,,ii #aacth ,,congress #ast ,session ,s4 #aecb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #ai1 #bjac,mrs4 ,murray introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to provide grants to promote financial literacy4 #a4 ,short title ,this ,act may be cited as the ,financial and ,economic ,literacy ,improvement ,act of #bjac4 #b4 ,financial literacy education grants 7a7 ,in general ,part ,d of title ,v of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #gbda et seq47 is amended by inserting after section #eecg the following3 #ac;,a ,financial literacy education #eech4 ,financial literacy education grants 7a7 ,authorization ,the ,secretary shall award grants to eligible entities to enable such entities-- 7#a7 to award subgrants to local entities to provide financial literacy education2 and 7#b7 to carry out activities designed to promote financial literacy education4 7b7 ,definition of eligible entity ,in this section1 the term eligible entity means-- 7#a7 a ,state educational agency2 or 7#b7 a ,state partnership consisting of-- 7,a7 a ,state educational agency2 and 7,b7 a nonprofit organization with experience and a proven quality track record in financial literacy or personal finance education programs4 7c7 ,application ,an eligible entity that desires to receive a grant under this section shall submit an application to the ,secretary at such time1 in such manner1 and accompanied by such information as the ,secretary may require4 7d7 ,formula ,from the total amount appropriated under subsection 7g7 for a fiscal year1 the ,secretary shall allot to each ,state for such fiscal year an amount that bears the same relation to such total amount as the amount such ,state received under part ,a of title ,i for such fiscal year bears to the total amount received by all ,states under part ,a of title ,i for such fiscal year4 7e7 ,use of funds 7#a7 ,subgrants to eligible local entities 7,a7 ,eligible local entity ,in this section1 the term eligible local entity means-- 7i7 a local educational agency2 or 7ii7 a local partnership consisting of-- 7,i7 a local educational agency2 and 7,,ii7 not less than one of the following3 7aa7 ,a nonprofit organization with experience and a proven track record in quality financial literacy or personal finance education programs4 7bb7 ,an educational service agency4 7cc7 ,a recipient of an ,excellence in ,economic ,education grant under subpart #ac4 7dd7 ,an institution of higher education4 7ee7 ,a community organization4 7ff7 ,a representative of local business4 7,b7 ,authorization of subgrants ,an eligible entity that receives a grant under this section shall use #ge percent of such grant funds to award subgrants to eligible local entities4 7,c7 ,applications 7i7 ,in general ,an eligible local entity that desires to receive a subgrant under this paragraph shall submit an application to the eligible entity at such time1 in such manner1 and accompanied by such information as the eligible entity may require4 7ii7 ,review of applications ,the eligible entity shall review applications submitted under clause 7i7 in the same manner as applications are reviewed under section #eecd7;b74 7,d7 ,use of funds ,an eligible local entity that receives a subgrant under this paragraph-- 7i7 shall use the subgrant funds to-- 7,i7 implement teacher training programs to embed financial literacy and personal finance education into core academic subjects2 7,,ii7 administer financial literacy assessments on not less than an annual basis in1 at a minimum1 the grade levels selected by the ,state pursuant to paragraph 7#b77;,a72 and 7,,iii7 implement financial literacy activities and sequences of study within core academic subjects2 and 7ii7 may use the subgrant funds to implement school-based activities1 including after school activities1 to enhance student understanding and experiential learning with consumer1 economic1 and personal finance concepts4 7,e7 ,report ,an eligible local entity that receives a subgrant under this paragraph shall include in the annual report card under section #aaaa7;h77#b7 the same information on student achievement on the financial literacy assessments1 administered pursuant to subparagraph 7,d71 as required1 pursuant to section #aaaa7;h77#b71 of the other ,state academic assessments described in section #aaaa7;b77#c74 7#b7 ,state activities ,an eligible entity that receives a grant under this section shall use #be percent of such grant funds to carry out the following3 7,a7 ,the development of financial literacy standards in not less than #c grade levels1 including not less than #a grade level in elementary school1 not less than #a grade level in middle school1 and not less than #a grade level in high school4 7,b7 ,the development of appropriate financial literacy assessments in the grade levels determined under subparagraph 7,a7 that are valid1 reliable1 and comparable across the ,state4 7,c7 ,teacher professional development programs to embed financial literacy or personal finance education into core academic subjects4 7,d7 ,an evaluation of the impact of financial literacy or personal finance education on students' understanding of financial literacy concepts4 7f7 ,matching funds ,an eligible entity that receives a grant under this section shall provide1 from non-,federal sources1 an amount equal to #be percent of the amount of the grant award to carry out activities required under this section4 7g7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this section #abe1jjj1jjj for each of fiscal years #bjad through #bjai4 4 7b7 ,table of contents ,the table of contents in section #b of the ,elementary and ,secondary ,education ,act of #aife is amended by inserting after the item relating to section #eecg the following3 ,subpart #ac;,a--,financial literacy education,sec4 #eech4 ,financial literacy education grants4 4 #c4 ,grants to promote postsecondary financial literacy ,part ,a of title ,,iii of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajeg et seq47 is amended by adding at the end the following3 #cbj;,a4 ,grants to promote postsecondary financial literacy 7a7 ,authorization of grant awards ,the ,secretary shall award grants1 on a competitive basis1 to eligible entities to enable such entities to provide financial literacy courses or course components to students4 7b7 ,definition of eligible entity ,in this section1 the term eligible entity means-- 7#a7 an institution of higher education2 or 7#b7 a partnership consisting of-- 7,a7 an institution of higher education2 and 7,b7 a nonprofit organization with experience and a proven track record in quality financial literacy or personal finance education programs4 7c7 ,application ,an eligible entity that desires to receive a grant under this section shall submit an application to the ,secretary at such time1 in such manner1 and accompanied by such information as the ,secretary may require4 7d7 ,minimum grant amount ,the ,secretary shall award grants under this section in amounts of not less than #ejj1jjj4 7e7 ,use of funds ,an eligible entity that receives a grant under this section shall use the grant funds to develop and implement financial literacy education1 activities1 student organizations1 or counseling that increase student knowledge in consumer1 economic1 and personal financial concepts4 7f7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this section #abe1jjj1jjj for fiscal year #bjad and each succeeding fiscal year4 4