I 
113TH CONGRESS 
1ST SESSION 
H. R. 891 
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 
FEBRUARY 28, 2013 
Mr. CARSON of Indiana 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 deter-
mined 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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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 
from additional advice and answers to everyday fi-
nancial questions from a professional. 
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(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. 
(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 
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