,i #aahth ,,congress #ast ,session ,h4 ,r4 #bhba ,,in ,,the ,,house ,,of ,,representatives ,april #be1 #bjbc,mr4 ,carson 7for himself1 ,ms4 ,lee of ,california1 ,ms4 ,barragn1 ,mrs4 ,beatty1 ,mr4 ,blumenauer1 ,ms4 ,brown1 ,mr4 ,carbajal1 ,mr4 ,carter of ,louisiana1 ,mr4 ,case1 ,mr4 ,garca of ,illinois1 ,ms4 ,garcia of ,texas1 ,mr4 ,cohen1 ,ms4 ,crockett1 ,mr4 ,davis of ,illinois1 ,ms4 ,dean of ,pennsylvania1 ,mr4 ,de,saulnier1 ,mr4 ,espaillat1 ,mr4 ,evans1 ,ms4 ,wilson of ,florida1 ,mrs4 ,hayes1 ,ms4 ,norton1 ,mr4 ,keating1 ,ms4 ,kuster1 ,mr4 ,mc,govern1 ,ms4 ,omar1 ,mr4 ,smith of ,washington1 ,ms4 ,jacobs1 ,mr4 ,johnson of ,georgia1 ,mr4 ,sablan1 ,ms4 ,scholten1 ,mr4 ,soto1 ,mr4 ,thompson of ,mississippi1 ,ms4 ,titus1 ,ms4 ,tlaib1 ,ms4 ,tokuda1 ,mr4 ,torres of ,new ,york1 ,mr4 ,trone1 ,mr4 ,veasey1 and ,mrs4 ,watson ,coleman7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,education and the ,workforce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to establish a grant program in the ,bureau of ,consumer ,financial ,protection to fund the establishment of centers of excellence to support research1 development and planning1 implementation1 and evaluation of effective programs in financial literacy education for young people and families ages #h through #bd years old1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,young ,americans ,financial ,literacy ,act4 #b4 ,findings ,the ,congress finds as follows3 7#a7 ,that #hh percent of ,americans believe finance education should be taught in schools and #ib percent of ,k-#ab teachers believe that financial education should be taught in school1 but only #ab percent of teachers actually teach the subject4 7#b7 ,according to a #bjbj survey1 less than half of ,states require high school students to take a course on personal finance1 and less than #ag percent of high schoolers were required to take a one semester personal finance course4 7#c7 ,for the fourth year in a row1 more than one-third of surveyed consumers gave themselves a ,b when grading their own level of basic financial literacy4 ,less than one-fifth of ,americans gave themselves an ,a4 ,most adults feel that their financial literacy skills are inadequate1 yet they do not rely on anyone else to handle their finances2 they feel it is important to know more but have received no financial education4 7#d7 ,the sudden disruptions caused by the spread of ,,covid-#ai are presenting economic challenges with growing consequences4 ,while some factors affecting financial well-being are beyond individual control1 financial literacy can help people better manage their finances through times of hardship4 7#e7 ,it is necessary to respond immediately to the pressing needs of individuals faced with the loss of their financial stability2 however increased attention must also be paid to financial literacy education reform and long-term solutions to prevent future personal financial disasters4 7#f7 ,there is an urgent need to respond to the ,,covid-#ai economic recovery with research-based financial literacy education programs to reach individuals at all ages and socioeconomic levels1 particularly those facing unique and challenging financial situations1 such as high school graduates entering the workforce1 soon-to-be and recent college graduates1 young families1 and the unique needs of military personnel and their families4 7#g7 ,high school and college students who are exposed to cumulative financial education show an increase in financial knowledge1 which in turn drives increasingly responsible behavior as they become young adults4 7#h7 ,the majority 7#eb percent7 of young adults between the ages of #bc-bh consider making better choices about managing money1 the single most important issue for individual ,americans to act on today4 7#i7 ,according to the ,government ,accountability ,office1 giving ,americans the information they need to make effective financial decisions can be key to their well-being and to the country's economic health4 ,the current pandemic1 in which #hh percent of ,americans say is causing stress on their personal finances1 underscores the need to improve individuals' financial literacy and empower all ,americans to make informed financial decisions4 ,this is especially true for young people as they are earning their first paychecks1 securing student aid1 and establishing their financial independence4 ,therefore1 focusing economic education and financial literacy efforts and best practices for young people between the ages of #h-bd is of utmost importance4 #c4 ,authorization for funding the establishment of centers of excellence in financial literacy education 7a7 ,in general ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 by redesignating section #ajcg as section #ajch2 and 7#b7 by inserting after section #ajcf the following3 #ajcg4 ,authorization for funding the establishment of centers of excellence in financial literacy education 7a7 ,in general ,the ,director of the ,bureau1 in consultation with the ,financial ,literacy and ,education ,commission established under the ,financial ,literacy and ,education ,improvement ,act1 shall make competitive grants to and enter into agreements with eligible institutions to establish centers of excellence to support research1 development and planning1 implementation1 and evaluation of effective programs in financial literacy education for young people and families ages #h through #bd years old4 7b7 ,authorized activities ,activities authorized to be funded by grants made under subsection 7a7 shall include the following3 7#a7 ,developing and implementing comprehensive research based financial literacy education programs for young people-- 7,a7 based on a set of core competencies and concepts established by the ,director1 including goal setting1 planning1 budgeting1 managing money or transactions1 tools and structures1 behaviors1 consequences1 both long- and short-term savings1 managing debt and earnings2 and 7,b7 which can be incorporated into educational settings through existing academic content areas1 including materials that appropriately serve various segments of at-risk populations1 particularly minority and disadvantaged individuals4 7#b7 ,designing instructional materials using evidence-based content for young families and conducting related outreach activities to address unique life situations and financial pitfalls1 including bankruptcy1 foreclosure1 credit card misuse1 and predatory lending4 7#c7 ,developing and supporting the delivery of professional development programs in financial literacy education to assure competence and accountability in the delivery system4 7#d7 ,improving access to1 and dissemination of1 financial literacy information for young people and families4 7#e7 ,reducing student loan default rates by developing programs to help individuals better understand how to manage educational debt through sustained educational programs for college students4 7#f7 ,conducting ongoing research and evaluation of financial literacy education programs to assure learning of defined skills and knowledge1 and retention of learning4 7#g7 ,developing research-based assessment and accountability of the appropriate applications of learning over short and long terms to measure effectiveness of authorized activities4 7c7 ,priority for certain applications ,the ,director shall give a priority to applications that-- 7#a7 provide clear definitions of financial literacy and financially literate to clarify educational outcomes2 7#b7 establish parameters for identifying the types of programs that most effectively reach young people and families in unique life situations and financial pitfalls1 including bankruptcy1 foreclosure1 credit card misuse1 and predatory lending2 7#c7 include content that is appropriate to age and socioeconomic levels2 7#d7 develop programs based on educational standards1 definitions1 and research2 7#e7 include individual goals of financial independence and stability2 7#f7 establish professional development and delivery systems using evidence-based practices2 7#g7 address the needs of one or more atrisk populations2 7#h7 incorporate sensitivities to specific cultural1 linguistic1 or demographic characteristics2 7#i7 enhance opportunities for asset building1 such as increasing savings for lower income households and investments into the stock1 bond1 and real estate markets2 7#aj7 include an evaluation component to ensure the work's effectiveness in increasing financial literacy or consumer access to appropriate financial products or services1 or that the provider has evidence of such effectiveness2 7#aa7 promise future replication or can be sustained beyond the program period2 and 7#ab7 will make effectiveness data 7if any7 that is generated from the work available to others in the financial education community4 7d7 ,application and evaluation standards and procedures2 distribution criteria ,the ,director shall establish application and evaluation standards and procedures1 distribution criteria1 and such other forms1 standards1 definitions1 and procedures as the ,director determines to be appropriate4 7e7 ,content delivery ,an eligible institution receiving a grant under this section shall-- 7#a7 ensure that content is delivered in an accessible way to young people1 through traditional educational methods and digital methods1 including over appropriate social media platforms2 and 7#b7 to the extent content is delivered through a website1 ensure that the website is user friendly1 visually appealing1 and doesn't bombard users with dense content that is difficult to comprehend4 7f7 ,grant amounts 7#a7 ,in general ,the aggregate amount of grants made under this section during any fiscal year-- 7,a7 shall be at least #bg1ejj1jjj2 and 7,b7 may not exceed #ee1jjj1jjj4 7#b7 ,termination ,no grants may be made under this section after the end of fiscal year #bjbe4 7g7 ,report to ,congress ,the ,director shall issue an annual report to ,congress containing-- 7#a7 a list of grant recipients under this section1 including the amount of such grant2 and 7#b7 for each grant recipient1 a description of the specific populations being served by such grant4 7h7 ,definitions ,for purposes of this section the following definitions shall apply3 7#a7 ,eligible institution ,the term eligible institution means a partnership of two or more of the following3 7,a7 ,an institution of higher education4 7,b7 ,a ,state or local government agency which specializes in financial education programs4 7,c7 ,a nonprofit agency1 organization1 or association4 7,d7 ,a financial institution4 7,e7 ,a small organization that is partnering with1 but is not itself1 a person described under subparagraph 7,a7 through 7,d74 7#b7 ,institution of higher education ,the term institution of higher education has the meaning given such term in section #aja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja7;a774 4 7b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relating to section #ajcg and inserting the following3 ,sec4 #ajcg4 ,authorization for funding the establishment of centers of excellence in financial literacy education4 ,sec4 #ajch4 ,effective date4 4