Youth Financial Learning Act

II 116TH CONGRESS 1ST SESSION S. 155 To improve the financial literacy of secondary school students. IN THE SENATE OF THE UNITED STATES JANUARY 16, 2019 Mr. JONES (for himself, Ms. HASSAN, and Mrs. GILLIBRAND) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To improve the financial literacy of secondary school students. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Youth Financial 4 Learning Act’’. 5 SEC. 2. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL 6 LITERACY EDUCATION. 7 (a) DEFINITIONS.—In this Act, the terms ‘‘commu- 8 nity-based organization’’, ‘‘local educational agency’’, 9 ‘‘professional development’’, ‘‘secondary school’’, ‘‘Sec- 10 VerDate Sep 11 2014 01:40 Jan 25, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S155.IS S155 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 155 IS retary’’, ‘‘State educational agency’’, and ‘‘well-rounded 1 education’’ have the meanings given those terms in section 2 8101 of the Elementary and Secondary Education Act of 3 1965 (20 U.S.C. 7801). 4 (b) GRANTS AUTHORIZED.— 5 (1) IN GENERAL.—From amounts appropriated 6 under subsection (f), the Secretary shall award 7 grants, on a competitive basis, to State educational 8 agencies to enable those State educational agencies 9 to integrate financial literacy education into public 10 secondary schools by carrying out the activities de- 11 scribed in paragraph (4). 12 (2) DURATION.—A grant awarded under this 13 section shall be for a period of not more than 4 14 years. 15 (3) APPLICATION.—Each State educational 16 agency desiring a grant under this section shall sub- 17 mit an application to the Secretary at such time and 18 in such manner as the Secretary may require, in- 19 cluding— 20 (A) a description of how the State edu- 21 cational agency will award subgrants to local 22 educational agencies; 23 VerDate Sep 11 2014 01:40 Jan 25, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S155.IS S155 pamtmann on DSKBFK8HB2PROD with BILLS 3 •S 155 IS (B) a description of how the State edu- 1 cational agency will ensure sustainability of the 2 grant activities after the grant program; 3 (C) an assertion that teachers, principals, 4 parents, and students have been consulted in 5 the process of developing the application; and 6 (D) a description of how the State edu- 7 cational agency will ensure geographic diversity 8 so that grant activities benefit students in 9 urban, rural, and suburban locations. 10 (4) USES OF STATE FUNDS.— 11 (A) STATE ACTIVITIES.—Each State edu- 12 cational agency receiving grant funds under this 13 section may use not more than 10 percent of 14 such grant funds— 15 (i) for technical assistance; 16 (ii) for curriculum development; 17 (iii) to provide guidance to local edu- 18 cational agencies; or 19 (iv) to conduct an evaluation of the 20 impact of financial literacy or personal fi- 21 nance education on students’ under- 22 standing of financial literacy concepts. 23 (B) SUBGRANTS.— 24 VerDate Sep 11 2014 01:40 Jan 25, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S155.IS S155 pamtmann on DSKBFK8HB2PROD with BILLS 4 •S 155 IS (i) IN GENERAL.—Each State edu- 1 cational agency receiving grant funds 2 under this section shall use the remainder 3 of such grant funds to award subgrants to 4 local educational agencies in the State. 5 (ii) PRIORITY.—In awarding such 6 subgrants, a State educational agency shall 7 give priority to local educational agencies 8 that— 9 (I) serve high numbers, or a high 10 percentage of, elementary schools and 11 secondary schools implementing plans 12 under paragraphs (1) and (2) of sec- 13 tion 1111(d) of the Elementary and 14 Secondary Education Act of 1965 (20 15 U.S.C. 6311(d)); 16 (II) demonstrate the greatest 17 need for such funds, as determined by 18 the State educational agency; and 19 (III) demonstrate the strongest 20 commitment to using funds under this 21 section to enable the lowest-per- 22 forming schools to improve students’ 23 financial literacy and student out- 24 comes. 25 VerDate Sep 11 2014 01:40 Jan 25, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S155.IS S155 pamtmann on DSKBFK8HB2PROD with BILLS 5 •S 155 IS (c) USES OF SUBGRANT FUNDS.—Each local edu- 1 cational agency receiving a subgrant under this section 2 shall use the subgrant funds— 3 (1) to implement, expand, or sustain, in one or 4 more secondary schools, school-based financial lit- 5 eracy activities and curriculum that is a substantial 6 portion of any class, in order to enhance student un- 7 derstanding of and experimental learning with con- 8 sumer, economic, entrepreneurship, and personal fi- 9 nance concepts, including personal credit, student 10 loans, and financial aid; 11 (2) to promote partnerships between the local 12 educational agency and community based organiza- 13 tions that provide innovative, evidence-based finan- 14 cial literacy activities to secondary school students, 15 which may include after school activities; and 16 (3) to promote professional development pro- 17 grams to embed financial literacy or personal finance 18 or entrepreneurship education into a well-rounded 19 education in secondary schools. 20 (d) MATCHING FUNDS.—A State educational agency 21 that receives a grant under this section shall provide 22 matching funds, from non-Federal sources, in an amount 23 equal to 25 percent of the amount of grant funds provided 24 VerDate Sep 11 2014 01:40 Jan 25, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S155.IS S155 pamtmann on DSKBFK8HB2PROD with BILLS 6 •S 155 IS to the State educational agency to carry out the activities 1 supported by the grant. 2 (e) SUPPLEMENT NOT SUPPLANT.—Grant funds 3 provided under this section shall be used to supplement, 4 not supplant, other Federal or State funds available to 5 carry out activities described in this section. 6 (f) APPROPRIATIONS.—There are authorized to be 7 appropriated to carry out this section such sums as may 8 be necessary for fiscal year 2019 and each of the 4 suc- 9 ceeding fiscal years. 10 Æ VerDate Sep 11 2014 01:40 Jan 25, 2019 Jkt 089200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\S155.IS S155 pamtmann on DSKBFK8HB2PROD with BILLS