‘‘PART L—EXCELLENCE IN ECONOMIC
EDUCATION
‘‘SEC. 10995A. SHORT TITLE; FINDINGS.
‘‘(a) SHORT TITLE.—This part may be cited as the
‘Excellence in Economic Education Act of 2000’.
‘‘(b) FINDINGS.—Congress makes the following find-
ings:
‘‘(1) The need for economic literacy in the
United States has grown exponentially in the 1990’s
as a result of rapid technological advancements and
increasing globalization, giving individuals in the
United States more numerous and complex economic
and financial choices than ever before as members of
the workforce, managers of their families’ resources,
and voting citizens.
‘‘(2) Individuals in the United States lack es-
sential economic knowledge, as demonstrated in a
1998–1999 test conducted for the National Council
on Economic Education, a private nonprofit organi-
zation. The test results indicated the following:
‘‘(A) Students and adults alike lack a basic
understanding of core economic concepts such
as scarcity of resources and inflation, with less
than half of those tested demonstrating knowl-
edge of those basic concepts.
‘‘(B) A little more than 1⁄3 of those tested
realize that society must make choices about
how to use resources.
‘‘(C) Only 1⁄3 of those tested understand
that active competition in the marketplace
serves to lower prices and improve product
quality.
‘‘(D) Slightly more than 1⁄2 of adults in
the United States and less than 1⁄4 of students
in the United States know that a Federal budg-
et deficit is created when the Federal Govern-
ment’s expenditures exceed its revenues in a
year.
‘‘(E) Overall, adults received a grade of 57
percent on the test and secondary school stu-
dents received a grade of 48 percent on the
test.
‘‘(F) Despite these poor results, the test
findings pointed out that individuals in the
United States realize the need for under-
standing basic economic concepts, with 96 per-
cent of adults tested believing that basic eco-
nomics should be taught in secondary school.
‘‘(3) A range of trends points to the need for
individuals in the United States to receive a prac-
tical economics education that will give the individ-
uals tools to make responsible choices about their
limited financial resources, and about the range of
economic choices which face all people regardless of
their financial circumstances. Examples of the
trends include the following:
‘‘(A) The number of personal bankruptcies
in the United States rose and set new records
in the 1990’s, despite the longest peacetime
economic expansion in United States history.
One in every 70 United States households filed
for bankruptcy in 1998. Rising bankruptcies
have an impact on the cost and availability of
consumer credit which in turn negatively affect
overall economic growth.
‘‘(B) Credit card delinquencies in the
United States rose to 1.83 percent in 1998,
which is a percentage not seen since 1992 when
the effects of a recession were still strong.
‘‘(C) The personal savings rate in the
United States over the 5 years ending in 1998
averaged only 4.5 percent. In the third quarter
of 1999, the personal savings rate dropped to
1.8 percent. A decline in savings rates reduces
potential investment and economic growth.
‘‘(D) By 2030, the number of older per-
sons in the United States will grow to
70,000,000, more than twice the number of
older persons in the United States in 1997. The
additional older persons will add significantly to
the population of retirees in the United States
and require a shift in private and public re-
sources to attend to their specific needs. The
needs of this population will have dramatic,
long-term economic consequences for younger
generations of individuals in the United States
workforce who will need to plan well in order to
support their families and ensure for themselves
a secure retirement.
‘‘(4) The third National Education Goal des-
ignates economics as 1 of 9 core content areas in
which teaching, learning, and students’ mastery of
basic and advanced skills must improve.
‘‘(5) The National Council on Economic Edu-
cation presents a compelling case for doing more to
meet the need for economic literacy. While an under-
standing of economics is necessary to help the next
generation to think, choose, and function in a chang-
ing global economy, economics has too often been
neglected in schools.
‘‘(6) States’ requirements for economic and per-
sonal finance education are insufficient as evidenced
by the fact that, while 39 States have adopted edu-
cational standards (including guidelines or proficien-
cies) in economics—
‘‘(A) only 13 of those States require all
students to take a course in economics before
graduating from secondary school;
‘‘(B) only 25 States administer tests to de-
termine whether students meet the economic
standards; and
‘‘(C) only 27 States require that the eco-
nomic standards be implemented in schools.
‘‘(7) Improved and enhanced national, State,
and local economic education efforts, conducted as
part of the Campaign for Economic Literacy led by
the National Council on Economic Education, will
help individuals become informed consumers, con-
scientious savers, prudent investors, productive
workforce members, responsible citizens, and effec-
tive participants in the global economy.
‘‘(8)(A) Founded in 1949, the National Council
on Economic Education is the preeminent economic
education organization in the United States, having
a nationwide network that supports economic edu-
cation in the Nation’s schools by working with
States, local educational agencies, and schools.
‘‘(B) This network supports teacher prepared-
ness in economics through—
‘‘(i) inservice teacher education;
‘‘(ii) classroom-tested materials and appro-
priate curricula;
‘‘(iii) evaluation, assessment, and research
on economics education; and
‘‘(iv) suggested content standards for eco-
nomics.
‘‘(9) The National Council on Economic Edu-
cation network includes affiliated State Councils on
Economic Education and more than 275 university
or college-based Centers for Economic Education.
This network represents a unique partnership among
leaders in education, business, economics, and labor,
the purpose of which is to effectively deliver eco-
nomic education throughout the United States.
‘‘(10) Each year the National Council on Eco-
nomic Education network trains 120,000 teachers,
reaching 
more 
than 
7,000,000 
students. 
By
strengthening the Council’s nationwide network, the
Council can reach more of the Nation’s 53,000,000
students.
‘‘(11) The National Council on Economic Edu-
cation conducts an international economic education
program that provides information on market prin-
ciples to the world (particularly emerging democ-
racies) through teacher training, materials trans-
lation and development, study tours, conferences,
and research and evaluation. As a result of those ac-
tivities, the National Council on Economic Edu-
cation is helping to support educational reform and
build economic education infrastructures in emerg-
ing market economies, and reinforcing the national
interest of the United States.
‘‘(12) Evaluation results of economics education
activities support the following conclusions:
‘‘(A) Inservice education in economics for
teachers contributes significantly to students’
gains in economic knowledge.
‘‘(B) Secondary school students who have
taken economics courses perform significantly
better on tests of economic literacy than do
their counterparts who have not taken econom-
ics.
‘‘(C) Economics courses contribute signifi-
cantly more to gains in economic knowledge
than does integration of economics into other
subjects.
‘‘(13) Through partnerships, the National
Council on Economic Education network leverages
support for its mission by raising more than
$35,000,000 annually for economic education from
the private sector, universities, and States.
‘‘SEC. 10995B. EXCELLENCE IN ECONOMIC EDUCATION.
‘‘(a) PURPOSE.—The purpose of this part is to pro-
mote economic literacy among all United States students
in kindergarten through grade 12 by enhancing national
leadership in economic education through the strength-
ening of a nationwide economic education network and the
provision of resources to appropriate State and local enti-
ties.
‘‘(b) GOALS.—The goals of this part are—
‘‘(1) to increase students’ knowledge of and
achievement in economics to enable the students to
become more productive and informed citizens;
‘‘(2) to strengthen teachers’ understanding of
and competency in economics to enable the teachers
to increase student mastery of economic principles
and their practical application;
‘‘(3) to encourage economic education research
and development, to disseminate effective instruc-
tional materials, and to promote replication of best
practices and exemplary programs that foster eco-
nomic literacy;
‘‘(4) to assist States in measuring the impact of
education in economics, which is 1 of 9 national core
content areas described in section 306(c) of the
Goals 2000: Educate America Act (20 U.S.C.
5886(c)) (as such section was in effect on the day
preceding the date of enactment of the Educational
Opportunities Act);
‘‘(5) to extend strong economic education deliv-
ery systems to every State; and
‘‘(6) to leverage and expand private and public
support for economic education partnerships at na-
tional, State, and local levels.
‘‘SEC. 10995C. GRANT PROGRAM AUTHORIZED.
‘‘(a) GRANTS TO THE NATIONAL COUNCIL ON ECO-
NOMIC EDUCATION.—
‘‘(1) IN GENERAL.—The Secretary is authorized
to award a grant to the National Council on Eco-
nomic Education (referred to in this section as the
‘grantee’), which is a nonprofit educational organiza-
tion that has as its primary purpose the improve-
ment of the quality of student understanding of eco-
nomics through effective teaching of economics in
the Nation’s classrooms.
‘‘(2) USE OF GRANT FUNDS.—
‘‘(A) ONE-QUARTER.—The grantee shall
use 1⁄4 of the funds made available through the
grant and not reserved under subsection (f) for
a fiscal year—
‘‘(i) to strengthen and expand the
grantee’s nationwide network on economic
education;
‘‘(ii) to support and promote training,
of teachers who teach a grade from kinder-
garten through grade 12, regarding eco-
nomics, including the dissemination of in-
formation on effective practices and re-
search findings regarding the teaching of
economics;
‘‘(iii) to support research on effective
teaching practices and the development of
assessment instruments to document stu-
dent performance;
‘‘(iv) to develop and disseminate ap-
propriate materials to foster economic lit-
eracy; and
‘‘(v) to coordinate activities assisted
under this section with activities assisted
under title II.
‘‘(B) 
THREE-QUARTERS.—The 
grantee
shall use 
3⁄4
of the funds made available
through the grant and not reserved under sub-
section (f) for a fiscal year to award grants to
State economic education councils, or in the
case of a State that does not have a State eco-
nomic education council, a center for economic
education (which council or center shall be re-
ferred to in this section as a ‘recipient’). The
grantee shall award such a grant to pay for the
Federal share of the cost of enabling the recipi-
ent to work in partnership with 1 or more of
the entities described in paragraph (3) for 1 or
more of the following purposes:
‘‘(i) Collaboratively establishing and
conducting teacher training programs that
use effective and innovative approaches to
the teaching of economics.
‘‘(ii) Providing resources to school dis-
tricts that want to incorporate economics
into the curricula of the schools in the dis-
tricts.
‘‘(iii) Conducting evaluations of the
impact of economic education on students.
‘‘(iv) Conducting economic education
research.
‘‘(v) Creating and conducting school-
based student activities to promote con-
sumer, economic, and personal finance
education, such as saving, investing, and
entrepreneurial education, and to encour-
age awareness and student achievement in
economics.
‘‘(vi) 
Establishing 
interstate 
and
international student and teacher ex-
changes to promote economic literacy.
‘‘(vii) Encouraging replication of best
practices to encourage economic literacy.
‘‘(C) ADDITIONAL
REQUIREMENTS
AND
TECHNICAL ASSISTANCE.—The grantee shall—
‘‘(i) meet such other requirements as
the Secretary determines to be necessary
to assure compliance with this section; and
‘‘(ii) provide such technical assistance
as may be necessary to carry out this sec-
tion.
‘‘(3) PARTNERSHIP ENTITIES.—The entities re-
ferred to in paragraph (2)(B) are the following:
‘‘(A) A private sector entity.
‘‘(B) A State educational agency.
‘‘(C) A local educational agency.
‘‘(D) An institution of higher education.
‘‘(E) Another organization promoting eco-
nomic development.
‘‘(F) Another organization promoting edu-
cational excellence.
‘‘(4) ADMINISTRATIVE
COSTS.—The grantee
and each recipient receiving a grant under this sec-
tion for a fiscal year may use not more than 25 per-
cent of the funds made available through the grant
for administrative costs.
‘‘(b) TEACHER TRAINING PROGRAMS.—
‘‘(1) IN GENERAL.—In carrying out the teacher
training programs described in subsection (a)(2)(B)
a recipient shall—
‘‘(A) train teachers who teach a grade
from kindergarten through grade 12;
‘‘(B) conduct programs taught by qualified
teacher trainers who can tap the expertise,
knowledge, and experience of classroom teach-
ers, private sector leaders, and other members
of the community involved, for the training; and
‘‘(C) encourage teachers from disciplines
other than economics to participate in such
teacher training programs, if the training will
promote the economic understanding of their
students.
‘‘(2) RELEASE
TIME.—Funds made available
under this section for the teacher training programs
described in subparagraphs (A) and (B) of sub-
section (a)(2) may be used to pay for release time
for teachers and teacher trainers who participate in
the training.
‘‘(c) INVOLVEMENT OF BUSINESS COMMUNITY.—In
carrying out the activities assisted under this part the
grantee and recipients are encouraged to—
‘‘(1) include interactions with the local business
community to the fullest extent possible, to reinforce
the connection between economic education and eco-
nomic development; and
‘‘(2) work with private businesses to obtain
matching contributions for Federal funds and assist
recipients in working toward self-sufficiency.
‘‘(d) FEDERAL SHARE.—
‘‘(1) IN GENERAL.—The Federal share of the
cost described in subsection (a)(2)(B) shall be 50
percent. The Federal share of the cost of estab-
lishing a State council on economic education or a
center for economic education under subsection (f),
for 1 fiscal year only, shall be 75 percent.
‘‘(2) NON-FEDERAL SHARE.—The non-Federal
share may be paid in cash or in kind, fairly evalu-
ated, including plant, equipment, or services.
‘‘(e) APPLICATIONS.—
‘‘(1) GRANTEE.—To be eligible to receive a
grant under this section, the grantee shall submit to
the Secretary an application at such time, in such
manner, and accompanied by such information as
the Secretary may require.
‘‘(2) RECIPIENTS.—
‘‘(A) IN GENERAL.—To be eligible to re-
ceive a grant under this section, a recipient
shall submit an application to the grantee at
such time, in such manner, and accompanied by
such information as the grantee may require.
‘‘(B) REVIEW.—The grantee shall invite
the individuals described in subparagraph (C)
to review all applications from recipients for a
grant under this section and to make rec-
ommendations to the grantee regarding the
funding of the applications.
‘‘(C) INDIVIDUALS.—The individuals re-
ferred to in subparagraph (B) are the following:
‘‘(i) Leaders in the fields of economics
and education.
‘‘(ii) Such other individuals as the
grantee determines to be necessary.
‘‘(f) SPECIAL RULE.—For each State that does not
have a recipient in the State, as determined by the grant-
ee, not less than the greater of 1.5 percent or $100,000
of the total amount appropriated under subsection (i), for
1 fiscal year, shall be made available to the State to pay
for the Federal share of the cost of establishing a State
council on economic education or a center for economic
education in partnership with a private sector entity, an
institution of higher education, the State educational
agency, and other organizations.
‘‘(g) SUPPLEMENT AND NOT SUPPLANT.—Funds ap-
propriated under this section shall be used to supplement
and not supplant other Federal, State, and local funds ex-
pended for the purpose described in section 10995B(a).
‘‘(h) REPORT.—The Secretary shall prepare and sub-
mit to the appropriate committees of Congress a report
regarding activities assisted under this section not later
than 2 years after the date funds are first appropriated
under subsection (i) and every 2 years thereafter.
‘‘(i) AUTHORIZATION OF APPROPRIATIONS.—There
are authorized to be appropriated to carry out this part
$10,000,000 for fiscal year 2001, and such sums as may
be necessary for each of the 4 succeeding fiscal years.’’.
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