,,ii #aahth ,,congress #b;d ,session ,s4 #dbdh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #b1 #bjbd,ms4 ,butler introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require the ,financial ,literacy and ,education ,commission to carry out a study on the impact of language barriers to financial health1 to require the website and toll-free telephone number of the ,commission to be provided in the most commonly spoken languages in the ,united ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,multilingual ,financial ,literacy ,act4 #b4 ,study on the impact of language barriers to financial health 7a7 ,study ,the ,financial ,literacy and ,education ,commission shall carry out a study on the impact of language barriers on financial health1 including an analysis of1 with respect to groups with limited ,english proficiency1 access to financial literacy education and training1 credit score outcomes1 the cost of credit1 and homebuying4 7b7 ,consultation ,in carrying out the study required under subsection 7a71 the ,financial ,literacy and ,education ,commission shall consult with each agency represented in the membership of the ,commission4 7c7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,financial ,literacy and ,education ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report-- 7#a7 containing all findings and determinations made in carrying out the study required under subsection 7a72 and 7#b7 analyzing the need for language accessibility across the financial services industry1 including an identification of-- 7,a7 any industry in which information is provided solely in #a language2 and 7,b7 any product1 service1 or other financial offering for which the availability of information is limited beyond ,english4 #c4 ,language access to ,commission website and toll-free telephone number 7a7 ,in general ,section #ead of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjc7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,d71 by striking and at the end2 7ii7 by redesignating subparagraph 7,e7 as subparagraph 7,f72 and 7iii7 by inserting after subparagraph 7,d7 the following3 7,e7 be provided in at least #h of the most commonly spoken languages in the ,united ,states1 as determined by the ,bureau of the ,census2 and 2 and 7,b7 by adding at the end the following3 7#c7 ,information on language resources from ,federal agencies ,the website established under paragraph 7#a7 shall contain a separate website that provides-- 7,a7 information on which ,federal agencies provide financial literacy and education resources in languages other than ,english1 including a description of which resources are available in which languages2 and 7,b7 guidance on where individuals can find ,federal resources in a particular language for various topic areas4 7#d7 ,translation services provided by the ,department of the ,treasury ,the ,secretary of the ,treasury shall provide the translation services necessary to comply with the language requirement under paragraph 7#b77;,e74 2 7#b7 in subsection 7c7-- 7,a7 by striking ,the ,commission and inserting the following3 7#a7 ,in general ,the ,commission 2 and 7,b7 by adding at the end the following3 7#b7 ,language requirement 7,a7 ,in general ,the toll-free telephone number established under paragraph 7#a7 shall provide verbal assistance to members of the public in each of the #h most commonly spoken languages in the ,united ,states1 as determined by the ,bureau of the ,census4 7,b7 ,translation services provided by the ,department of the ,treasury ,the ,secretary of the ,treasury shall provide the staff necessary to comply with the requirement under subparagraph 7,a74 2 and 7#c7 by adding at the end the following3 7j7 ,language access to ,federal agency information ,the ,commission shall coordinate and promote efforts of ,federal agencies to make all financial literacy and education resources of ,federal agencies available in each of the #h most commonly spoken languages in the ,united ,states1 as determined by the ,bureau of the ,census4 4 7b7 ,effective date ,the amendments made by subsection 7a7 shall take effect on the date that is #a year after the date of enactment of this ,act4 #d4 ,policy recommendations ,not later than #a year after the date of enactment of this ,act1 the ,financial ,literacy and ,education ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report containing-- 7#a7 legislative and regulatory recommendations on how to address-- 7,a7 barriers to financial inclusion caused by language barriers1 including through financial literacy education and training2 and 7,b7 the role that emerging technology and financial products play in helping or harming communities with limited ,english proficiency2 7#b7 a summary of-- 7,a7 the actions taken by the ,commission to prepare to implement the amendments made by section #c2 and 7,b7 actions taken by each ,federal agency that is represented in the membership of the ,commission to make financial literacy and education resources of the agency available to the public in each of the #h most commonly spoken languages in the ,united ,states1 as determined by the ,bureau of the ,census2 and 7#c7 an estimate of the cost-- 7,a7 to implement the amendments made by section #c2 and 7,b7 for each ,federal agency that is represented in the membership of the ,commission1 to make financial literacy and education resources of the agency available to the public in each of the #h most commonly spoken languages in the ,united ,states1 as determined by the ,bureau of the ,census4 #e4 ,annual report on financial literacy ,section #ead7;h77#b7 of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjc7;h77#b77 is amended-- 7#a7 in subparagraph 7,i71 by striking and at the end2 7#b7 by redesignating subparagraph 7,j7 as subparagraph 7,o72 and 7#c7 by inserting after subparagraph 7,i7 the following3 7,j7 for the period covered by the report1 a summary of the efforts of the ,commission to increase financial literacy across all of the agencies that are represented in the membership of the ,commission2 7,k7 an analysis of where there are financial literacy needs across different groups1 including information by age group1 socioeconomic status1 race1 ethnicity1 and language preference2 7,l7 an analysis of limited access to credit and disparate credit scoring across different groups1 including information by age group1 gender1 sexual orientation1 socioeconomic status1 race1 ethnicity1 and language preference2 7,m7 an explanation of how a lack of financial literacy1 systemic barriers1 and other obstacles result in a wealth gap across different groups1 including information by age group1 gender1 sexual orientation1 socioeconomic status1 race1 ethnicity1 and language preference2 7,n7 proposals and potential policy solutions for addressing barriers to financial literacy1 disparate credit scoring1 and the wealth gap2 and 4