Student Empowerment and Financial Literacy Act

I 118TH CONGRESS 1ST SESSION H. R. 2943 To establish a competitive grant program to increase financial literacy instruction in elementary schools and secondary schools. IN THE HOUSE OF REPRESENTATIVES APRIL 27, 2023 Mr. GALLAGHER (for himself and Mrs. BEATTY) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To establish a competitive grant program to increase finan- cial literacy instruction in elementary schools and sec- ondary schools. 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 ‘‘Student Empowerment 4 and Financial Literacy Act’’. 5 SEC. 2. FINANCIAL LITERACY GRANT PROGRAM. 6 (a) IN GENERAL.—The Secretary shall award grants 7 on a competitive basis to eligible entities for the purposes 8 of promoting new and existing strategies to expand, de- 9 velop, implement, evaluate, and disseminate for voluntary 10 VerDate Sep 11 2014 22:36 May 08, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2943.IH H2943 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 2943 IH use innovative approaches or professional development 1 programs in financial literacy for elementary school and 2 secondary school students, that— 3 (1) show potential to improve student aware- 4 ness of personal finance topics; 5 (2) show potential to improve teaching of such 6 topics, including by training teachers and instructors 7 to teach such topics; and 8 (3) demonstrate innovation, scalability, account- 9 ability, and a focus on underbanked populations. 10 (b) APPLICATIONS.—In order to receive a grant 11 under this Act, an eligible entity shall submit an applica- 12 tion to the Secretary at such time and in such manner, 13 and containing such information, as the Secretary may 14 reasonably require. 15 (c) PROGRAM PERIODS AND DIVERSITY OF 16 PROJECTS.— 17 (1) GRANT PERIOD.—A grant awarded under 18 this Act shall be awarded for a period of not more 19 than 3 years. 20 (2) REAPPLICATION.—In a case in which an eli- 21 gible entity submits an application under subsection 22 (b), and is not awarded a grant under this Act— 23 (A) the Secretary shall provide to such eli- 24 gible entity— 25 VerDate Sep 11 2014 22:36 May 08, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2943.IH H2943 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 2943 IH (i) an explanation for the denial of 1 such grant; and 2 (ii) any suggestions for improvements 3 to the application the eligible entity should 4 make to be eligible for such a grant; and 5 (B) the eligible entity may resubmit such 6 application after receipt of the explanations and 7 suggestions under subparagraph (A). 8 (3) RENEWAL.—The Secretary may renew a 9 grant awarded under this Act for one additional 2- 10 year period for an eligible entity that demonstrates 11 the success of the program funded under the grant, 12 such as through student, parent, teacher or satisfac- 13 tion, or program efficacy. 14 (4) PRIORITY.—In awarding grants under this 15 Act, the Secretary shall award grants to eligible en- 16 tities that will use the grant to provide programs 17 that account for diverse student and community 18 needs, including any need for electronic and written 19 materials, broadband or connectivity, multiple lan- 20 guages, and assistance for students with disabilities. 21 (5) DIVERSITY OF PROJECTS.—In awarding 22 grants under this Act, the Secretary shall ensure 23 that, to the extent practicable, grants are distributed 24 among eligible entities that will serve— 25 VerDate Sep 11 2014 22:36 May 08, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2943.IH H2943 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 2943 IH (A) geographically diverse areas, including 1 urban, suburban, and rural areas; and 2 (B) diverse types of elementary schools 3 and secondary schools. 4 SEC. 3. DEFINITIONS. 5 In this Act: 6 (1) ELEMENTARY SCHOOL.—The term ‘‘elemen- 7 tary school’’ has the meaning given such term in 8 section 8101 of the Elementary and Secondary Edu- 9 cation Act of 1965 (20 U.S.C. 7801(19)), and in- 10 cludes a home school that provides elementary edu- 11 cation, as such terms are defined under State law. 12 (2) ELIGIBLE ENTITY.— 13 (A) IN GENERAL.—The term ‘‘eligible enti- 14 ty’’ means an entity— 15 (i) with demonstrated expertise in the 16 development of strategies designed to im- 17 prove understanding of personal finance 18 topics among elementary school or sec- 19 ondary school students; and 20 (ii) that may be in a partnership with 21 a community group, financial institution, 22 or another educational entity. 23 (B) DEMONSTRATED EXPERTISE.—In this 24 paragraph, the term ‘‘demonstrated expertise’’ 25 VerDate Sep 11 2014 22:36 May 08, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2943.IH H2943 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 2943 IH includes expertise demonstrated through post- 1 program performance data (such as post-pro- 2 gram review by parents, teachers, and students 3 that shows demonstrated learning and efficacy 4 of program, and post-program student work- 5 product that demonstrates real learning). 6 (3) PERSONAL FINANCE TOPICS.—The term 7 ‘‘personal finance topics’’ includes bank accounts, 8 credit union accounts, credit and debit cards, online 9 banking, mobile payment services, student loans, 10 taxes, mortgages, credit reports, debt management, 11 investing, lending, retirement planning, trade-offs, 12 the power of compound interest, and saving. 13 (4) SECONDARY SCHOOL.—The term ‘‘sec- 14 ondary school’’ has the meaning given such term in 15 section 8101 of the Elementary and Secondary Edu- 16 cation Act of 1965 (20 U.S.C. 7801(45)), and in- 17 cludes a home school that provides secondary edu- 18 cation, as such terms are defined under State law. 19 (5) SECRETARY.—The term ‘‘Secretary’’ means 20 the Secretary of Education. 21 Æ VerDate Sep 11 2014 22:36 May 08, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H2943.IH H2943 kjohnson on DSK79L0C42PROD with BILLS