I 
110TH CONGRESS 
2D SESSION 
H. R. 7135 
To award grants to State educational agencies to support the provision 
of financial education to high school students. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 26, 2008 
Mr. CARSON (for himself, Mr. RYAN of Ohio, Ms. BEAN, Mr. RODRIGUEZ, Ms. 
SHEA-PORTER, Mr. WEINER, and Mrs. BOYDA of Kansas) introduced the 
following bill; which was referred to the Committee on Education and 
Labor 
A BILL 
To award grants to State educational agencies to support 
the provision of financial education to high school students. 
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 Investor Finan-
cial Education Act’’. 
SEC. 2. FINANCIAL EDUCATION GRANTS AND SUBGRANTS. 
(a) GRANTS TO STATE EDUCATIONAL AGENCIES.— 
From the sums allocated under section 4, the Secretary 
of Education shall award grants to State educational 
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agencies to support the provision of financial education in 
high schools in accordance with sections 3 and 5. 
(b) SUBGRANTS
TO LOCAL EDUCATIONAL AGEN-
CIES.—From any of the grant funds awarded under sub-
section (a), a State educational agency may award a 
subgrant to a local educational agency to support the pro-
vision of financial education in high schools in accordance 
with sections 3 and 5. 
SEC. 3. APPLICATION. 
(a) IN GENERAL.—To qualify to receive a grant 
under section 2(a), a State educational agency shall sub-
mit an application to the Secretary at such time and in 
such manner as the Secretary may require, and containing 
the information described in subsection (b). 
(b) CONTENTS.—The application required by sub-
section (a) shall include a description of the financial edu-
cation program that will be developed and implemented 
with the grant or subgrant funds received under this Act, 
including— 
(1) the classes and topics covered in the pro-
gram; 
(2) certification that not later than the next 
school year after the receipt of the grant, financial 
education will be available in high schools under the 
jurisdiction of such State educational agency; and 
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(3) any other information that the Secretary 
may require. 
SEC. 4. RESERVATION AND FORMULA. 
(a) OUTLYING AREAS.—From the sums appropriated 
under section 8 for each fiscal year, the Secretary shall 
reserve not more than 0.5 percent of such sums for pay-
ments to outlying areas, to be allotted in accordance with 
their respective needs for assistance under this Act, as de-
termined by the Secretary. 
(b) STATES.— 
(1) FORMULA.—From the sums appropriated 
under section 8 for each fiscal year and not reserved 
under subsection (a) of this section or section 7, the 
Secretary shall allot, and make available in accord-
ance with this Act, to each State educational agency 
in a State with an approved application an amount 
that bears the same ratio to such sums as the num-
ber of individuals aged 14 through 17 in the State 
to the total number of individuals aged 14 through 
17 in all States, except that no State educational 
agency shall receive less than an amount equal to 
one-half of 1 percent of such sums. 
(2) REALLOTMENT OF UNUSED FUNDS.—If a 
State educational agency does not submit an appli-
cation or the Secretary does not approve a State 
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educational agency’s application, the Secretary shall 
reallot any portion of the State educational agency’s 
allotment under paragraph (1) to the remaining 
State educational agencies in accordance with para-
graph (1). 
SEC. 5. USES OF FUNDS. 
A State educational agency or local educational agen-
cy that receives a grant or subgrant under this Act shall 
use the grant or subgrant funds— 
(1) to develop or to purchase financial edu-
cation materials; 
(2) to train teachers in financial education 
course work, such as responsible money manage-
ment, credit card use, saving, investing, and finan-
cial planning; and 
(3) to pay for other incidental costs related to 
establishing financial education programs in high 
schools. 
SEC. 6. REPORTING. 
(a) STATE
EDUCATIONAL
AGENCIES.—Not later 
than 1 year after the date of enactment of this Act, and 
annually thereafter, each State educational agency receiv-
ing a grant under this Act shall prepare and submit a 
report to the Secretary containing information on the fi-
nancial education programs and activities carried out by 
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the State educational agency, and the effectiveness of such 
programs and activities in improving the financial edu-
cation of high school students. 
(b) SECRETARY.—Not later than 18 months after the 
date of enactment of this Act, and annually thereafter, 
the Secretary shall prepare and submit to the Committee 
on Education and Labor of the House of Representatives 
and the Committee on Health, Education, Labor, and 
Pensions of the Senate a report on the financial education 
programs and activities carried out under this Act, and 
the effectiveness of such programs and activities in im-
proving the financial education of high school students. 
SEC. 7. CLEARINGHOUSE. 
From the sums appropriated under section 8 for each 
fiscal year, the Secretary shall reserve $2,000,000 of such 
sums to establish and maintain, through grant or by con-
tract, a central clearinghouse of information that— 
(1) provides information and technical assist-
ance to State educational agencies and local edu-
cational agencies in developing content and cur-
riculum materials for high school financial edu-
cation; 
(2) maintains, coordinates, and disseminates in-
formation on effective financial education programs, 
including private and non-profit school-based finan-
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cial education programs, that hold the potential for 
broad scale implementation and replication; and 
(3) publishes, on an annual basis, a list of State 
educational agencies or local educational agencies 
that are grant or subgrant recipients under this Act, 
and the amounts such State educational agencies or 
local educational agencies receive under this Act. 
SEC. 8. APPROPRIATIONS. 
There 
are 
authorized 
to 
be 
appropriated 
$100,000,000 to carry out this Act for each of the fiscal 
years 2010 through 2014. 
SEC. 9. DEFINITIONS. 
The following definitions apply to this Act: 
(1) CHARTER
SCHOOL.—The term ‘‘charter 
school’’ has the meaning given such term in section 
5210 of the Elementary and Secondary Education 
Act of 1965 (20 U.S.C. 7221i); 
(2) FINANCIAL EDUCATION.—The term ‘‘finan-
cial education’’ means course work for high school 
students that is aligned with State academic stand-
ards and promotes financial literacy, such as respon-
sible money management, credit card use, saving, in-
vesting, and financial planning; 
(3) HIGH
SCHOOL.—The term ‘‘high school’’ 
means a nonprofit institutional day or residential 
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