I 

118TH CONGRESS 

1ST SESSION H. R. 6327 

To improve the financial literacy of secondary school students. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 9, 2023 

Mr. CARTWRIGHT (for himself, Mr. EVANS, Ms. STRICKLAND, Ms. KELLY of 

Illinois, Mr. BOYLE of Pennsylvania, Mr. CASE, Ms. DEAN of Pennsylvania, Ms. TITUS, Ms. CROCKETT, Mr. LYNCH, Ms. TOKUDA, Ms. NORTON, Mr. VICENTE GONZALEZ of Texas, Mr. CARTER of Louisiana, Mr. 

JOHNSON of Georgia, Ms. LEE of California, Mr. TRONE, Mr. LARSEN

of Washington, and Mr. GRIJALVA) introduced the following bill; which 

was referred to the Committee on Education and the Workforce 

A BILL 

To improve the financial literacy of secondary school 

students. 

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 ‘‘Youth Financial 

5 Learning Act’’. 


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1 SEC. 2. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL 

2 LITERACY EDUCATION. 

3 (a) DEFINITIONS.—In this Act, the terms ‘‘commu4 nity-based organization’’, ‘‘elementary school’’, ‘‘local edu5 cational agency’’, ‘‘professional development’’, ‘‘secondary 

6 school’’, ‘‘Secretary’’, ‘‘State educational agency’’, and 

7 ‘‘well-rounded education’’ have the meanings given those 

8 terms in section 8101 of the Elementary and Secondary 

9 Education Act of 1965 (20 U.S.C. 7801). 

10 (b) GRANTS AUTHORIZED.— 

11 (1) IN GENERAL.—From amounts appropriated 

12 under subsection (f), the Secretary shall award 

13 grants, on a competitive basis, to State educational 

14 agencies to enable those State educational agencies 

15 to integrate financial literacy education into public 

16 elementary schools or secondary schools by carrying 

17 out the activities described in paragraph (4). 

18 (2) DURATION.—A grant awarded under this 

19 section shall be for a period of not more than 4 

20 years. 

21 (3) APPLICATION.—Each State educational 

22 agency desiring a grant under this section shall sub23 mit an application to the Secretary at such time and 

24 in such manner as the Secretary may require, in25 cluding— 


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1 (A) a description of how the State edu2 cational agency will award subgrants to local 

3 educational agencies; 

4 (B) a description of how the State edu5 cational agency will ensure sustainability of the 

6 grant activities after the grant program; 

7 (C) an assertion that teachers, principals, 

8 parents, and students have been consulted in 

9 the process of developing the application; and 

10 (D) a description of how the State edu11 cational agency will ensure geographic diversity 

12 so that grant activities benefit students in 

13 urban, rural, and suburban locations. 

14 (4) USES OF STATE FUNDS.— 

15 (A) STATE ACTIVITIES.—Each State edu16 cational agency receiving grant funds under this 

17 section may use not more than 10 percent of 

18 such grant funds— 

19 (i) for technical assistance; 

20 (ii) for curriculum development; 

21 (iii) to provide guidance to local edu22 cational agencies; or 

23 (iv) to conduct an evaluation of the 

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1 nance education on students’ under2 standing of financial literacy concepts. 

3 (B) SUBGRANTS.— 

4 (i) IN GENERAL.—Each State edu5 cational agency receiving grant funds 

6 under this section shall use the remainder 

7 of such grant funds to award subgrants to 

8 local educational agencies in the State. 

9 (ii) PRIORITY.—In awarding such 

10 subgrants, a State educational agency shall 

11 give priority to local educational agencies 

12 that— 

13 (I) serve high numbers, or a high 

14 percentage of, elementary schools and 

15 secondary schools implementing plans 

16 under paragraphs (1) and (2) of sec17 tion 1111(d) of the Elementary and 

18 Secondary Education Act of 1965 (20 

19 U.S.C. 6311(d)); 

20 (II) demonstrate the greatest 

21 need for such funds, as determined by 

22 the State educational agency; and 

23 (III) demonstrate the strongest 

24 commitment to using funds under this 

25 section to enable the lowest-perVerDate Sep 11 2014 20:31 Nov 20, 2023 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6327.IH H6327

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1 forming schools to improve students’ 

2 financial literacy and student out3 comes. 

4 (c) USES OF SUBGRANT FUNDS.—Each local edu5 cational agency receiving a subgrant under this section 

6 shall use the subgrant funds— 

7 (1) to implement, expand, or sustain, in one or 

8 more elementary schools or one or more secondary 

9 schools, school-based financial literacy activities and 

10 curriculum that is a substantial portion of any class, 

11 in order to enhance student understanding of and 

12 experimental learning with consumer, economic, en13 trepreneurship, and personal finance concepts, in14 cluding personal credit, student loans, and financial 

15 aid; 

16 (2) to promote partnerships between the local 

17 educational agency and community-based organiza18 tions that provide innovative, evidence-based finan19 cial literacy activities to elementary school or sec20 ondary school students, which may include after 

21 school activities; and 

22 (3) to promote professional development pro23 grams to embed financial literacy or personal finance 

24 or entrepreneurship education into a well-rounded 


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1 education in elementary schools or secondary 

2 schools. 

3 (d) MATCHING FUNDS.—A State educational agency 

4 that receives a grant under this section shall provide 

5 matching funds, from non-Federal sources, in an amount 

6 equal to 25 percent of the amount of grant funds provided 

7 to the State educational agency to carry out the activities 

8 supported by the grant. 

9 (e) SUPPLEMENT NOT SUPPLANT.—Grant funds 

10 provided under this section shall be used to supplement, 

11 not supplant, other Federal or State funds available to 

12 carry out activities described in this section. 

13 (f) APPROPRIATIONS.—There are authorized to be 

14 appropriated to carry out this section such sums as may 

15 be necessary for fiscal year 2024 and each of the 4 suc16 ceeding fiscal years. 

Æ 


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