,i #aah? ,,congress #b;d ,session ,h4 ,r4 #hidd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #h1 #bjbd,ms4 ,leg] ,f]n&ez introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ! ,work=ce ,a ,,bill ,to direct ! ,secret>y ( ,education to e/abli% a p]sonal f9ance education portal on a c5traliz$ website ( ! ,dep>tm5t ( ,education p]ta9+ to ,f$]al f9ancial aid4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f9ancial ,fitness ,act4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,ne>ly #de1cjj1jjj p owe an av]age ( #cg1cch 9 ,f$]al /ud5t loans1 & /ud5t loan debt 9 ! ,unit$ ,/ates totals #a1gfe1jjj1jjj1jjj4 ,! av]age /ud5t loan debt has tripl$ s9ce #bjjg4 7#b7 ,/ud5t debt has significant racial equity implications4 ,approximately half ( ,black college /ud5ts are us+ ,f$]al /ud5t loans to cov] educational co/s1 & ,black college graduates are /ill sub/antially m likely ?an :ite college graduates to default on _! debt )9 #d ye>s ( graduation4 ,9 addition1 ! default rate = ,black borr[]s is sub/antially high] ?an :ite borr[]s 7#ag p]c5t v]sus #i p]c5t74 ,/ud5ts :o are vet]ans1 p>5ts1 fir/-g5]ation college /ud5ts1 or l[ income are also likely to face high] risk ( default4 7#c7 ,z ( #bjbb1 #ah p]c5t ( ,hispanic & ,lat9o college graduates :o _h tak5 out loans = tuition & s*ool exp5ses 7 beh9d on _! paym5ts1 9 contra/ ) #i p]c5t ( ,:ite /ud5t borr[]s4 ,hispanic & ,lat9o borr[]s also 7 ! mo/ likely to delay gett+ m>ri$ & hav+ *ildr5 due to /ud5t loan debt4 7#d7 ,native ,am]ican f9ancial /atus rema9s among ! l[e/ ( all m9ority populations 9 ! ,nation4 ,native p are ! lea/ likely ( all population gr\ps1 includ+ o!r m9orities1 to plan = retirem5t1 h an em]g5cy fund1 or h a *eck+ acc\nt4 7#e7 ,among college graduates ) any out/&+ debt = _! education1 fir/-g5]ation college graduates t5d to owe m4 7#f7 ,/ud5t debt among old] adults has /eadily increas$1 ) _m individuals tak+ on debt to f9ance high] education = _! *ildr5 & gr&*ildr54 7#g7 ,despite ! fact t _m /ud5ts & families mu/ make sub/antial & highly consequ5tial decisions ab\t /ud5t loan borr[+ & face gr[+ college af=dability *all5ges1 only #ag ,/ates make p]sonal f9ance a requir$ "p ( basic education4 7#h7 ,( non-retir$ ,am]ican adults1 #db p]c5t age #ah-bi h no retirem5t sav+s2 #bf p]c5t ( ^? age #cj-dd2 #ag p]c5t ( ^? age #de-ei2 & #ac p]c5t ( ^? ov] age #fj4 7#i7 ,p ) self-direct$ retirem5t sav+s 7ne>ly #g 9 #aj non-retir$ adults7 mu/ make decisions ab\t h[ ! money is inve/$4 ,six 9 #aj non-retirees ) ^! self-direct$ acc\nts express l[ levels ( com=t 9 mak+ inve/m5t decisions ) _! retirem5t sav+s4 7#aj7 ,! ,,covid-#ai p&emic exac]bat$ ! ne$ to provide families ) bett] tools to wea!r f9ancial *all5ges1 ) a rapid spike 9 unemploym5t occurr+ 9 mid-#bjbj1 along ) significant %ifts to individuals' h\s+ & transportation ne$s4 7#aa7 ,ne>ly #a 9 #aj /ud5t loan borr[]s end up 9 default1 & ev5 m /ruggle to repay _! loans1 indicat+ an important ne$ to ensure borr[]s c access in=mation to help !m navigate repaym5t & succe$ f9ancially4 #c4 ,p]sonal f9ance education portal 7a7 ,9 g5]al ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,education1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,secret>y ( ! ,treasury z *air ( ! ,f9ancial ,lit]acy & ,education ,commission1 & ! ,commission] ( ,int]nal ,rev5ue1 %all e/abli% a p]sonal f9ance education portal on a c5traliz$ & publicly available website ( ! ,dep>tm5t ( ,education p]ta9+ to ,f$]al f9ancial aid = ! volunt>y use by recipi5ts ( aid aw>d$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq474 7b7 ,cont5t ( p]sonal f9ance education portal ,! p]sonal f9ance education portal e/abli%$ "u subsection 7a7 %all include in=mation on p]sonal f9ance concepts1 includ+ ! foll[+3 7#a7 ,core p]sonal f9ance concepts1 su* z e>n+1 sav+1 inve/+1 sp5d+1 & borr[+1 includ+-- 7,a7 ! concept ( comp\nd gr[? z x applies to sav+s & retirem5t sav+s1 ) in=mation ab\t ! diff]5t types ( retirem5t sav+s acc\nts2 & 7,b7 budget+ & cr$it usage4 7#b7 ,manag+ /ud5t loan repaym5t1 includ+-- 7,a7 ! int]action betwe5 sav+s & retirem5t decisions & ,f$]al /ud5t loan repaym5t plans2 7,b7 ,f$]al /ud5t loan dis*>ge or =giv5ess options2 7,c7 ! types ( volunt>y b5efits employ]s may use to help work]s :ile !y are pay+ d[n /ud5t loan debt2 7,d7 tax cr$its or d$uctions t are relevant to /ud5t loan borr[]s 9 repaym5t2 7,e7 h[ to int]pret loan t]ms & conditions2 7,f7 h[ to di/+ui% betwe5 ,f$]al /ud5t loans & private /ud5t loans & _! b5efits2 & 7,g7 any o!r ,f$]al policies t significantly impact /ud5t loan borr[]s 9 repaym5t1 z det]m9$ by ! ,secret>y ( ,education4 7#c7 ,any o!r p]sonal f9ance concepts det]m9$ relevant by ! ,secret>y ( ,education1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,secret>y ( ! ,treasury z *air ( ! ,f9ancial ,lit]acy & ,education ,commission1 & ! ,commission] ( ,int]nal ,rev5ue4 7c7 ,provision ( cont5t ,! p]sonal f9ance cont5t includ$ "u subsection 7b7 may be provid$ 9 an int]active =mat ?r\gh text or video4 7d7 ,analytics ,! ,secret>y ( ,education1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,secret>y ( ! ,treasury z *air ( ! ,f9ancial ,lit]acy & ,education ,commission1 & ! ,commission] ( ,int]nal ,rev5ue1 %all review n less ?an once e ?ree ye>s ! utilization ( ! portal e/abli%$ "u subsection 7a7 & make su* f9d+s publicly available4 7e7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to c>ry out ?is ,act #e1jjj1jjj = ! p]iod ( fiscal ye>s #bjbd ?r\gh #bjbg4