eracy education to assure competence and account-
ability in the delivery system. 
‘‘(4) Improving access to, and dissemination of, 
financial literacy information for young people and 
families. 
‘‘(5) Reducing student loan default rates by de-
veloping programs to help individuals better under-
stand how to manage educational debt through sus-
tained educational programs for college students. 
‘‘(6) Conducting ongoing research and evalua-
tion of financial literacy education programs to as-
sure learning of defined skills and knowledge, and 
retention of learning. 
‘‘(7) Developing research-based assessment and 
accountability of the appropriate applications of 
learning over short- and long-terms to measure ef-
fectiveness of authorized activities. 
‘‘(c) PRIORITY FOR CERTAIN APPLICATIONS.—The 
Director shall give a priority to applications that— 
‘‘(1) provide clear definitions of ‘financial lit-
eracy’ and ‘financially literate’ to clarify educational 
outcomes; 
‘‘(2) establish parameters for identifying the 
types of programs that most effectively reach young 
people and families in unique life situations and fi-
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nancial pitfalls, including bankruptcy, foreclosure, 
credit card misuse, and predatory lending; 
‘‘(3) include content that is appropriate to age 
and socioeconomic levels; 
‘‘(4) develop programs based on educational 
standards, definitions, and research; 
‘‘(5) include individual goals of financial inde-
pendence and stability; 
‘‘(6) establish professional development and de-
livery systems using evidence-based practices; 
‘‘(7) address the needs of one or more at-risk 
populations; 
‘‘(8) incorporate sensitivities to specific cul-
tural, linguistic, or demographic characteristics; 
‘‘(9) enhance opportunities for asset building, 
such as increasing savings for lower income house-
holds and investments into the stock, bond, and real 
estate markets; 
‘‘(10) include an evaluation component to en-
sure the work’s effectiveness in increasing financial 
literacy or consumer access to appropriate financial 
products or services, or that the provider has evi-
dence of such effectiveness; 
‘‘(11) promise future replication or can be sus-
tained beyond the program period; and 
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‘‘(12) will make effectiveness data (if any) that 
is generated from the work available to others in the 
financial education community. 
‘‘(d) APPLICATION
AND EVALUATION STANDARDS 
AND PROCEDURES; DISTRIBUTION CRITERIA.—The Di-
rector shall establish application and evaluation standards 
and procedures, distribution criteria, and such other 
forms, standards, definitions, and procedures as the Direc-
tor determines to be appropriate. 
‘‘(e) CONTENT DELIVERY.—An eligible institution re-
ceiving a grant under this section shall— 
‘‘(1) ensure that content is delivered in an ac-
cessible way to young people, through traditional 
educational methods and digital methods, including 
over appropriate social media platforms; and 
‘‘(2) to the extent content is delivered through 
a website, ensure that the website is user friendly, 
visually appealing, and doesn’t bombard users with 
dense content that is difficult to comprehend. 
‘‘(f) GRANT AMOUNTS.— 
‘‘(1) IN GENERAL.—The aggregate amount of 
grants made under this section during any fiscal 
year— 
‘‘(A) shall be at least $27,500,000; and 
‘‘(B) may not exceed $55,000,000. 
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‘‘(2) TERMINATION.—No grants may be made 
under this section after the end of fiscal year 2029. 
‘‘(g) REPORT
TO CONGRESS.—The Director shall 
issue an annual report to Congress containing— 
‘‘(1) a list of grant recipients under this sec-
tion, including the amount of such grant; and 
‘‘(2) for each grant recipient, a description of 
the specific populations being served by such grant. 
‘‘(h) DEFINITIONS.—For purposes of this section the 
following definitions shall apply: 
‘‘(1) ELIGIBLE INSTITUTION.—The term ‘eligi-
ble institution’ means a partnership of two or more 
of the following: 
‘‘(A) An institution of higher education. 
‘‘(B) A State or local government agency 
which specializes in financial education pro-
grams. 
‘‘(C) A nonprofit agency, organization, or 
association. 
‘‘(D) A financial institution. 
‘‘(E) 
A 
small 
organization 
that 
is 
partnering with, but is not itself, a person de-
scribed under subparagraph (A) through (D). 
‘‘(2) INSTITUTION OF HIGHER EDUCATION.— 
The term ‘institution of higher education’ has the 
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meaning given such term in section 101 of the High-
er Education Act of 1965 (20 U.S.C. 1001(a)).’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by striking the 
item relating to section 1037 and inserting the following: 
‘‘Sec. 1037. Authorization for funding the establishment of centers of excellence 
in financial literacy education. 
‘‘Sec. 1038. Effective date.’’. 
Æ 
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