,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bfgd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #be1 #bjag,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 ,t #hg   
p]c5t ( ,am]icans believe f9ance        
education %\ld be taught 9 s*ools & #ib 
p]c5t ( ,k-#ab tea*]s believe t f9ancial

 education %\ld be taught 9 s*ool1 b    
only #ab p]c5t ( tea*]s actually tea* ! 
subject4  7#b7 ,accord+ to a #bjaf      
survey1 #a 9 #c ,/ates require high     
s*ool /ud5ts to take a p]sonal f9ance   
c\rse1 & only #e ,/ates require high    
s*ool /ud5ts to take a seme/] long      
p]sonal f9ance c\rse4  7#c7 ,! p]c5tage 
( ,am]icans grad+ !mselves ) an ,a or ,b
 9 p]sonal f9ance k has decl9$ f #fj    
p]c5t 9 #bjac to #ef p]c5t 9 #bjaf4 ,9  
#bjaf1 #ge p]c5t ( ,am]icans admitt$ !y 
c\ld b5efit f additional advice & answ]s
 to ev]yday f9ancial que/ions f a       
pr(essional4 ,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#d7 ,x is necess>y to respond          
imm$iately to ! press+ ne$s (           
individuals fac$ ) ! loss ( _! f9ancial 
/ability2 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#e7 ,rese>*-bas$ f9ancial lit]acy      
education programs are ne$$ 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 & to address ! unique ne$s ( 
milit>y p]sonnel & _! families4  7#f7   
,high s*ool & college /ud5ts :o are     
expos$ to cumulative f9ancial education 
%[ an increase 9 f9ancial k1 :i* 9 turn 
drives increas+ly responsible behavior z
 !y become "y adults4  7#g7 ,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#h7 ,! majority 7#eb  
p]c5t7 ( "y adults ages #bc ?r\gh #bh   
consid] mak+ bett] *oices ab\t manag+   
money1 ! s+le mo/ important issue =     
individual ,am]icans to act on today4   
7#i7 ,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    
ages #h ?r\gh #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 
%all 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> #bjai4  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