FLIP Act

I 116TH CONGRESS 2D SESSION H. R. 5629 To amend the Elementary and Secondary Education Act of 1965 to provide classes on financial literacy to elementary and secondary students, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JANUARY 16, 2020 Mr. BUDD (for himself and Mr. BISHOP of North Carolina) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To amend the Elementary and Secondary Education Act of 1965 to provide classes on financial literacy to elemen- tary and secondary students, and for other purposes. 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 ‘‘Financial Literacy Im- 4 provement for Professionals Act of 2020’’ or the ‘‘FLIP 5 Act’’. 6 VerDate Sep 11 2014 19:27 Jan 17, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5629.IH H5629 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 5629 IH SEC. 2. USE OF GRANT FUNDS TO IMPROVE FINANCIAL LIT- 1 ERACY. 2 (a) EDUCATOR DEVELOPMENT REGARDING FINAN- 3 CIAL LITERACY.—Section 2242(a) of the Elementary and 4 Secondary Education Act of 1965 (20 U.S.C. 6672(a)) is 5 amended— 6 (1) in paragraph (4), by striking ‘‘or’’ at the 7 end; 8 (2) in paragraph (5), by striking the period at 9 the end and inserting ‘‘; or’’; and 10 (3) by adding at the end the following new 11 paragraph: 12 ‘‘(6) providing teachers with professional devel- 13 opment activities that enhance or enable the provi- 14 sion of financial literacy coursework covering topics 15 that include personal finances, responsible bor- 16 rowing, managing interest on debt, credit scores, 17 and setting up a bank account, across a local edu- 18 cational agency.’’. 19 (b) SPECIFYING SCOPE OF FINANCIAL LITERACY.— 20 Section 4107(a)(3)(A) of the Elementary and Secondary 21 Education Act of 1965 (20 U.S.C. 7117(a)(3)(A)) is 22 amended— 23 (1) in clause (ii), by striking ‘‘and’’ at the end; 24 (2) in clause (iii), by striking ‘‘and Federal fi- 25 nancial aid awareness activities;’’ and inserting the 26 VerDate Sep 11 2014 19:27 Jan 17, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5629.IH H5629 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 5629 IH following: ‘‘courses providing instruction on debt 1 management, managing interest on debt, credit 2 scores, setting a personal budget, opening a checking 3 and savings account at a bank, and alternative 4 banking methods; and’’; and 5 (3) by adding at the end the following new 6 clause: 7 ‘‘(iv) Federal financial aid awareness 8 activities;’’. 9 SEC. 3. EFFECTIVE DATE. 10 The amendments made by section 2 shall apply on 11 December 1, 2020. 12 Æ VerDate Sep 11 2014 19:27 Jan 17, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H5629.IH H5629 pamtmann on DSKBC07HB2PROD with BILLS