,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #bhba  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #be1 #bjbc,mr4 
,c>son 7= himself1 ,ms4 ,lee (          
,cali=nia1 ,ms4 ,b>ragn1 ,mrs4 ,beatty1 
,mr4 ,blum5au]1 ,ms4 ,br[n1 ,mr4        
,c>bajal1 ,mr4 ,c>t] ( ,l\isiana1 ,mr4  
,case1 ,mr4 ,g>ca ( ,ill9ois1 ,ms4      
,g>cia ( ,texas1 ,mr4 ,coh51 ,ms4       
,crockett1 ,mr4 ,davis ( ,ill9ois1 ,ms4 
,dean ( ,p5nsylvania1 ,mr4 ,de,saulnier1
 ,mr4 ,espaillat1 ,mr4 ,evans1 ,ms4     
,wilson ( ,florida1 ,mrs4 ,hayes1 ,ms4  
,norton1 ,mr4 ,keat+1 ,ms4 ,ku/]1 ,mr4  
,mc,govern1 ,ms4 ,om>1 ,mr4 ,smi? (     
,wa%+ton1 ,ms4 ,jacobs1 ,mr4 ,johnson ( 
,georgia1 ,mr4 ,sablan1 ,ms4 ,s*olt51   
,mr4 ,soto1 ,mr4 ,?ompson (             
,mississippi1 ,ms4 ,titus1 ,ms4 ,tlaib1 
,ms4 ,tokuda1 ,mr4 ,torres ( ,new ,york1
 ,mr4 ,trone1 ,mr4 ,veasey1 & ,mrs4     
,watson ,coleman7 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 #hh    
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 #bjbj      
survey1 less ?an half ( ,/ates require  
high s*ool /ud5ts to take a c\rse on    
p]sonal f9ance1 & less ?an #ag p]c5t (  
high s*ool]s 7 requir$ to take a "o     

seme/] p]sonal f9ance c\rse4  7#c7 ,= ! 
f\r? ye> 9 a r[1 m ?an "o-?ird ( survey$
 consum]s gave !mselves a ,b :5 grad+ _!
 own level ( basic f9ancial lit]acy4    
,less ?an "o-fif? ( ,am]icans gave      
!mselves an ,a4 ,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 ,! sudd5 disruptions caus$ by !    
spread ( ,,covid-#ai are pres5t+        
economic *all5ges ) gr[+ consequ5ces4   
,:ile "s factors affect+ f9ancial       
well-be+ are beyond individual control1 
f9ancial lit]acy c help p bett] manage  
_! f9ances ?r\gh times ( h>d%ip4  7#e7  
,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#f7 ,!re is 
an urg5t ne$ to respond to ! ,,covid-#ai

 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$s ( milit>y    
p]sonnel & _! families4  7#g7 ,high     
s*ool & college /ud5ts :o are expos$ to 
cumulative f9ancial education %[ an     
increase 9 f9ancial k1 :i* 9 turn drives
 increas+ly responsible behavior z !y   
become "y adults4  7#h7 ,! majority 7#eb
 p]c5t7 ( "y adults betwe5 ! ages (     
#bc-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
 ,! curr5t p&emic1 9 :i* #hh p]c5t (    
,am]icans say is caus+ /ress on _!      

p]sonal f9ances1 und]scores ! 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 ,! ,consum]     
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7
 by r$esignat+ section #ajcg z section  
#ajch2 &  7#b7 by ins]t+ aft] section   
#ajcf ! foll[+3  #ajcg4 ,au?orization = 
fund+ ! e/abli%m5t ( c5t]s ( excell5ce 9
 f9ancial lit]acy education  7a7 ,9     
g5]al ,! ,director ( ! ,bureau1 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$ practices2  7#g7       
address ! ne$s ( "o or m atrisk         
populations2  7#h7 incorporate          
s5sitivities to specific cultural1      
l+ui/ic1 or demographic *>act]i/ics2    
7#i7 enhance opportunities = asset      
build+1 su* z increas+ sav+s = l[]      
income h\seholds & inve/m5ts into !     

/ock1 bond1 & real e/ate m>kets2  7#aj7 
include an evaluation compon5t to ensure
 ! "w's effectiv5ess 9 increas+ f9ancial
 lit]acy or consum] access to           
appropriate f9ancial products or        
s]vices1 or t ! provid] has evid5ce (   
su* effectiv5ess2  7#aa7 promise future 
replication or c be su/a9$ beyond !     
program p]iod2 &  7#ab7 w make          
effectiv5ess data 7if any7 t is g5]at$ f
 ! "w available to o!rs 9 ! f9ancial    
education community4  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$ures 
z ! ,director det]m9es to be            
appropriate4  7e7 ,cont5t deliv]y ,an   
eligible in/itution receiv+ a grant "u  
?is section %all-- 7#a7 ensure t cont5t 
is deliv]$ 9 an accessible way to "y p1 
?r\gh traditional educational me?ods &  
digital me?ods1 includ+ ov] appropriate 
social m$ia plat=ms2 &  7#b7 to ! ext5t 

cont5t is deliv]$ ?r\gh a website1      
ensure t ! website is us] fri5dly1      
visually appeal+1 & doesn't bomb>d us]s 
) d5se cont5t t is difficult to         
compreh5d4  7f7 ,grant am\nts  7#a7 ,9  
g5]al ,! aggregate am\nt ( grants made  
"u ?is section dur+ any fiscal ye>--    
7,a7 %all be at lea/ #bg1ejj1jjj2 &     
7,b7 may n exce$ #ee1jjj1jjj4  7#b7     
,t]m9ation ,no grants may be made "u ?is
 section aft] ! end ( fiscal ye> #bjbe4 
7g7 ,report to ,congress ,! ,director   
%all issue an annual report to ,congress
 conta9+-- 7#a7 a li/ ( grant recipi5ts 
"u ?is section1 includ+ ! am\nt ( su*   
grant2 &  7#b7 = ea* grant recipi5t1 a  
description ( ! specific populations be+
 s]v$ by su* grant4  7h7 ,def9itions ,= 
purposes ( ?is section ! foll[+         
def9itions %all apply3 7#a7 ,eligible   
in/itution ,! t]m eligible in/itution   
means a p>tn]%ip ( two or m ( ! foll[+3 
7,a7 ,an in/itution ( high] education4  
7,b7 ,a ,/ate or local gov]nm5t ag5cy   
:i* specializes 9 f9ancial education    

programs4  7,c7 ,a nonpr(it ag5cy1      
organization1 or association4  7,d7 ,a  
f9ancial in/itution4  7,e7 ,a small     
organization t is p>tn]+ )1 b is n      
itself1 a p]son describ$ "u subp>agraph 
7,a7 ?r\gh 7,d74  7#b7 ,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 
4  7b7 ,cl]ical am5dm5t ,! table (      
cont5ts "u section #a7;b7 ( !           
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act is am5d$ by   
/rik+ ! item relat+ to section #ajcg &  
ins]t+ ! foll[+3  ,sec4 #ajcg4          
,au?orization = fund+ ! e/abli%m5t (    
c5t]s ( excell5ce 9 f9ancial lit]acy    
education4 ,sec4 #ajch4 ,effective date4
  4