I 
114TH CONGRESS 
1ST SESSION H. R. 1866 
To establish a grant program in the Bureau of Consumer Financial Protection 
to fund the establishment of centers of excellence to support research, 
development and planning, implementation, and evaluation of effective 
programs in financial literacy education for young people and families 
ages 8 through 24 years old, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 16, 2015 
Mr. CARSON of Indiana (for himself, Mrs. BEATTY, Ms. BORDALLO, Ms. CHU 
of California, Mr. CLAY, Mr. CONYERS, Ms. EDWARDS, Mr. GUTIE´RREZ, 
Mr. HASTINGS, Mr. HINOJOSA, Mr. HONDA, Mr. JOHNSON of Georgia, 
Ms. KAPTUR, Mrs. LAWRENCE, Ms. LEE, Mr. TED LIEU of California, 
Mr. MEEKS, Ms. MOORE, Ms. NORTON, Mr. RANGEL, Mr. RICHMOND, 
and Mr. SCHIFF) introduced the following bill; which was referred to the 
Committee on Financial Services, and in addition to the Committee on 
Education and the Workforce, 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 establish a grant program in the Bureau of Consumer 
Financial Protection to fund the establishment of centers 
of excellence to support research, development and plan-
ning, implementation, and evaluation of effective pro-
grams in financial literacy education for young people 
and families ages 8 through 24 years old, and for other 
purposes. 
VerDate Sep 11 2014 
21:56 Apr 24, 2015
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H1866.IH
H1866
mstockstill on DSK4VPTVN1PROD with BILLS
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Young Americans Fi-
nancial Literacy Act’’. 
SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) Since 2007, there has been a nearly 20-per-
cent drop in the number of 18-year-olds with bank 
accounts, and in 2012, nearly one in three Ameri-
cans don’t pay their bills on time. 
(2) Ninety percent of Americans believe all high 
school students should be required to take a class in 
financial education. 
(3) Eighty percent of parents believe schools 
are teaching money management and budgeting, 
while over 70 percent of teachers are not teaching 
financial literacy. 
(4) According to a 2010 survey, only a few 
States have adopted varying degrees of financial lit-
eracy curriculum, and only four States require high 
school students to take a semester long course. 
(5) Two in five U.S. adults gave themselves a 
C, D or F on their knowledge of personal finance. 
In 2011, 76 percent admitted they could benefit 
VerDate Sep 11 2014 
21:56 Apr 24, 2015
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H1866.IH
H1866
mstockstill on DSK4VPTVN1PROD with BILLS
from additional advice and answers to everyday fi-
nancial questions from a professional. 
(6) Two in five adults indicated that they are 
now saving less than they were one year ago. 
(7) Most adults feel that their financial literacy 
skills are inadequate, yet they do not rely on anyone 
else to handle their finances; they feel it is impor-
tant to know more but have received no financial 
education. 
(8) It is necessary to respond immediately to 
the pressing needs of individuals faced with the loss 
of their financial stability, however increased atten-
tion must also be paid to financial literacy education 
reform and long-term solutions to prevent future 
personal financial disasters. 
(9) There is an urgent need to respond to the 
economic recovery with research-based financial lit-
eracy education programs to reach individuals at all 
ages and socioeconomic levels, particularly those fac-
ing unique and challenging financial situations, such 
as high school graduates entering the workforce, 
soon-to-be and recent college graduates, young fami-
lies, and the unique needs of military personnel and 
their families. 
VerDate Sep 11 2014 
21:56 Apr 24, 2015
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H1866.IH
H1866
mstockstill on DSK4VPTVN1PROD with BILLS
(10) More than 70 percent of parents say they 
have spoken with their teens about credit and using 
credit cards wisely, while less than 44 percent of the 
teenaged children of those respondents say their par-
ents have talked to them about credit cards. 
(11) Seventy-six percent of parents surveyed 
said their high school student does not have a budg-
et. 
(12) Seventy-five percent of 16 to 18-year-olds 
say learning more about budgeting and money man-
agement is one of their top priorities. Researchers 
document a ‘‘snowball effect’’ that such early efforts 
exponentially increase the likelihood that students 
will pursue more financial education as time goes on. 
(13) High school and college students who are 
exposed to cumulative financial education show an 
increase in financial knowledge, which in turn drives 
increasingly responsible behavior as they become 
young adults. 
(14) Sixty percent of parents identify their 
teens as ‘‘quick spenders’’, and most acknowledge 
they could do a better job of teaching and preparing 
kids for the financial challenges of adulthood, includ-
ing budgeting, saving, and investing. 
VerDate Sep 11 2014 
21:56 Apr 24, 2015
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H1866.IH
H1866
mstockstill on DSK4VPTVN1PROD with BILLS