I 
119TH CONGRESS 
1ST SESSION 
H. R. 486 
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 
JANUARY 16, 2025 
Mr. CARSON (for himself, Mr. AMO, Ms. BARRAGA´N, Ms. BROWN, Mr. CAR-
TER of Louisiana, Mr. CASE, Mr. CASTEN, Mr. COHEN, Ms. DEAN of 
Pennsylvania, Mr. ESPAILLAT, Mr. EVANS of Pennsylvania, Mrs. HAYES, 
Ms. NORTON, Mr. JOHNSON of Georgia, Mr. MAGAZINER, Mr. MCGOV-
ERN, Mrs. MCIVER, Mrs. RAMIREZ, Ms. SA´NCHEZ, Ms. SCHOLTEN, Mr. 
SOTO, Mr. THANEDAR, Ms. TITUS, and Mr. TORRES of New York) intro-
duced the following bill; which was referred to the Committee on Finan-
cial Services, and in addition to the Committee on Education and Work-
force, for a period to be subsequently determined 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. 
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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 finan-
cial 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 lit-
eracy. Less than one-fifth of Americans gave them-
selves an ‘‘A’’. 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 
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important to know more but have received no finan-
cial 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 the 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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