Bill Summary
This legislation, titled the "Financial Literacy Education Commission Emergency Response Act", aims to provide financial assistance and resources for individuals affected by the COVID-19 pandemic and future major disasters. It requires the Financial Literacy and Education Commission to convene a special meeting within 60 days to discuss and plan assistance related to the financial impacts of the COVID-19 emergency. Within the same time frame, the Commission must also update their website with a full list of tools to help individuals recover from financial hardship caused by the pandemic. This update must include specific tools targeted towards marginalized groups and must be provided in both English and Spanish. Additionally, each federal department or agency that is a member of the Commission must provide an update on their website about any tools they are offering to individuals or employees related to the COVID-19 emergency. The Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection must report to Congress on the implementation of this Act within 30 days after the special meeting and website updates have been completed. The term "COVID-19 emergency" is defined as the emergency declared by the President on March 13, 2020, in response to the COVID-19 pandemic.
Possible Impacts
1. The requirement for the Financial Literacy and Education Commission to update their website with tools to help individuals recover from financial hardship due to COVID-19 could provide much-needed resources for people struggling to navigate the financial impact of the pandemic.
2. The emphasis on providing tools for marginalized communities, such as women, racial and ethnic minorities, veterans, and LGBTQ+ individuals, could help address financial disparities and provide more equitable access to financial education and support.
3. The implementation report to Congress could hold the Commission accountable for their actions and ensure that they are effectively helping individuals recover from financial distress caused by the COVID-19 emergency.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6350 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 6350
To require the Financial Literacy and Education Commission to convene a
special meeting with respect to the COVID-19 emergency, to update the
Commission's website with tools to help individuals recover from any
financial hardship as a result of the COVID-19 emergency, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 23, 2020
Mr. Gonzalez of Texas introduced the following bill; which was referred
to the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Financial Literacy and Education Commission to convene a
special meeting with respect to the COVID-19 emergency, to update the
Commission's website with tools to help individuals recover from any
financial hardship as a result of the COVID-19 emergency, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Literacy Education
Commission Emergency Response Act''.
SEC. 2. PURPOSE.
The purpose of this Act is to provide financial literacy education,
including information on access to banking services and other financial
products, for individuals seeking information and resources as they
recover from any financial distress caused by the coronavirus disease
(COVID-19) outbreak and future major disasters.
SEC. 3. FINANCIAL LITERACY AND EDUCATION COMMISSION RESPONSE TO THE
COVID-19 EMERGENCY.
(a) Special Meeting.--Not later than the end of the 60-day period
beginning on the date of enactment of this Act, the Financial Literacy
and Education Commission (the ``Commission'') shall convene a special
meeting to discuss and plan assistance related to the financial impacts
of the COVID-19 emergency.
(b) Update of the Commission's Website.--
(1) In general.--Not later than the end of the 60-day
period beginning on the date of enactment of this Act, the
Commission shall update the website of the Commission with a
full list of tools to help individuals recover from any
financial hardship as a result of the COVID-19 emergency.
(2) Specific requirements.--In performing the update
required under paragraph (1), the Commission shall--
(A) place special emphasis on providing an
additional set of tools geared towards women, racial
and ethnic minorities, veterans, disabled, and LGBTQ+
communities; and
(B) provide information in English and Spanish.
(3) Information from members.--Not later than the end of
the 60-day period beginning on the date of enactment of this
Act, each Federal department or agency that is a member of the
Commission shall provide an update on the website of the
Commission disclosing any tools that the department or agency
is offering to individuals or to employees of the department or
agency related to the COVID-19 emergency.
(c) Implementation Report to Congress.--The Secretary of the
Treasury and the Director of the Bureau of Consumer Financial
Protection shall, jointly and not later than the end of the 30-day
period following the date on which the meeting required under
subsection (a) is held and all updates required under subsection (b)
have been completed, report to Congress on the implementation of this
Act.
(d) COVID-19 Emergency Defined.--In this section, the term ``COVID-
19 emergency'' means the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus
Disease 2019 (COVID-19) pandemic.
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