Bill Summary
The Youth Financial Learning Act aims to improve the financial literacy of secondary school students by providing grants to State educational agencies to integrate financial literacy education into public secondary schools. The Act defines key terms such as "community-based organization", "secondary school", and "well-rounded education" and outlines the use of grant funds for activities such as technical assistance, curriculum development, and teacher training. Each State educational agency must provide matching funds and the grant funds must be used to supplement, not supplant, other federal or state funds. The Act also prioritizes awarding subgrants to local educational agencies that serve high numbers of low-performing schools and have a strong commitment to improving students' financial literacy. Overall, the Act aims to promote partnerships between schools and community organizations and provide students with a better understanding of financial concepts.
Possible Impacts
1. Financial literacy education may become a mandatory part of the curriculum in public secondary schools. This could potentially affect students who may have to take an additional class or have their schedule rearranged to accommodate this new requirement.
2. Community-based organizations may receive funding to provide financial literacy activities to students after school. This could benefit students who may not have access to these resources otherwise, but it could also potentially affect parents who may need to adjust their schedules to accommodate their child's participation in these activities.
3. Teachers, principals, parents, and students must be consulted in the process of developing the application for the grant. This could potentially involve a lot of time and effort for these individuals, and could impact their regular duties or personal time.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 155 Introduced in Senate (IS)]
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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 Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Youth Financial Learning Act''.
SEC. 2. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL LITERACY EDUCATION.
(a) Definitions.--In this Act, the terms ``community-based
organization'', ``local educational agency'', ``professional
development'', ``secondary school'', ``Secretary'', ``State educational
agency'', and ``well-rounded education'' have the meanings given those
terms in section 8101 of the Elementary and Secondary Education Act of
1965 (20 U.S.C. 7801).
(b) Grants Authorized.--
(1) In general.--From amounts appropriated under subsection
(f), the Secretary shall award grants, on a competitive basis,
to State educational agencies to enable those State educational
agencies to integrate financial literacy education into public
secondary schools by carrying out the activities described in
paragraph (4).
(2) Duration.--A grant awarded under this section shall be
for a period of not more than 4 years.
(3) Application.--Each State educational agency desiring a
grant under this section shall submit an application to the
Secretary at such time and in such manner as the Secretary may
require, including--
(A) a description of how the State educational
agency will award subgrants to local educational
agencies;
(B) a description of how the State educational
agency will ensure sustainability of the grant
activities after the grant program;
(C) an assertion that teachers, principals,
parents, and students have been consulted in the
process of developing the application; and
(D) a description of how the State educational
agency will ensure geographic diversity so that grant
activities benefit students in urban, rural, and
suburban locations.
(4) Uses of state funds.--
(A) State activities.--Each State educational
agency receiving grant funds under this section may use
not more than 10 percent of such grant funds--
(i) for technical assistance;
(ii) for curriculum development;
(iii) to provide guidance to local
educational agencies; or
(iv) to conduct an evaluation of the impact
of financial literacy or personal finance
education on students' understanding of
financial literacy concepts.
(B) Subgrants.--
(i) In general.--Each State educational
agency receiving grant funds under this section
shall use the remainder of such grant funds to
award subgrants to local educational agencies
in the State.
(ii) Priority.--In awarding such subgrants,
a State educational agency shall give priority
to local educational agencies that--
(I) serve high numbers, or a high
percentage of, elementary schools and
secondary schools implementing plans
under paragraphs (1) and (2) of section
1111(d) of the Elementary and Secondary
Education Act of 1965 (20 U.S.C.
6311(d));
(II) demonstrate the greatest need
for such funds, as determined by the
State educational agency; and
(III) demonstrate the strongest
commitment to using funds under this
section to enable the lowest-performing
schools to improve students' financial
literacy and student outcomes.
(c) Uses of Subgrant Funds.--Each local educational agency
receiving a subgrant under this section shall use the subgrant funds--
(1) to implement, expand, or sustain, in one or more
secondary schools, school-based financial literacy activities
and curriculum that is a substantial portion of any class, in
order to enhance student understanding of and experimental
learning with consumer, economic, entrepreneurship, and
personal finance concepts, including personal credit, student
loans, and financial aid;
(2) to promote partnerships between the local educational
agency and community based organizations that provide
innovative, evidence-based financial literacy activities to
secondary school students, which may include after school
activities; and
(3) to promote professional development programs to embed
financial literacy or personal finance or entrepreneurship
education into a well-rounded education in secondary schools.
(d) Matching Funds.--A State educational agency that receives a
grant under this section shall provide matching funds, from non-Federal
sources, in an amount equal to 25 percent of the amount of grant funds
provided to the State educational agency to carry out the activities
supported by the grant.
(e) Supplement Not Supplant.--Grant funds provided under this
section shall be used to supplement, not supplant, other Federal or
State funds available to carry out activities described in this
section.
(f) Appropriations.--There are authorized to be appropriated to
carry out this section such sums as may be necessary for fiscal year
2019 and each of the 4 succeeding fiscal years.
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