II 

118TH CONGRESS 

2D SESSION S. 4248 

To require the Financial Literacy and Education Commission to carry out 

a study on the impact of language barriers to financial health, to require 

the website and toll-free telephone number of the Commission to be 

provided in the most commonly spoken languages in the United States, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 2, 2024 

Ms. BUTLER introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require the Financial Literacy and Education Commission 

to carry out a study on the impact of language barriers 

to financial health, to require the website and toll-free 

telephone number of the Commission to be provided in 

the most commonly spoken languages in the United 

States, 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, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Multilingual Financial 

5 Literacy Act’’. 


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1 SEC. 2. STUDY ON THE IMPACT OF LANGUAGE BARRIERS 

2 TO FINANCIAL HEALTH. 

3 (a) STUDY.—The Financial Literacy and Education 

4 Commission shall carry out a study on the impact of lan5 guage barriers on financial health, including an analysis 

6 of, with respect to groups with limited English proficiency, 

7 access to financial literacy education and training, credit 

8 score outcomes, the cost of credit, and homebuying. 

9 (b) CONSULTATION.—In carrying out the study re10 quired under subsection (a), the Financial Literacy and 

11 Education Commission shall consult with each agency rep12 resented in the membership of the Commission. 

13 (c) REPORT.—Not later than 180 days after the date 

14 of enactment of this Act, the Financial Literacy and Edu15 cation Commission shall submit to the Committee on 

16 Banking, Housing, and Urban Affairs of the Senate and 

17 the Committee on Financial Services of the House of Rep18 resentatives a report— 

19 (1) containing all findings and determinations 

20 made in carrying out the study required under sub21 section (a); and 

22 (2) analyzing the need for language accessibility 

23 across the financial services industry, including an 

24 identification of— 

25 (A) any industry in which information is 

26 provided solely in 1 language; and 


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1 (B) any product, service, or other financial 

2 offering for which the availability of information 

3 is limited beyond English. 

4 SEC. 3. LANGUAGE ACCESS TO COMMISSION WEBSITE AND 

5 TOLL-FREE TELEPHONE NUMBER. 

6 (a) IN GENERAL.—Section 514 of the Financial Lit7 eracy and Education Improvement Act (20 U.S.C. 9703) 

8 is amended— 

9 (1) in subsection (b)— 

10 (A) in paragraph (2)— 

11 (i) in subparagraph (D), by striking 

12 ‘‘and’’ at the end; 

13 (ii) by redesignating subparagraph 

14 (E) as subparagraph (F); and 

15 (iii) by inserting after subparagraph 

16 (D) the following: 

17 ‘‘(E) be provided in at least 8 of the most 

18 commonly spoken languages in the United 

19 States, as determined by the Bureau of the 

20 Census; and’’; and 

21 (B) by adding at the end the following: 

22 ‘‘(3) INFORMATION ON LANGUAGE RESOURCES

23 FROM FEDERAL AGENCIES.—The website established 

24 under paragraph (1) shall contain a separate website 

25 that provides— 


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1 ‘‘(A) information on which Federal agen2 cies provide financial literacy and education re3 sources in languages other than English, includ4 ing a description of which resources are avail5 able in which languages; and 

6 ‘‘(B) guidance on where individuals can 

7 find Federal resources in a particular language 

8 for various topic areas. 

9 ‘‘(4) TRANSLATION SERVICES PROVIDED BY

10 THE DEPARTMENT OF THE TREASURY.—The Sec11 retary of the Treasury shall provide the translation 

12 services necessary to comply with the language re13 quirement under paragraph (2)(E).’’; 

14 (2) in subsection (c)— 

15 (A) by striking ‘‘The Commission’’ and in16 serting the following: 

17 ‘‘(1) IN GENERAL.—The Commission’’; and 

18 (B) by adding at the end the following: 

19 ‘‘(2) LANGUAGE REQUIREMENT.— 

20 ‘‘(A) IN GENERAL.—The toll-free telephone 

21 number established under paragraph (1) shall 

22 provide verbal assistance to members of the 

23 public in each of the 8 most commonly spoken 

24 languages in the United States, as determined 

25 by the Bureau of the Census. 


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1 ‘‘(B) TRANSLATION SERVICES PROVIDED

2 BY THE DEPARTMENT OF THE TREASURY.— 

3 The Secretary of the Treasury shall provide the 

4 staff necessary to comply with the requirement 

5 under subparagraph (A).’’; and 

6 (3) by adding at the end the following: 

7 ‘‘(j) LANGUAGE ACCESS TO FEDERAL AGENCY IN8 FORMATION.—The Commission shall coordinate and pro9 mote efforts of Federal agencies to make all financial lit10 eracy and education resources of Federal agencies avail11 able in each of the 8 most commonly spoken languages 

12 in the United States, as determined by the Bureau of the 

13 Census.’’. 

14 (b) EFFECTIVE DATE.—The amendments made by 

15 subsection (a) shall take effect on the date that is 1 year 

16 after the date of enactment of this Act. 

17 SEC. 4. POLICY RECOMMENDATIONS. 

18 Not later than 1 year after the date of enactment 

19 of this Act, the Financial Literacy and Education Com20 mission shall submit to the Committee on Banking, Hous21 ing, and Urban Affairs of the Senate and the Committee 

22 on Financial Services of the House of Representatives a 

23 report containing— 

24 (1) legislative and regulatory recommendations 

25 on how to address— 


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1 (A) barriers to financial inclusion caused 

2 by language barriers, including through finan3 cial literacy education and training; and 

4 (B) the role that emerging technology and 

5 financial products play in helping or harming 

6 communities with limited English proficiency; 

7 (2) a summary of— 

8 (A) the actions taken by the Commission 

9 to prepare to implement the amendments made 

10 by section 3; and 

11 (B) actions taken by each Federal agency 

12 that is represented in the membership of the 

13 Commission to make financial literacy and edu14 cation resources of the agency available to the 

15 public in each of the 8 most commonly spoken 

16 languages in the United States, as determined 

17 by the Bureau of the Census; and 

18 (3) an estimate of the cost— 

19 (A) to implement the amendments made by 

20 section 3; and 

21 (B) for each Federal agency that is rep22 resented in the membership of the Commission, 

23 to make financial literacy and education re24 sources of the agency available to the public in 

25 each of the 8 most commonly spoken languages 


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1 in the United States, as determined by the Bu2 reau of the Census. 

3 SEC. 5. ANNUAL REPORT ON FINANCIAL LITERACY. 

4 Section 514(h)(2) of the Financial Literacy and Edu5 cation Improvement Act (20 U.S.C. 9703(h)(2)) is amend6 ed— 

7 (1) in subparagraph (I), by striking ‘‘and’’ at 

8 the end; 

9 (2) by redesignating subparagraph (J) as sub10 paragraph (O); and 

11 (3) by inserting after subparagraph (I) the fol12 lowing: 

13 ‘‘(J) for the period covered by the report, 

14 a summary of the efforts of the Commission to 

15 increase financial literacy across all of the agen16 cies that are represented in the membership of 

17 the Commission; 

18 ‘‘(K) an analysis of where there are finan19 cial literacy needs across different groups, in20 cluding information by age group, socio21 economic status, race, ethnicity, and language 

22 preference; 

23 ‘‘(L) an analysis of limited access to credit 

24 and disparate credit scoring across different 

25 groups, including information by age group, 


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1 gender, sexual orientation, socioeconomic sta2 tus, race, ethnicity, and language preference; 

3 ‘‘(M) an explanation of how a lack of fi4 nancial literacy, systemic barriers, and other 

5 obstacles result in a wealth gap across different 

6 groups, including information by age group, 

7 gender, sexual orientation, socioeconomic sta8 tus, race, ethnicity, and language preference; 

9 ‘‘(N) proposals and potential policy solu10 tions for addressing barriers to financial lit11 eracy, disparate credit scoring, and the wealth 

12 gap; and’’. 

Æ 


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