‘‘(D) USE
OF
FUNDS.—An eligible local 
entity that receives a subgrant under this para-
graph— 
‘‘(i) shall use the subgrant funds to— 
‘‘(I) implement teacher training 
programs to embed financial literacy 
and personal finance education into 
core academic subjects; 
‘‘(II) administer financial literacy 
assessments on not less than an an-
nual basis in, at a minimum, the 
grade levels selected by the State pur-
suant to paragraph (2)(A); and 
‘‘(III) implement financial lit-
eracy activities and sequences of study 
within core academic subjects; and 
‘‘(ii) may use the subgrant funds to 
implement school-based activities, including 
after school activities, to enhance student 
understanding and experiential learning 
with consumer, economic, and personal fi-
nance concepts. 
‘‘(E) REPORT.—An eligible local entity 
that receives a subgrant under this paragraph 
shall include in the annual report card under 
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section 1111(h)(2) the same information on 
student achievement on the financial literacy 
assessments, administered pursuant to subpara-
graph (D), as required, pursuant to section 
1111(h)(2), of the other State academic assess-
ments described in section 1111(b)(3). 
‘‘(2) STATE
ACTIVITIES.—An eligible entity 
that receives a grant under this section shall use 25 
percent of such grant funds to carry out the fol-
lowing: 
‘‘(A) The development of financial literacy 
standards in not less than 3 grade levels, in-
cluding not less than 1 grade level in elemen-
tary school, not less than 1 grade level in mid-
dle school, and not less than 1 grade level in 
high school. 
‘‘(B) The development of appropriate fi-
nancial literacy assessments in the grade levels 
determined under subparagraph (A) that are 
valid, reliable, and comparable across the State. 
‘‘(C) Teacher professional development 
programs to embed financial literacy or per-
sonal finance education into core academic sub-
jects. 
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‘‘(D) An evaluation of the impact of finan-
cial literacy or personal finance education on 
students’ understanding of financial literacy 
concepts. 
‘‘(f) MATCHING FUNDS.—An eligible entity that re-
ceives a grant under this section shall provide, from non- 
Federal sources, an amount equal to 25 percent of the 
amount of the grant award to carry out activities required 
under this section. 
‘‘(g) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
$125,000,000 for each of fiscal years 2009 through 
2014.’’. 
(b) TABLE OF CONTENTS.—The table of contents in 
section 2 of the Elementary and Secondary Education Act 
of 1965 is amended by inserting after the item relating 
to section 5537 the following: 
‘‘Subpart 13A—Financial Literacy Education 
‘‘Sec. 5538. Financial literacy education grants.’’. 
SEC. 3. GRANTS TO PROMOTE POSTSECONDARY FINANCIAL 
LITERACY. 
Part A of title III of the Higher Education Act of 
1965 (20 U.S.C. 1057 et seq.) is amended by adding at 
the end the following: 
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‘‘SEC. 318. GRANTS TO PROMOTE POSTSECONDARY FINAN-
CIAL LITERACY. 
‘‘(a) AUTHORIZATION OF GRANT AWARDS.—The Sec-
retary shall award grants, on a competitive basis, to eligi-
ble entities to enable such entities to provide financial lit-
eracy courses or course components to students. 
‘‘(b) DEFINITION OF ELIGIBLE ENTITY.—In this sec-
tion, the term ‘eligible entity’ means— 
‘‘(1) an institution of higher education; or 
‘‘(2) a partnership consisting of— 
‘‘(A) an institution of higher education; 
and 
‘‘(B) a nonprofit organization with experi-
ence and a proven track record in quality finan-
cial literacy or personal finance education pro-
grams. 
‘‘(c) APPLICATION.—An eligible entity that desires to 
receive a grant under this section shall submit an applica-
tion to the Secretary at such time, in such manner, and 
accompanied by such information as the Secretary may 
require. 
‘‘(d) MINIMUM GRANT AMOUNT.—The Secretary 
shall award grants under this section in amounts of not 
less than $500,000. 
‘‘(e) USE OF FUNDS.—An eligible entity that receives 
a grant under this section shall use the grant funds to 
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develop and implement financial literacy education, activi-
ties, student organizations, or counseling that increase 
student knowledge in consumer, economic, and personal 
financial concepts. 
‘‘(f) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
$125,000,000 for each of the fiscal years 2009 through 
2014.’’. 
Æ 
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