I 
116TH CONGRESS 
1ST SESSION H. R. 2974 
To improve the financial literacy of secondary school students. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 23, 2019 
Mr. CARTWRIGHT (for himself, Ms. BROWNLEY of California, and Ms. JACK-
SON LEE) introduced the following bill; which was referred to the Com-
mittee on Education and Labor 
A BILL 
To improve the financial literacy of secondary 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 ‘‘Youth Financial 
Learning Act’’. 
SEC. 2. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL 
LITERACY EDUCATION. 
(a) DEFINITIONS.—In this Act, the terms ‘‘commu-
nity-based organization’’, ‘‘elementary school’’, ‘‘local edu-
cational agency’’, ‘‘professional development’’, ‘‘secondary 
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school’’, ‘‘Secretary’’, ‘‘State educational agency’’, and 
‘‘well-rounded education’’ have the meanings given those 
terms in section 8101 of the Elementary and Secondary 
Education Act of 1965 (20 U.S.C. 7801). 
(b) GRANTS AUTHORIZED.— 
(1) IN GENERAL.—From amounts appropriated 
under subsection (f), the Secretary shall award 
grants, on a competitive basis, to State educational 
agencies to enable those State educational agencies 
to integrate financial literacy education into public 
elementary schools or secondary schools by carrying 
out the activities described in paragraph (4). 
(2) DURATION.—A grant awarded under this 
section shall be for a period of not more than 4 
years. 
(3) APPLICATION.—Each State educational 
agency desiring a grant under this section shall sub-
mit an application to the Secretary at such time and 
in such manner as the Secretary may require, in-
cluding— 
(A) a description of how the State edu-
cational agency will award subgrants to local 
educational agencies; 
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(B) a description of how the State edu-
cational agency will ensure sustainability of the 
grant activities after the grant program; 
(C) an assertion that teachers, principals, 
parents, and students have been consulted in 
the process of developing the application; and 
(D) a description of how the State edu-
cational agency will ensure geographic diversity 
so that grant activities benefit students in 
urban, rural, and suburban locations. 
(4) USES OF STATE FUNDS.— 
(A) STATE ACTIVITIES.—Each State edu-
cational agency receiving grant funds under this 
section may use not more than 10 percent of 
such grant funds— 
(i) for technical assistance; 
(ii) for curriculum development; 
(iii) to provide guidance to local edu-
cational agencies; or 
(iv) to conduct an evaluation of the 
impact of financial literacy or personal fi-
nance 
education 
on 
students’ 
under-
standing of financial literacy concepts. 
(B) SUBGRANTS.— 
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(i) IN
GENERAL.—Each State edu-
cational agency receiving grant funds 
under this section shall use the remainder 
of such grant funds to award subgrants to 
local educational agencies in the State. 
(ii) PRIORITY.—In awarding such 
subgrants, a State educational agency shall 
give priority to local educational agencies 
that— 
(I) serve high numbers, or a high 
percentage of, elementary schools and 
secondary schools implementing plans 
under paragraphs (1) and (2) of sec-
tion 1111(d) of the Elementary and 
Secondary Education Act of 1965 (20 
U.S.C. 6311(d)); 
(II) demonstrate the greatest 
need for such funds, as determined by 
the State educational agency; and 
(III) demonstrate the strongest 
commitment to using funds under this 
section to enable the lowest-per-
forming schools to improve students’ 
financial literacy and student out-
comes. 
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(c) USES OF SUBGRANT FUNDS.—Each local edu-
cational agency receiving a subgrant under this section 
shall use the subgrant funds— 
(1) to implement, expand, or sustain, in one or 
more elementary schools or one or more secondary 
schools, school-based financial literacy activities and 
curriculum that is a substantial portion of any class, 
in order to enhance student understanding of and 
experimental learning with consumer, economic, en-
trepreneurship, and personal finance concepts, in-
cluding personal credit, student loans, and financial 
aid; 
(2) to promote partnerships between the local 
educational agency and community-based organiza-
tions that provide innovative, evidence-based finan-
cial literacy activities to elementary school or sec-
ondary school students, which may include after 
school activities; and 
(3) to promote professional development pro-
grams to embed financial literacy or personal finance 
or entrepreneurship education into a well-rounded 
education in elementary schools or secondary 
schools. 
(d) MATCHING FUNDS.—A State educational agency 
that receives a grant under this section shall provide 
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matching funds, from non-Federal sources, in an amount 
equal to 25 percent of the amount of grant funds provided 
to the State educational agency to carry out the activities 
supported by the grant. 
(e) SUPPLEMENT NOT SUPPLANT.—Grant funds 
provided under this section shall be used to supplement, 
not supplant, other Federal or State funds available to 
carry out activities described in this section. 
(f) APPROPRIATIONS.—There are authorized to be 
appropriated to carry out this section such sums as may 
be necessary for fiscal year 2020 and each of the 4 suc-
ceeding fiscal years. 
Æ 
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