I 

116TH CONGRESS 

2D SESSION H. R. 8486 

To establish a competitive grant program to increase financial literacy 

instruction in elementary schools and secondary schools. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 1, 2020 

Mr. GALLAGHER introduced the following bill; which was referred to the 

Committee on Education and Labor 

A BILL 

To establish a competitive grant program to increase financial literacy instruction in elementary schools and secondary schools. 

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 ‘‘Student Empowerment 

5 and Financial Literacy Act’’. 

6 SEC. 2. FINANCIAL LITERACY GRANT PROGRAM. 

7 (a) IN GENERAL.—The Secretary shall award grants 

8 on a competitive basis to eligible entities for the purposes 

9 of promoting new and existing strategies to expand, de10 velop, implement, evaluate, and disseminate for voluntary 


pbinns on DSKJLVW7X2PROD with BILLS
2 

•HR 8486 IH

1 use innovative approaches or professional development 

2 programs in financial literacy for elementary school and 

3 secondary school students, that— 

4 (1) show potential to improve student aware5 ness of personal finance topics; 

6 (2) show potential to improve teaching of such 

7 topics, including by training teachers and instructors 

8 to teach such topics; and 

9 (3) demonstrate innovation, scalability, account10 ability, and a focus on underbanked populations. 

11 (b) APPLICATIONS.—In order to receive a grant 

12 under this Act, an eligible entity shall submit an applica13 tion to the Secretary at such time and in such manner, 

14 and containing such information, as the Secretary may 

15 reasonably require. 

16 (c) PROGRAM PERIODS AND DIVERSITY OF

17 PROJECTS.— 

18 (1) GRANT PERIOD.—A grant awarded under 

19 this Act shall be awarded for a period of not more 

20 than 3 years. 

21 (2) REAPPLICATION.—In a case in which an eli22 gible entity submits an application under subsection 

23 (b), and is not awarded a grant under this Act— 

24 (A) the Secretary shall provide to such eli25 gible entity— 


pbinns on DSKJLVW7X2PROD with BILLS
3 

•HR 8486 IH

1 (i) an explanation for the denial of 

2 such grant; and 

3 (ii) any suggestions for improvements 

4 to the application the eligible entity should 

5 make to be eligible for such a grant; and 

6 (B) the eligible entity may resubmit such 

7 application after receipt of the explanations and 

8 suggestions under subparagraph (A). 

9 (3) RENEWAL.—The Secretary may renew a 

10 grant awarded under this Act for one additional 2- 

11 year period for an eligible entity that demonstrates 

12 the success of the program funded under the grant, 

13 such as through student, parent, teacher or satisfac14 tion, or program efficacy. 

15 (4) PRIORITY.—In awarding grants under this 

16 Act, the Secretary shall award grants to eligible en17 tities that will use the grant to provide programs 

18 that account for diverse student and community 

19 needs, including any need for electronic and written 

20 materials, broadband or connectivity, multiple lan21 guages, and assistance for students with disabilities. 

22 (5) DIVERSITY OF PROJECTS.—In awarding 

23 grants under this Act, the Secretary shall ensure 

24 that, to the extent practicable, grants are distributed 

25 among eligible entities that will serve— 


pbinns on DSKJLVW7X2PROD with BILLS
4 

•HR 8486 IH

1 (A) geographically diverse areas, including 

2 urban, suburban, and rural areas; and 

3 (B) diverse types of elementary schools 

4 and secondary schools. 

5 SEC. 3. DEFINITIONS. 

6 In this Act: 

7 (1) ELEMENTARY SCHOOL.—The term ‘‘elemen8 tary school’’ has the meaning given such term in 

9 section 8101 of the Elementary and Secondary Edu10 cation Act of 1965 (20 U.S.C. 7801(19)), and in11 cludes a home school that provides elementary edu12 cation, as such terms are defined under State law. 

13 (2) ELIGIBLE ENTITY.— 

14 (A) IN GENERAL.—The term ‘‘eligible enti15 ty’’ means an entity— 

16 (i) with demonstrated expertise in the 

17 development of strategies designed to im18 prove understanding of personal finance 

19 topics among elementary school or sec20 ondary schools students; and 

21 (ii) that may be in a partnership with 

22 a community group, financial institution, 

23 or another educational entity. 

24 (B) DEMONSTRATED EXPERTISE.—In this 

25 paragraph, the term ‘‘demonstrated expertise’’ 


pbinns on DSKJLVW7X2PROD with BILLS
5 

•HR 8486 IH

1 includes expertise demonstrated through post2 program performance data (such as post-pro3 gram review by parents, teachers, and students 

4 that shows demonstrated learning and efficacy 

5 of program, and post-program student work6 product that demonstrates real learning). 

7 (3) PERSONAL FINANCE TOPICS.—The term 

8 ‘‘personal finance topics’’ includes bank accounts, 

9 credit union accounts, credit and debit cards, online 

10 banking, mobile payment services, student loans, 

11 taxes, mortgages, credit reports, debt management, 

12 investing, lending, retirement planning, trade-offs, 

13 the power of compound interest, and saving. 

14 (4) SECONDARY SCHOOL.—The term ‘‘sec15 ondary school’’ has the meaning given such term in 

16 section 8101 of the Elementary and Secondary Edu17 cation Act of 1965 (20 U.S.C. 7801(45)), and in18 cludes a home school that provides secondary edu19 cation, as such terms are defined under State law. 

20 (5) SECRETARY.—The term ‘‘Secretary’’ means 

21 the Secretary of Education. 

Æ 


pbinns on DSKJLVW7X2PROD with BILLS