,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bjbb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ae1 #bjbc,mr4   
,pet]s 7= himself & ,ms4 ,lummis7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to e/abli% a y\?   
sav+s mat* grant program = /ud5ts 9     
grades #i ?r\gh #ab4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,,piggy ,,bank
 ,act or ! ,program to ,inspire ,gr[? & 
,gu>antee ,y\? ,budget+ ,advice &       
,necess>y ,k ,act4  #b4 ,pilot y\? sav+s
 mat* grant program  7a7 ,def9itions ,9 
?is ,act3 7#a7 ,,esea t]ms ,! t]ms local
 educational ag5cy & p>5t h ! mean+ giv5
 ^? t]ms 9 section #haja ( ! ,elem5t>y &
 ,second>y ,education ,act ( #aife 7#bj 
,u4,s4,c4 #ghja74  7#b7 ,secret>y ,! t]m
 ,secret>y means ! ,secret>y (          
,education4  7b7 ,program au?oriz$  7#a7
 ,9 ,g5]al ,! ,secret>y1 9 collaboration
 ) ! ,f9ancial ,lit]acy & ,education    
,commission ( ! ,dep>tm5t ( ! ,treasury 
& ! ,division ( ,consum] & ,community   

,affairs ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em1 %all e/abli% a   
pilot program to aw>d grants to ,/ates1 
on a competitive basis1 to enable ^?    
,/ates to select p>ticipat+ eligible    
local educational ag5cies 9 ! ,/ate to  
c>ry out a y\? sav+s mat* program1 z    
describ$ 9 subsection 7d74  7#b7        
,duration ,grants aw>d$ "u ?is section  
%all be = a p]iod ( #f ye>s4  7c7       
,application ,ea* ,/ate desir+ a grant  
"u ?is section %all submit to !         
,secret>y an application at su* "t1 9   
su* mann]1 & accompani$ by su* in=mation
 z ! ,secret>y may require1 :i* %all    
include1 at a m9imum-- 7#a7 a           
compreh5sive plan ( adm9i/ration ( ! y\?
 sav+s mat* program1 includ+ h[ p>5ts w 
be enc\rag$ to p>ticipate2  7#b7 !      
id5tification ( a s+le acc\nt tru/ee1   
:i* %all be a ,/ate ag5cy1 su* z a ,/ate
 ,dep>tm5t ( ,treasury1 ,(fice ( !      
,gov]nor1 ,lieut5ant ,gov]nor1 ,/ate    
f9ancial regulator1 ,comptroll]1 a      
tax-exempt nonpr(it organization or     

f\ndation1 or a =-pr(it organization or 
bus9ess ) demon/rat$ exp]tise & exp]i5ce
 9 successfully manag+ f9ancial s]vices2
  7#c7 an assurance t ! ,/ate &         
p>ticipat+ eligible local educational   
ag5cies 9 ! ,/ate w p>ticipate 9 an     
evaluation ( ! program2  7#d7 an        
id5tification ( ! individuals :o w      
conduct ! tra9+ = tea*]s :o adm9i/] !   
f9ancial lit]acy classroom compon5t ( ! 
program2 &  7#e7 a description ( ! goals
 & objectives ( ! f9ancial lit]acy      
classroom compon5t ( ! program & an     
ov]view ( t program1 includ+ an ov]view 
( ! topics t w be "p ( t program4  7d7  
,y\? sav+s mat* grant program  7#a7     
,eligible ,l,e,as ,a local educational  
ag5cy %all be eligible to p>ticipate 9 !
 y\? sav+s mat* program if t local      
educational ag5cy receives fund+ "u "p  
,a ( title ,i ( ! ,elem5t>y & ,second>y 
,education ,act ( #aife 7#bj ,u4,s4,c4  
#fcaa et seq474  7#b7 ,y\? sav+s mat*   
program ,ea* p>ticipat+ eligible local  
educational ag5cy %all use grant funds  

to c>ry out a y\? sav+s mat* program1   
?r\gh :i* ! eligible local educational  
ag5cy %all ensure t-- 7,a7 e ye> ea*    
/ud5t 9 grades #i ?r\gh #ab t is s]v$ by
 t eligible local educational ag5cy is  
notifi$ t-- 7i7 a y\? sav+s mat* program
 acc\nt has be5 e/abli%$ = t /ud5t1 & ! 
acc\nt w be fund$ 9 accordance )        
subp>agraph 7,b72  7ii7 9 ord] to reta9 
! initial deposit & mat*+ contributions 
f grant fund+ t are deposit$ 9 ! /ud5t's
 y\? sav+s mat* program acc\nt1 ! /ud5t 
& p>5ts may n )draw f ! /ud5t's y\?     
sav+s mat* program acc\nt until ! date t
 is #a ye> aft] ! date ( ! /ud5t's high 
s*ool graduation1 or expect$ high s*ool 
graduation1 unless ! )drawal is approv$ 
9 accordance ) subp>agraph 7,g72 &      
7iii7 ^u )drawal1 funds 9 ! y\? sav+s   
mat* program acc\nt may be tax$2  7,b7  
ea* /ud5t 9 grades #i ?r\gh #ab :o is   
s]v$ by ! eligible local educational    
ag5cy-- 7i7 receives #cjj 9 an initial  
deposit 9 ! p>ticipat+ /ud5t's y\? sav+s
 mat* program acc\nt2 &  7ii7 receives1 

on a mon?ly basis & = a total ( n m ?an 
#d ye>s1 an am\nt ( funds equal to !    
am\nt ( funds t ! p>ticipat+ /ud5t or   
su* /ud5t's family contributes 9 t mon? 
to ! /ud5t's y\? sav+s mat* program     
acc\nt1 except t su* mon?ly mat* am\nt  
%all n exce$ #be & ! total am\nt (      
,f$]al mat*+ funds %all n exce$ #cjj ea*
 ye>2  7,c7 funds contribut$ to a y\?   
sav+s mat* program acc\nt are deposit$ 9
 an acc\nt at a depository in/itution 7z
 def9$ 9 section #ai7;b77#a77;,a7 ( !   
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#dfa7;b77#a77;,a777 or inve/$ 9 ,unit$  
,/ates ,treasury bills1 notes1 or bonds2
  7,d7 p>ticipat+ /ud5ts & _! families  
are able to make deposits into ! y\?    
sav+s mat* program acc\nt 9 p]son1      
onl9e1 or on mobile devices1 & are      
enc\rag$ to make automatic deposits into
 t acc\nt2  7,e7 ! p>5ts ( p>ticipat+   
/ud5ts are enc\rag$ to p>ticipate 9 !   
program & contribute to ! /ud5t's y\?   
sav+s mat* program acc\nt2  7,f7 any    
e>ly )drawal f a y\? sav+s mat* program 

acc\nt w require approval ( ! sav+s     
acc\nt tru/ee id5tifi$ 9 ! ,/ate's      
application "u subsection 7c7 & su* a   
)drawal w only be approv$ if ! funds are
 )drawn = ! purpose ( pay+ = po/second>y
 education1 a c>e] & te*nical education 
program ( /udy1 home[n]%ip1 bus9ess     
own]%ip1 m$ical h>d%ip1 or = ano!r      
purpose t ! eligible local educational  
ag5cy det]m9es to be an au?oriz$        
purpose2  7,g7 if funds are )drawn f a  
y\? sav+s mat* program acc\nt t are n   
approv$ "u subp>agraph 7,f7-- 7i7 !     
/ud5t w lose any ,f$]al grant money t   
has be5 contribut$ to ! acc\nt 7includ+ 
! initial deposit1 mat*+ contributions1 
& bonus contributions1 z describ$ 9     
subp>agraph 7,b771 & no fur!r mat*+     
funds w be contribut$ to ! acc\nt2 &    
7ii7 ! /ud5t & p>5t may /ill reta91 &   
may )draw funds t ! /ud5t or p>5t has   
contribut$ to ! /ud5t's y\? sav+s mat*  
program acc\nt2 &  7,h7 p>ticipat+      
/ud5ts receive f9ancial lit]acy         
education1 9 a mann] det]m9$ by ! ,/ate 

receiv+ ! grant1 :i* %all include       
in=mation ab\t h[ funds 9 ! y\? sav+s   
mat* program acc\nt may be tax$ &       
expla9+ h[ taxation works = int]e/-be>+ 
or inve/m5t acc\nts4  7e7 ,evaluation ,!
 ,secret>y %all c>ry out an evaluation (
 ! grant program "u ?is section to      
det]m9e :i* aspects ( ! program h be5   
effective & :i* aspects ( ! program h n 
be5 effective4  7f7 ,report ,n lat] ?an 
#d ye>s aft] ! implem5tation ( ! grant  
program "u ?is section1 ! ,secret>y %all
 prep>e & submit a report to ,congress  
conta9+ ! results ( ! evaluation "u     
subsection 7e74  7g7 ,au?orization (    
appropriations ,!re are au?oriz$ to be  
appropriat$ to c>ry out ?is ,act su*    
sums z may be necess>y = fiscal ye>     
#bjbd & ea* ( ! #c succe$+ fiscal ye>s4