I 
118TH CONGRESS 
1ST SESSION H. R. 2821 
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 25, 2023 
Mr. CARSON (for himself, Ms. LEE of California, Ms. BARRAGA´N, Mrs. 
BEATTY, Mr. BLUMENAUER, Ms. BROWN, Mr. CARBAJAL, Mr. CARTER 
of Louisiana, Mr. CASE, Mr. GARCI´A of Illinois, Ms. GARCIA of Texas, 
Mr. COHEN, Ms. CROCKETT, Mr. DAVIS of Illinois, Ms. DEAN of Pennsyl-
vania, Mr. DESAULNIER, Mr. ESPAILLAT, Mr. EVANS, Ms. WILSON of 
Florida, Mrs. HAYES, Ms. NORTON, Mr. KEATING, Ms. KUSTER, Mr. 
MCGOVERN, Ms. OMAR, Mr. SMITH of Washington, Ms. JACOBS, Mr. 
JOHNSON of Georgia, Mr. SABLAN, Ms. SCHOLTEN, Mr. SOTO, Mr. 
THOMPSON of Mississippi, Ms. TITUS, Ms. TLAIB, Ms. TOKUDA, Mr. 
TORRES of New York, Mr. TRONE, Mr. VEASEY, and Mrs. WATSON 
COLEMAN) introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Edu-
cation and the Workforce, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in 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 
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22:52 May 01, 2023
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and families ages 8 through 24 years old, and for other 
purposes. 
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) That 88 percent of Americans believe fi-
nance education should be taught in schools and 92 
percent of K–12 teachers believe that financial edu-
cation should be taught in school, but only 12 per-
cent of teachers actually teach the subject. 
(2) According to a 2020 survey, less than half 
of States require high school students to take a 
course on personal finance, and less than 17 percent 
of high schoolers were required to take a one semes-
ter personal finance course. 
(3) For the fourth year in a row, more than 
one-third of surveyed consumers gave themselves a 
‘‘B’’ when grading their own level of basic financial 
literacy. Less than one-fifth of Americans gave 
themselves an ‘‘A’’. Most adults feel that their finan-
cial literacy skills are inadequate, yet they do not 
rely on anyone else to handle their finances; they 
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feel it is important to know more but have received 
no financial education. 
(4) The sudden disruptions caused by the 
spread of COVID–19 are presenting economic chal-
lenges with growing consequences. While some fac-
tors affecting financial well-being are beyond indi-
vidual control, financial literacy can help people bet-
ter manage their finances through times of hardship. 
(5) 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. 
(6) There is an urgent need to respond to the 
COVID–19 economic recovery with research-based 
financial literacy education programs to reach indi-
viduals at all ages and socioeconomic levels, particu-
larly those facing unique and challenging financial 
situations, such as high school graduates entering 
the workforce, soon-to-be and recent college grad-
uates, young families, and the unique needs of mili-
tary personnel and their families. 
(7) High school and college students who are 
exposed to cumulative financial education show an 
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increase in financial knowledge, which in turn drives 
increasingly responsible behavior as they become 
young adults. 
(8) The majority (52 percent) of young adults 
between the ages of 23–28 consider ‘‘making better 
choices about managing money’’, the single most im-
portant issue for individual Americans to act on 
today. 
(9) According to the Government Accountability 
Office, giving Americans the information they need 
to make effective financial decisions can be key to 
their well-being and to the country’s economic 
health. The current pandemic, in which 88 percent 
of Americans say is causing stress on their personal 
finances, underscores the need to improve individ-
uals’ financial literacy and empower all Americans to 
make informed financial decisions. This is especially 
true for young people as they are earning their first 
paychecks, securing student aid, and establishing 
their financial independence. Therefore, focusing 
economic education and financial literacy efforts and 
best practices for young people between the ages of 
8–24 is of utmost importance. 
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SEC. 3. AUTHORIZATION FOR FUNDING THE ESTABLISH-
MENT OF CENTERS OF EXCELLENCE IN FI-
NANCIAL LITERACY EDUCATION. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(1) by redesignating section 1037 as section 
1038; and 
(2) by inserting after section 1036 the fol-
lowing: 
‘‘SEC. 1037. AUTHORIZATION FOR FUNDING THE ESTAB-
LISHMENT OF CENTERS OF EXCELLENCE IN 
FINANCIAL LITERACY EDUCATION. 
‘‘(a) IN GENERAL.—The Director of the Bureau, in 
consultation with the Financial Literacy and Education 
Commission established under the Financial Literacy and 
Education Improvement Act, shall make competitive 
grants to and enter into agreements with eligible institu-
tions to establish centers of excellence to support research, 
development and planning, implementation, and evalua-
tion of effective programs in financial literacy education 
for young people and families ages 8 through 24 years 
old. 
‘‘(b) AUTHORIZED ACTIVITIES.—Activities author-
ized to be funded by grants made under subsection (a) 
shall include the following: 
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‘‘(1) Developing and implementing comprehen-
sive research based financial literacy education pro-
grams for young people— 
‘‘(A) based on a set of core competencies 
and concepts established by the Director, in-
cluding goal setting, planning, budgeting, man-
aging money or transactions, tools and struc-
tures, behaviors, consequences, both long- and 
short-term savings, managing debt and earn-
ings; and 
‘‘(B) which can be incorporated into edu-
cational settings through existing academic con-
tent areas, including materials that appro-
priately serve various segments of at-risk popu-
lations, particularly minority and disadvantaged 
individuals. 
‘‘(2) Designing instructional materials using 
evidence-based content for young families and con-
ducting related outreach activities to address unique 
life situations and financial pitfalls, including bank-
ruptcy, foreclosure, credit card misuse, and preda-
tory lending. 
‘‘(3) Developing and supporting the delivery of 
professional development programs in financial lit-
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eracy education to assure competence and account-
ability in the delivery system. 
‘‘(4) Improving access to, and dissemination of, 
financial literacy information for young people and 
families. 
‘‘(5) Reducing student loan default rates by de-
veloping programs to help individuals better under-
stand how to manage educational debt through sus-
tained educational programs for college students. 
‘‘(6) Conducting ongoing research and evalua-
tion of financial literacy education programs to as-
sure learning of defined skills and knowledge, and 
retention of learning. 
‘‘(7) Developing research-based assessment and 
accountability of the appropriate applications of 
learning over short and long terms to measure effec-
tiveness of authorized activities. 
‘‘(c) PRIORITY FOR CERTAIN APPLICATIONS.—The 
Director shall give a priority to applications that— 
‘‘(1) provide clear definitions of ‘financial lit-
eracy’ and ‘financially literate’ to clarify educational 
outcomes; 
‘‘(2) establish parameters for identifying the 
types of programs that most effectively reach young 
people and families in unique life situations and fi-
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nancial pitfalls, including bankruptcy, foreclosure, 
credit card misuse, and predatory lending; 
‘‘(3) include content that is appropriate to age 
and socioeconomic levels; 
‘‘(4) develop programs based on educational 
standards, definitions, and research; 
‘‘(5) include individual goals of financial inde-
pendence and stability; 
‘‘(6) establish professional development and de-
livery systems using evidence-based practices; 
‘‘(7) address the needs of one or more at-risk 
populations; 
‘‘(8) incorporate sensitivities to specific cul-
tural, linguistic, or demographic characteristics; 
‘‘(9) enhance opportunities for asset building, 
such as increasing savings for lower income house-
holds and investments into the stock, bond, and real 
estate markets; 
‘‘(10) include an evaluation component to en-
sure the work’s effectiveness in increasing financial 
literacy or consumer access to appropriate financial 
products or services, or that the provider has evi-
dence of such effectiveness; 
‘‘(11) promise future replication or can be sus-
tained beyond the program period; and 
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‘‘(12) will make effectiveness data (if any) that 
is generated from the work available to others in the 
financial education community. 
‘‘(d) APPLICATION
AND EVALUATION STANDARDS 
AND PROCEDURES; DISTRIBUTION CRITERIA.—The Di-
rector shall establish application and evaluation standards 
and procedures, distribution criteria, and such other 
forms, standards, definitions, and procedures as the Direc-
tor determines to be appropriate. 
‘‘(e) CONTENT DELIVERY.—An eligible institution re-
ceiving a grant under this section shall— 
‘‘(1) ensure that content is delivered in an ac-
cessible way to young people, through traditional 
educational methods and digital methods, including 
over appropriate social media platforms; and 
‘‘(2) to the extent content is delivered through 
a website, ensure that the website is user friendly, 
visually appealing, and doesn’t bombard users with 
dense content that is difficult to comprehend. 
‘‘(f) GRANT AMOUNTS.— 
‘‘(1) IN GENERAL.—The aggregate amount of 
grants made under this section during any fiscal 
year— 
‘‘(A) shall be at least $27,500,000; and 
‘‘(B) may not exceed $55,000,000. 
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‘‘(2) TERMINATION.—No grants may be made 
under this section after the end of fiscal year 2025. 
‘‘(g) REPORT
TO CONGRESS.—The Director shall 
issue an annual report to Congress containing— 
‘‘(1) a list of grant recipients under this sec-
tion, including the amount of such grant; and 
‘‘(2) for each grant recipient, a description of 
the specific populations being served by such grant. 
‘‘(h) DEFINITIONS.—For purposes of this section the 
following definitions shall apply: 
‘‘(1) ELIGIBLE INSTITUTION.—The term ‘eligi-
ble institution’ means a partnership of two or more 
of the following: 
‘‘(A) An institution of higher education. 
‘‘(B) A State or local government agency 
which specializes in financial education pro-
grams. 
‘‘(C) A nonprofit agency, organization, or 
association. 
‘‘(D) A financial institution. 
‘‘(E) 
A 
small 
organization 
that 
is 
partnering with, but is not itself, a person de-
scribed under subparagraph (A) through (D). 
‘‘(2) INSTITUTION OF HIGHER EDUCATION.— 
The term ‘institution of higher education’ has the 
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meaning given such term in section 101 of the High-
er Education Act of 1965 (20 U.S.C. 1001(a)).’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by striking the 
item relating to section 1037 and inserting the following: 
‘‘Sec. 1037. Authorization for funding the establishment of centers of excellence 
in financial literacy education. 
‘‘Sec. 1038. Effective date.’’. 
Æ 
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