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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2681 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2681

  To amend the Immigration and Nationality Act to establish the STEM 
    Education and Training Account in order to enhance the economic 
  competitiveness of the United States by providing funding for STEM 
            education and training, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              June 4, 2015

Ms. Titus (for herself, Mrs. Lawrence, and Ms. Brownley of California) 
 introduced the following bill; which was referred to the Committee on 
 Education and the Workforce, and in addition to the Committees on the 
   Judiciary and Science, Space, and Technology, 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 Immigration and Nationality Act to establish the STEM 
    Education and Training Account in order to enhance the economic 
  competitiveness of the United States by providing funding for STEM 
            education and training, 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 ``Training Highly Skilled Americans 
Act of 2015''.

SEC. 2. STEM EDUCATION AND TRAINING.

    (a) Fee.--Section 212(a)(5)(A) of the Immigration and Nationality 
Act (8 U.S.C. 1182(a)(5)(A)) is amended by adding at the end the 
following:
    ``(v) Fee.--An employer shall submit, along with an application for 
a certification under this subparagraph, a fee of $1,000, which shall 
be deposited in the STEM Education and Training Account established 
under section 286(w).''.
    (b) H-1B Nonimmigrant Petitioner Account.--Section 286(s) of the 
Immigration and Nationality Act (8 U.S.C. 1356(s)) is amended by 
striking paragraphs (3) and (4) and inserting the following:
            ``(3) Low-income stem scholarship program.--
                    ``(A) In general.--Thirty percent of the amounts 
                deposited into the H-1B Nonimmigrant Petitioner Account 
                shall remain available to the Director of the National 
                Science Foundation until expended for scholarships 
                described in section 414(d) of the American 
                Competitiveness and Workforce Improvement Act of 1998 
                (42 U.S.C. 1869c) for low-income students enrolled in a 
                program of study leading to a degree in science, 
                technology, engineering, or mathematics.
                    ``(B) Stem education for underrepresented.--The 
                Director shall work in consultation with, or direct 
                scholarship funds through, national nonprofit 
                organizations that primarily focus on science, 
                technology, engineering, or mathematics education for 
                underrepresented groups, such as women and minorities.
                    ``(C) Loan forgiveness.--The Director may expend 
                funds from the Account for purposes of loan forgiveness 
                or repayment of student loans which led to a low-income 
                student obtaining a degree in science, technology, 
                engineering, mathematics, or other high demand fields.
            ``(4) National science foundation grant program for k-12 
        science, technology, engineering, and mathematics education.--
                    ``(A) In general.--Ten percent of the amounts 
                deposited into the H-1B Nonimmigrant Petitioner Account 
                shall remain available to the Director of the National 
                Science Foundation until expended to carry out a direct 
                or matching grant program to support improvement in K-
                12 education, including through private-public 
                partnerships. Grants awarded pursuant to this paragraph 
                shall include formula-based grants that target lower 
                income populations with a focus on reaching women and 
                minorities.
                    ``(B) Types of programs covered.--The Director 
                shall award grants to programs that--
                            ``(i) support the development and 
                        implementation of standards-based instructional 
                        materials models and related student 
                        assessments that enable K-12 students to 
                        acquire an understanding of science, 
                        technology, engineering, and mathematics, and 
                        to develop critical thinking skills;
                            ``(ii) provide systemic improvement in 
                        training K-12 teachers and education for 
                        students in science, technology, engineering, 
                        and mathematics, including by supporting 
                        efforts to promote gender-equality among 
                        students receiving such instruction;
                            ``(iii) support the professional 
                        development of K-12 science, technology, 
                        engineering, and mathematics teachers in the 
                        use of technology in the classroom;
                            ``(iv) stimulate systemwide K-12 reform of 
                        science, technology, engineering, and 
                        mathematics in urban, rural, and economically 
                        disadvantaged regions of the United States;
                            ``(v) provide externships and other 
                        opportunities for students to increase their 
                        appreciation and understanding of science, 
                        technology, engineering, and mathematics 
                        (including summer institutes sponsored by an 
                        institution of higher education for students in 
                        grades 7 through 12 that provide instruction in 
                        such fields);
                            ``(vi) involve partnerships of industry, 
                        educational institutions, and national or 
                        regional community-based organizations with 
                        demonstrated experience addressing the 
                        educational needs of disadvantaged communities;
                            ``(vii) provide college preparatory support 
                        to expose and prepare students for careers in 
                        science, technology, engineering, and 
                        mathematics; or
                            ``(viii) provide for carrying out systemic 
                        reform activities under section 3(a)(1) of the 
                        National Science Foundation Act of 1950 (42 
                        U.S.C. 1862(a)(1)).''.
    (c) Use of Fee.--Section 286 of the Immigration and Nationality Act 
(8 U.S.C. 1356) is amended by adding at the end the following:
    ``(w) Stem Education and Training Account.--
            ``(1) In general.--There is established in the general fund 
        of the Treasury a separate account, which shall be known as the 
        `STEM Education and Training Account'. Notwithstanding any 
        other section of this title, there shall be deposited as 
        offsetting receipts into the Account all of the fees collected 
        under section 212(a)(5)(A)(v).
            ``(2) Purposes.--
                    ``(A) In general.--The purposes of the STEM 
                Education and Training Account are to enhance the 
                economic competitiveness of the United States by--
                            ``(i) strengthening STEM education, 
                        including in computer science, at all levels;
                            ``(ii) ensuring that schools have access to 
                        well-trained and effective STEM teachers;
                            ``(iii) supporting efforts to strengthen 
                        the elementary and secondary curriculum, 
                        including efforts to make courses in computer 
                        science more broadly available; and
                            ``(iv) helping colleges and universities 
                        produce more graduates in fields needed by 
                        American employers.
                    ``(B) Defined term.--In this paragraph, the term 
                `STEM education' means instruction in a field of 
                science, technology, engineering, or math included in 
                the Department of Education's Classification of 
                Instructional Programs taxonomy within the summary 
                groups of computer and information sciences and support 
                services, engineering, mathematics and statistics, 
                biological and biomedical sciences, and physical 
                sciences.
            ``(3) Allocations to states and territories.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                Secretary of Education shall proportionately allocate 
                70 percent of the amounts deposited into the STEM 
                Education and Training Account each fiscal year to the 
                50 States, the District of Columbia, the Commonwealth 
                of Puerto Rico, Guam, the United States Virgin Islands, 
                American Samoa, and the Northern Mariana Islands in an 
                amount that bears the same relationship as the 
                proportion the State, district, or territory received 
                under subpart 2 of part A of title I of the Elementary 
                and Secondary Education Act of 1965 (20 U.S.C. 6331 et 
                seq.) for the preceding fiscal year bears to the amount 
                all States and territories received under that subpart 
                for the preceding fiscal year.
                    ``(B) Minimum allocations.--No State or territory 
                shall receive less than an amount equal to 0.5 percent 
                of the total amount made available to all States from 
                the STEM Education and Training Account. If a State or 
                territory does not request an allocation from the 
                Account for a fiscal year, the Secretary shall 
                reallocate the State's allocation to the remaining 
                States and territories in accordance with this 
                paragraph.
                    ``(C) Use of funds.--Amounts allocated pursuant to 
                this paragraph may be used for the activities described 
                in section 2(d) of the Training Highly Skilled 
                Americans Act of 2015.
            ``(4) STEM capacity building at minority-serving 
        institutions.--
                    ``(A) In general.--The Secretary of Education shall 
                allocate 20 percent of the amounts deposited into the 
                STEM Education and Training Account to establish or 
                expand programs to award grants to institutions 
                described in subparagraph (C)--
                            ``(i) to enhance the quality of 
                        undergraduate science, technology, engineering, 
                        and mathematics education at such institutions; 
                        and
                            ``(ii) to increase the retention and 
                        graduation rates of students pursuing degrees 
                        in such fields at such institutions.
                    ``(B) Types of programs covered.--Grants awarded 
                under this paragraph shall be awarded to--
                            ``(i) minority-serving institutions of 
                        higher education for--
                                    ``(I) activities to improve courses 
                                and curriculum in science, technology, 
                                engineering, and mathematics;
                                    ``(II) efforts to promote gender 
                                equality among students enrolled in 
                                such courses;
                                    ``(III) faculty development;
                                    ``(IV) stipends for undergraduate 
                                students participating in research; and
                                    ``(V) other activities consistent 
                                with subparagraph (A), as determined by 
                                the Secretary of Education; and
                            ``(ii) to other institutions of higher 
                        education to partner with the institutions 
                        described in clause (i) for--
                                    ``(I) faculty and student 
                                development and exchange;
                                    ``(II) research infrastructure 
                                development;
                                    ``(III) joint research projects; 
                                and
                                    ``(IV) identification and 
                                development of minority and low-income 
                                candidates for graduate studies in 
                                science, technology, engineering, and 
                                mathematics degree programs.
                    ``(C) Institutions included.--In this paragraph, 
                the term `institutions' shall include--
                            ``(i) colleges eligible to receive funds 
                        under the Act of August 30, 1890 (7 U.S.C. 321-
                        326a and 328), including Tuskegee University;
                            ``(ii) 1994 Institutions, as defined in 
                        section 532 of the Equity in Educational Land-
                        Grant Status Act of 1994 (7 U.S.C. 301 note);
                            ``(iii) part B institutions (as defined in 
                        section 322 of the Higher Education Act of 1965 
                        (20 U.S.C. 1061)); and
                            ``(iv) Hispanic-serving institutions, as 
                        defined in section 502(a)(5) of the Higher 
                        Education Act of 1965 (20 U.S.C. 1101a(a)(5)).
                    ``(D) Granting of bonding authority.--A recipient 
                of a grant awarded under this paragraph is authorized 
                to utilize such funds for the issuance of bonds to fund 
                research infrastructure development.
                    ``(E) Loan forgiveness.--The Director may expend 
                funds from the allocation under this paragraph for 
                purposes of loan forgiveness or repayment of student 
                loans which led to a low-income student obtaining a 
                degree in science, technology, engineering, 
                mathematics, or other high demand fields.
            ``(5) Workforce investment.--The Secretary of Education 
        shall allocate 5 percent of the amounts deposited into the STEM 
        Education and Training Account to the Secretary of Labor until 
        expended for statewide workforce investment activities that may 
        also benefit veterans and their spouses, including youth 
        activities and statewide employment and training and activities 
        for adults and dislocated workers described in section 128(a) 
        of the Workforce Investment Act of 1998 (29 U.S.C. 2853(a)), 
        and the development of licensing and credentialing programs.
            ``(6) American dream accounts.--The Secretary of Education 
        shall allocate 3 percent of the amounts deposited into the STEM 
        Education and Training Account to award grants, on a 
        competitive basis, to eligible entities to enable such eligible 
        entities to establish and administer American Dream Accounts 
        under section 2(e) of the Training Highly Skilled Americans Act 
        of 2015.
            ``(7) Administration expenses.--The Secretary of Education 
        may expend up to 2 percent of the amounts deposited into the 
        STEM Education and Training Account for administrative 
        expenses, including conducting an annual evaluation of the 
        implementation and impact of the activities funded by the STEM 
        Education and Training Account as required under section 
        2(d)(3) of the Training Highly Skilled Americans Act of 
        2015.''.
    (d) Stem Education Grants.--
            (1) Application process.--
                    (A) In general.--Each Governor and Chief State 
                School Officer desiring an allocation from the STEM 
                Education and Training Account under section 286(w)(3) 
                of the Immigration and Nationality Act, as added by 
                subsection (c), shall jointly submit a plan, including 
                a proposed budget, signed by the Governor and Chief 
                State School Officer, to the Secretary of Education at 
                such time, in such form, and including such information 
                as the Secretary of Education may prescribe pursuant to 
                subparagraph (B). The plan shall describe how the State 
                plans to improve STEM education to meet the needs of 
                students and employers in the State.
                    (B) Rulemaking.--The Secretary of Education shall 
                issue a rule, through a rulemaking procedure that 
                complies with section 553 of title 5, United States 
                Code, prescribing the information that should be 
                included in the State plans submitted under 
                subparagraph (A).
            (2) Allowable activities.--A State, district, or territory 
        that receives funding from the STEM Education and Training 
        Account may use such funding to develop and implement science, 
        technology, engineering, and mathematics (STEM) activities to 
        serve students, including students of underrepresented groups 
        such as minorities, economically disadvantaged, and females 
        by--
                    (A) strengthening the State's STEM academic 
                achievement standards;
                    (B) implementing strategies for the recruitment, 
                training, placement, and retention of teachers in STEM 
                fields, including computer science;
                    (C) carrying out initiatives designed to assist 
                students in succeeding and graduating from 
                postsecondary STEM programs;
                    (D) improving the availability and access to STEM-
                related worker training programs, including community 
                college courses and programs;
                    (E) forming partnerships with higher education, 
                economic development, workforce, industry, and local 
                educational agencies; or
                    (F) engaging in other activities, as determined by 
                the State, in consultation with businesses and State 
                agencies, to improve STEM education.
            (3) National evaluation.--
                    (A) In general.--Using amounts allocated under 
                section 286(w)(7) of the Immigration and Nationality 
                Act, as added by subsection (c), the Secretary of 
                Education shall conduct, directly or through a grant or 
                contract, an annual evaluation of the implementation 
                and impact of the activities funded by the STEM 
                Education and Training Account.
                    (B) Annual report.--The Secretary shall submit a 
                report describing the results of each evaluation 
                conducted under subparagraph (A) to--
                            (i) the President;
                            (ii) the Committee on the Judiciary of the 
                        Senate;
                            (iii) the Committee on the Judiciary of the 
                        House of Representatives;
                            (iv) the Committee on Health, Education, 
                        Labor, and Pensions of the Senate; and
                            (v) the Committee on Education and the 
                        Workforce of the House of Representatives.
                    (C) Dissemination.--The Secretary shall make the 
                findings of the evaluation widely available to 
                educators, the business community, and the public.
            (4) Rule of construction.--Nothing in this subsection may 
        be construed to permit the Secretary of Education or any other 
        Federal official to approve the content or academic achievement 
        standards of a State.
    (e) American Dream Accounts.--
            (1) Definitions.--In this subsection:
                    (A) American dream account.--The term ``American 
                Dream Account'' means a personal online account for 
                low-income students that monitors higher education 
                readiness and includes a college savings account.
                    (B) Appropriate committees of congress.--The term 
                ``appropriate committees of Congress'' means--
                            (i) the Committee on Health, Education, 
                        Labor, and Pensions of the Senate;
                            (ii) the Committee on Appropriations of the 
                        Senate;
                            (iii) the Committee on Finance of the 
                        Senate;
                            (iv) the Committee on Education and the 
                        Workforce of the House of Representatives;
                            (v) the Committee on Appropriations of the 
                        House of Representatives;
                            (vi) the Committee on Ways and Means of the 
                        House of Representatives; and
                            (vii) any other committee of the Senate or 
                        House of Representatives that the Secretary 
                        determines appropriate.
                    (C) College savings account.--The term ``college 
                savings account'' means a savings account that--
                            (i) provides some tax-preferred 
                        accumulation;
                            (ii) is widely available (such as Qualified 
                        Tuition Programs under section 529 of the 
                        Internal Revenue Code of 1986 or Coverdell 
                        Education Savings Accounts under section 530 of 
                        the Internal Revenue Code of 1986); and
                            (iii) contains funds that may be used only 
                        for the costs associated with attending an 
                        institution of higher education, including--
                                    (I) tuition and fees;
                                    (II) room and board;
                                    (III) textbooks;
                                    (IV) supplies and equipment; and
                                    (V) Internet access.
                    (D) Dual enrollment program.--The term ``dual 
                enrollment program'' means an academic program through 
                which a secondary school student is able simultaneously 
                to earn credit toward a secondary school diploma and a 
                postsecondary degree or credential.
                    (E) Eligible entity.--The term ``eligible entity'' 
                means--
                            (i) a State educational agency;
                            (ii) a local educational agency;
                            (iii) a charter school or charter 
                        management organization;
                            (iv) an institution of higher education;
                            (v) a nonprofit organization;
                            (vi) an entity with demonstrated experience 
                        in educational savings or in assisting low-
                        income students to prepare for, and attend, an 
                        institution of higher education; or
                            (vii) a consortium of 2 or more of the 
                        entities described in clauses (i) through (vi).
                    (F) ESEA definitions.--The terms ``local 
                educational agency'', ``parent'', and ``State 
                educational agency'' have the meanings given the terms 
                in section 9101 of the Elementary and Secondary 
                Education Act of 1965 (20 U.S.C. 7801) and the term 
                ``charter school'' has the meaning given the term in 
                section 5210 of such Act.
                    (G) Institution of higher education.--The term 
                ``institution of higher education'' has the meaning 
                given the term in section 101(a) of the Higher 
                Education Act of 1965 (20 U.S.C. 1001(a)).
                    (H) Low-income student.--The term ``low-income 
                student'' means a student who is eligible to receive a 
                free or reduced price lunch under the Richard B. 
                Russell National School Lunch Act (42 U.S.C. 1751 et 
                seq.).
            (2) Grant program.--
                    (A) Program authorized.--The Secretary of Education 
                is authorized to award grants, on a competitive basis, 
                to eligible entities to enable such eligible entities 
                to establish and administer American Dream Accounts for 
                a group of low-income students.
                    (B) Reservation.--From the amount made available 
                each fiscal year to carry out this section under 
                section 286(w)(6) of the Immigration and Nationality 
                Act, as added by subsection (c), the Secretary of 
                Education shall reserve not more than 5 percent of such 
                amount to carry out the evaluation activities described 
                in paragraph (5)(A).
                    (C) Duration.--A grant awarded under this 
                subsection shall be for a period of not more than 3 
                years. The Secretary of Education may extend such grant 
                for an additional 2-year period if the Secretary of 
                Education determines that the eligible entity has 
                demonstrated significant progress, based on the factors 
                described in paragraph (3)(B)(xi).
            (3) Applications; priority.--
                    (A) In general.--Each eligible entity desiring a 
                grant under this subsection shall submit an application 
                to the Secretary of Education at such time, in such 
                manner, and containing such information as the 
                Secretary of Education may require.
                    (B) Contents.--The application described in 
                subparagraph (A) shall include--
                            (i) a description of the characteristics of 
                        a group of not less than 30 low-income public 
                        school students who--
                                    (I) are, at the time of the 
                                application, attending a grade not 
                                higher than grade 9; and
                                    (II) will, under the grant, receive 
                                an American Dream Account;
                            (ii) a description of how the eligible 
                        entity will engage, and provide support (such 
                        as tutoring and mentoring for students, and 
                        training for teachers and other stakeholders) 
                        either online or in person, to--
                                    (I) the students in the group 
                                described in clause (I);
                                    (II) the family members and 
                                teachers of such students; and
                                    (III) other stakeholders such as 
                                school administrators and school 
                                counselors;
                            (iii) an identification of partners who 
                        will assist the eligible entity in establishing 
                        and sustaining American Dream Accounts;
                            (iv) a description of what experience the 
                        eligible entity or the eligible entity's 
                        partners have in managing college savings 
                        accounts, preparing low-income students for 
                        postsecondary education, managing online 
                        systems, and teaching financial literacy;
                            (v) a description of how the eligible 
                        entity will help increase the value of the 
                        college savings account portion of each 
                        American Dream Account, such as by providing 
                        matching funds or incentives for academic 
                        achievement;
                            (vi) a description of how the eligible 
                        entity will notify each participating student 
                        in the group described in subparagraph (A), on 
                        a semiannual basis, of the current balance and 
                        status of the student's college savings account 
                        portion of the student's American Dream 
                        Account;
                            (vii) a plan that describes how the 
                        eligible entity will monitor participating 
                        students in the group described in clause (i) 
                        to ensure that each student's American Dream 
                        Account will be maintained if a student in such 
                        group changes schools before graduating from 
                        secondary school;
                            (viii) a plan that describes how the 
                        American Dream Accounts will be managed for not 
                        less than 1 year after a majority of the 
                        students in the group described in clause (i) 
                        graduate from secondary school;
                            (ix) a description of how the eligible 
                        entity will encourage students in the group 
                        described in clause (i) who fail to graduate 
                        from secondary school to continue their 
                        education;
                            (x) a description of how the eligible 
                        entity will evaluate the grant program, 
                        including by collecting, as applicable, data 
                        about the students in the group described in 
                        clause (i) during the grant period, and, if 
                        sufficient grant funds are available, after the 
                        grant period, including--
                                    (I) attendance rates;
                                    (II) progress reports;
                                    (III) grades and course selections;
                                    (IV) the student graduation rate 
                                (as defined in section 1111 
                                (b)(2)(C)(vi) of the Elementary and 
                                Secondary Education Act of 1965 (20 
                                U.S.C. 6311(b)(2)(C)(vi)));
                                    (V) rates of student completion of 
                                the Free Application for Federal 
                                Student Aid described in section 483 of 
                                the Higher Education Act of 1965 (20 
                                U.S.C. 1090);
                                    (VI) rates of enrollment in an 
                                institution of higher education; and
                                    (VII) rates of completion at an 
                                institution of higher education;
                            (xi) a description of what will happen to 
                        the funds in the college savings account 
                        portion of the American Dream Accounts that are 
                        dedicated to participating students described 
                        in clause (i) who have not matriculated at an 
                        institution of higher education at the time of 
                        the conclusion of the period of American Dream 
                        Account management described in clause (viii);
                            (xii) a description of how the eligible 
                        entity will ensure that funds in the college 
                        savings account portion of the American Dream 
                        Accounts will not make families ineligible for 
                        public assistance; and
                            (xiii) a description of how the eligible 
                        entity will ensure that participating students 
                        described in clause (i) will have access to the 
                        Internet.
                    (C) Priority.--In awarding grants under this 
                subsection, the Secretary of Education shall give 
                priority to applications from eligible entities that--
                            (i) are described in paragraph (1)(E)(vii);
                            (ii) serve the largest number of low-income 
                        students;
                            (iii) emphasize preparing students to 
                        pursue careers in science, technology, 
                        engineering, or mathematics; or
                            (iv) in the case of an eligible entity 
                        described in clause (i) or (ii) of paragraph 
                        (1)(E), provide opportunities for participating 
                        students described in clause (i) to participate 
                        in a dual enrollment program at no cost to the 
                        student.
            (4) Authorized activities.--
                    (A) In general.--An eligible entity that receives a 
                grant under this subsection shall use such grant funds 
                to establish an American Dream Account for each 
                participating student described in paragraph (3)(B)(i), 
                which will be used to--
                            (i) open a college savings account for such 
                        student;
                            (ii) monitor the progress of such student 
                        online, which--
                                    (I) shall include monitoring 
                                student data relating to--
                                            (aa) grades and course 
                                        selections;
                                            (bb) progress reports; and
                                            (cc) attendance and 
                                        disciplinary records; and
                                    (II) may also include monitoring 
                                student data relating to a broad range 
                                of information, provided by teachers 
                                and family members, related to 
                                postsecondary education readiness, 
                                access, and completion;
                            (iii) provide opportunities for such 
                        students, either online or in person, to learn 
                        about financial literacy, including by--
                                    (I) assisting such students in 
                                financial planning for enrollment in an 
                                institution of higher education; and
                                    (II) assisting such students in 
                                identifying and applying for financial 
                                aid (such as loans, grants, and 
                                scholarships) for an institution of 
                                higher education;
                            (iv) provide opportunities for such 
                        students, either online or in person, to learn 
                        about preparing for enrollment in an 
                        institution of higher education, including by 
                        providing instruction to students about--
                                    (I) choosing the appropriate 
                                courses to prepare for postsecondary 
                                education;
                                    (II) applying to an institution of 
                                higher education;
                                    (III) building a student portfolio, 
                                which may be used when applying to an 
                                institution of higher education;
                                    (IV) selecting an institution of 
                                higher education;
                                    (V) choosing a major for the 
                                student's postsecondary program of 
                                education or a career path, including 
                                specific instruction on pursuing 
                                science, technology, engineering, and 
                                mathematics majors; and
                                    (VI) adapting to life at an 
                                institution of higher education; and
                            (v) provide opportunities for such 
                        students, either online or in person, to 
                        identify skills or interests, including career 
                        interests.
                    (B) Access to american dream account.--
                            (i) In general.--Subject to clauses (iii) 
                        and (iv), and in accordance with applicable 
                        Federal laws and regulations relating to 
                        privacy of information and the privacy of 
                        children, an eligible entity that receives a 
                        grant under this subsection shall allow vested 
                        stakeholders described in clause (ii), to have 
                        secure access, through the Internet, to an 
                        American Dream Account.
                            (ii) Vested stakeholders.--The vested 
                        stakeholders that an eligible entity shall 
                        permit to access an American Dream Account are 
                        individuals (such as the student's teachers, 
                        school counselors, counselors at an institution 
                        of higher education, school administrators, or 
                        other individuals) that are designated, in 
                        accordance with the Family Educational Rights 
                        and Privacy Act of 1974 (20 U.S.C. 1232g), by 
                        the parent of a participating student in whose 
                        name such American Dream Account is held, as 
                        having permission to access the account. A 
                        student's parent may withdraw such designation 
                        from an individual at any time.
                            (iii) Exception for college savings 
                        account.--An eligible entity that receives a 
                        grant under this subsection shall not be 
                        required to give vested stakeholders described 
                        in clause (ii), access to the college savings 
                        account portion of a student's American Dream 
                        Account.
                            (iv) Adult students.--Notwithstanding 
                        clauses (i) through (iii), if a participating 
                        student is age 18 or older, an eligible entity 
                        that receives a grant under this subsection 
                        shall not provide access to such participating 
                        student's American Dream Account without the 
                        student's consent, in accordance with the 
                        Family Educational Rights and Privacy Act of 
                        1974 (20 U.S.C. 1232g).
                            (v) Input of student information.--Student 
                        data collected pursuant to subparagraph 
                        (A)(ii)(I) may only be entered into an American 
                        Dream Account by a school administrator or such 
                        administrator's designee.
                    (C) Prohibition on use of student information.--An 
                eligible entity that receives a grant under this 
                subsection may not use any student-level information or 
                data for the purpose of soliciting, advertising, or 
                marketing any financial or nonfinancial consumer 
                product or service that is offered by such eligible 
                entity, or on behalf of any other person.
                    (D) Limitation on the use of grant funds.--An 
                eligible entity shall not use more than 25 percent of 
                the grant funds provided under this subsection to 
                provide the initial deposit into a college savings 
                account portion of a student's American Dream Account.
            (5) Reports and evaluations.--
                    (A) In general.--Not later than 1 year after the 
                Secretary of Education has disbursed grants under this 
                subsection, and annually thereafter, the Secretary of 
                Education shall prepare and submit a report to the 
                appropriate committees of Congress that includes an 
                evaluation of the effectiveness of the grant program 
                established under this subsection.
                    (B) Contents.--The report described in subparagraph 
                (A) shall--
                            (i) list the grants that have been awarded 
                        under paragraph (2)(A);
                            (ii) include the number of students who 
                        have an American Dream Account established 
                        through a grant awarded under paragraph (2)(A);
                            (iii) provide data (including the interest 
                        accrued on college savings accounts that are 
                        part of an American Dream Account) in the 
                        aggregate, regarding students who have an 
                        American Dream Account established through a 
                        grant awarded under paragraph (2)(A), as 
                        compared to similarly situated students who do 
                        not have an American Dream Account;
                            (iv) identify best practices developed by 
                        the eligible entities receiving grants under 
                        this subsection;
                            (v) identify any issues related to student 
                        privacy and stakeholder accessibility to 
                        American Dream Accounts;
                            (vi) provide feedback from participating 
                        students and the parents of such students about 
                        the grant program, including--
                                    (I) the impact of the program;
                                    (II) aspects of the program that 
                                are successful;
                                    (III) aspects of the program that 
                                are not successful; and
                                    (IV) any other data required by the 
                                Secretary of Education; and
                            (vii) provide recommendations for expanding 
                        the American Dream Accounts program.
            (6) Eligibility to receive federal student financial aid.--
        Notwithstanding any other provision of law, any funds that are 
        in the college savings account portion of a student's American 
        Dream Account shall not affect such student's eligibility to 
        receive Federal student financial aid, including any Federal 
        student financial aid under the Higher Education Act of 1965 
        (20 U.S.C. 1001), and shall not be considered in determining 
        the amount of any such Federal student aid.
    (f) Conforming Amendment.--Section 480(j) of the Higher Education 
Act of 1965 (20 U.S.C. 1087vv(j)) is amended by adding at the end the 
following:
            ``(5) Notwithstanding paragraph (1), amounts made available 
        under the college savings account portion of an American Dream 
        Account under section 2(e)(4) of the Training Highly Skilled 
        Americans Act of 2015 shall not be treated as estimated 
        financial assistance for purposes of section 471(3).''.
                                 <all>
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