9ation ,no
 grants may be made "u ?is section aft] 
! end ( fiscal ye> #bjah4  7f7          
,def9itions ,= purposes ( ?is ,act !    
foll[+ def9itions %all apply3  7#a7     
,director ,! t]m ,director means !      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection4  7#b7 ,eligible  
in/itution ,! t]m eligible in/itution   
means a p>tn]%ip ( two or m ( ! foll[+3 
7,a7 ,in/itution ( high] education4     
7,b7 ,local educational ag5cy4  7,c7 ,a 
nonpr(it ag5cy1 organization1 or        
association4  7,d7 ,a f9ancial          
in/itution4  7#c7 ,in/itution ( high]   
education ,! t]m in/itution ( high]     
education has ! mean+ giv5 su* t]m 9    
section #aja ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajja7;a774