I 

118TH CONGRESS 

2D SESSION H. R. 8126 

To amend the Financial Literacy and Education Improvement Act to include 

secondary schools in best practices for teaching financial literacy, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 23, 2024 

Mr. VALADAO (for himself and Mr. NICKEL) introduced the following bill; 

which was referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to 

be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To amend the Financial Literacy and Education Improvement Act to include secondary schools in best practices 

for teaching financial literacy, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
2 

•HR 8126 IH

1 SECTION 1. INCLUSION OF LOCAL EDUCATIONAL AGEN2 CIES AND SCHOOLS IN BEST PRACTICES FOR 

3 TEACHING FINANCIAL LITERACY. 

4 Section 514(a)(3) of the Financial Literacy and Edu5 cation Improvement Act (20 U.S.C. 9703(a)(3)) is amend6 ed— 

7 (1) in subparagraph (A)— 

8 (A) in the matter preceding clause (i)— 

9 (i) by inserting ‘‘and secondary 

10 schools’’ after ‘‘of institutions of higher 

11 education’’; 

12 (ii) by striking ‘‘May 24, 2018’’ and 

13 inserting ‘‘January 1, 2024’’; and 

14 (iii) by inserting ‘‘and secondary 

15 schools’’ after ‘‘for institutions of higher 

16 education’’; and 

17 (B) in clause (ii), by striking ‘‘at institu18 tions of higher education when’’ and inserting 

19 ‘‘in’’; 

20 (2) by striking subparagraph (B) and inserting 

21 the following: 

22 ‘‘(B) BEST PRACTICES.— 

23 ‘‘(i) The best practices described in 

24 subparagraph (A), as applicable to institu25 tions of higher education, shall include— 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
3 

•HR 8126 IH

1 ‘‘(I) methods to ensure that each 

2 student has a clear sense of the stu3 dent’s total borrowing obligations, in4 cluding monthly payments, and repay5 ment options; 

6 ‘‘(II) the most effective ways to 

7 engage students in financial literacy 

8 education, including frequency and 

9 timing of communication with stu10 dents; 

11 ‘‘(III) information on how to tar12 get different student populations, in13 cluding part-time students, first-time 

14 students, and other nontraditional 

15 students; and 

16 ‘‘(IV) ways to clearly commu17 nicate the importance of graduating 

18 on a student’s ability to repay student 

19 loans. 

20 ‘‘(ii) The best practices described in 

21 subparagraph (A), as applicable to sec22 ondary schools, shall include— 

23 ‘‘(I) methods to create a budget, 

24 track expenses, and save for shortVerDate Sep 11 2014 06:21 May 15, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H8126.IH H8126

kjohnson on DSK7ZCZBW3PROD with $$_JOB
4 

•HR 8126 IH

1 term and long-term financial objec2 tives; 

3 ‘‘(II) effective ways to save and 

4 invest money, including by introducing 

5 students to different financial securi6 ties; 

7 ‘‘(III) information on the fun8 damentals of credit, including a de9 scription and effects of credit scores, 

10 and the importance of responsible 

11 credit card usage; 

12 ‘‘(IV) critical thinking skills to 

13 evaluate financial products, make in14 formed decisions, and avoid financial 

15 scams; and 

16 ‘‘(V) methods to ensure that each 

17 student has a clear understanding of 

18 postsecondary education financing op19 tions, including student loan bor20 rowing, in preparation for enrollment 

21 at an institution of higher edu22 cation.’’; and 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
5 

•HR 8126 IH

1 (3) in subparagraph (D), by inserting ‘‘or a sec2 ondary school’’ after ‘‘institution of higher edu3 cation’’. 

Æ 


kjohnson on DSK7ZCZBW3PROD with $$_JOB