II 

112TH CONGRESS 

1ST SESSION S. 853 

To provide for financial literacy education. 

IN THE SENATE OF THE UNITED STATES 

APRIL 14, 2011 

Mrs. HAGAN introduced the following bill; which was read twice and referred 

to the Committee on Health, Education, Labor, and Pensions 

A BILL 

To provide for financial literacy education. 

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 ‘‘Financial Literacy for 

5 Students Act of 2011’’. 

6 SEC. 2. FINANCIAL LITERACY EDUCATION. 

7 Part D of title V of the Elementary and Secondary 

8 Education Act of 1965 (20 U.S.C. 7241 et seq.) is amend9 ed by adding at the end the following: 


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1 ‘‘Subpart 22—Financial Literacy and 

2 Entrepreneurship Education 

3 ‘‘SEC. 5621. STATEWIDE INCENTIVE GRANTS FOR FINAN4 CIAL LITERACY AND ENTREPRENEURSHIP 

5 EDUCATION. 

6 ‘‘(a) GRANTS.—From amounts appropriated under 

7 subsection (d), the Secretary may award grants to States 

8 to enable the States, on a statewide basis— 

9 ‘‘(1) to integrate financial literacy and entrepre10 neurship education into each public middle school 

11 and secondary school within the State; and 

12 ‘‘(2) to provide professional development re13 garding the teaching of financial literacy and entre14 preneurship to each public middle school and sec15 ondary school teacher of financial literacy or entre16 preneurship within the State. 

17 ‘‘(b) LIMITATION.—Each State receiving a grant 

18 under this section shall use not more than a total of 20 

19 percent of the grant funds for professional and curriculum 

20 development. 

21 ‘‘(c) DEFINITION OF MIDDLE SCHOOL.—The term 

22 ‘middle school’ means a nonprofit institutional day or resi23 dential school, including a public middle charter school, 

24 that provides middle education, as determined under State 

25 law. 


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1 ‘‘(d) AUTHORIZATION OF APPROPRIATIONS.—There 

2 are authorized to be appropriated to carry out this section 

3 such sums as may be necessary for fiscal year 2012 and 

4 each of the 4 succeeding fiscal years. 

5 ‘‘SEC. 5622. PARENT INVOLVEMENT. 

6 ‘‘(a) GRANTS.— 

7 ‘‘(1) IN GENERAL.—From amounts appro8 priated under subsection (b), the Secretary may 

9 award grants to local educational agencies to enable 

10 the local educational agencies to support and provide 

11 training and assistance to or for parents and stu12 dents regarding financial literacy and entrepreneur13 ship. 

14 ‘‘(2) PARTNERSHIPS ENCOURAGED.— 

15 ‘‘(A) IN GENERAL.—In awarding a grant 

16 under this section, the Secretary shall encour17 age a local educational agency to create, pro18 mote, and implement the programming assisted 

19 under the grant in partnership with a commu20 nity organization, financial institution, or local 

21 business or entrepreneur. 

22 ‘‘(B) BUSINESS AND ENTREPRENEUR

23 PARTNERSHIP.—In awarding a grant under this 

24 section, the Secretary shall encourage the local 

25 educational agencies assisted under the grant to 


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1 find connections and foster mentorships be2 tween classroom-based programs and the local 

3 business and entrepreneurship community, 

4 where appropriate. 

5 ‘‘(b) AUTHORIZATION OF APPROPRIATIONS.—There 

6 are authorized to be appropriated to carry out this section 

7 such sums as may be necessary for fiscal year 2012 and 

8 each of the 4 succeeding fiscal years.’’. 

9 SEC. 3. FINANCIAL LITERACY EDUCATION COORDINATION. 

10 Subpart 13 of part D of title V of the Elementary 

11 and Secondary Education Act of 1965 (20 U.S.C. 7267 

12 et seq.) is amended by adding at the end the following: 

13 ‘‘SEC. 5538. COORDINATION. 

14 ‘‘(a) IN GENERAL.—The Director of the Bureau of 

15 Consumer Financial Protection shall coordinate the activi16 ties assisted under this subpart with the activities carried 

17 out by any financial education research center operated 

18 by a Federal Reserve bank, in order to increase the usage 

19 and the prevalence of financial literacy and entrepreneur20 ship education programs and educational resources. 

21 ‘‘(b) AUTHORIZATION OF APPROPRIATIONS.—There 

22 are authorized to be appropriated to carry out this section 

23 such sums as may be necessary for fiscal year 2012 and 

24 each of the 4 succeeding fiscal years.’’. 

Æ 


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