cational agency at such time, in such manner, 
and including such information as the State 
educational agency may reasonably require. 
‘‘(B) CONTENTS.—Each application sub-
mitted under subparagraph (A) shall include— 
‘‘(i) a description of how the eligible 
entity will use funds received under this 
part; 
‘‘(ii) an identification of Federal, 
State, and local programs that will be com-
bined or coordinated with the proposed 
program to make the most effective use of 
public resources; 
‘‘(iii) a description of the partnership 
between a local educational agency, a com-
munity-based organization, and another 
public entity or private entity, if appro-
priate; 
‘‘(iv) an evaluation of the community 
needs and available resources and a de-
scription of how the program proposed to 
be carried out in the center will address 
those needs; 
‘‘(v) a demonstration that the eligible 
entity has experience, or promise of suc-
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
cess, in providing educational and related 
activities that will complement and en-
hance positive youth development of the 
students; and 
‘‘(vi) if the eligible entity plans to use 
volunteers, a description of how the eligible 
entity will encourage and use individuals 
with appropriate financial literacy quali-
fications to serve as the volunteers; and 
‘‘(vii) such other information and as-
surances as the State educational agency 
may reasonably require. 
‘‘(3) AMOUNT OF AWARDS.—A grant awarded 
under this part may not be made in an amount that 
is less than $50,000. 
‘‘(4) PRIORITY.—In awarding grants under this 
part, a State educational agency shall give priority 
to applications proposing to give priority to serv-
ing— 
‘‘(A) low-income populations; and 
‘‘(B) populations that are above the pov-
erty level but are low income working popu-
lations. 
‘‘(g) REPORT TO THE SECRETARY.—Each State edu-
cational agency receiving a grant under this section shall 
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
transmit a report to the Secretary with respect to each 
fiscal year for which a grant is received. The report shall 
describe the programs supported by the grant and the re-
sults of the State educational agency’s monitoring and 
evaluation of such programs. 
‘‘SEC. 4403. CLEARINGHOUSE. 
‘‘(a) AUTHORITY.—Subject to the availability of ap-
propriations, the Secretary shall make a grant to, or exe-
cute a contract with, an eligible entity with substantial ex-
perience in the field of financial education to establish, op-
erate, and maintain a national clearinghouse (in this part 
referred to as the ‘Clearinghouse’) for instructional mate-
rials and information regarding model financial education 
programs and best practices. 
‘‘(b) ELIGIBLE ENTITY.—In this section, the term 
‘eligible entity’ means— 
‘‘(1) an institution of higher education; or 
‘‘(2) a national nonprofit organization. 
‘‘(c) APPLICATION.—An eligible entity desiring to es-
tablish, operate, and maintain the Clearinghouse shall 
submit an application to the Secretary at such time, in 
such manner, and accompanied by such information, as 
the Secretary may reasonably require. 
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
‘‘(d) BASIS AND TERM.—The Secretary shall make 
the grant or contract authorized under subsection (a) on 
a competitive, merit basis for a term of 5 years. 
‘‘(e) USE OF FUNDS.—The Clearinghouse shall use 
the funds provided under a grant or contract made under 
subsection (a)— 
‘‘(1) to maintain a repository of instructional 
materials and related information regarding finan-
cial education programs for elementary schools and 
secondary schools, including kindergartens, for use 
by States, localities, and the general public, that 
take into account limited-English populations and 
cultural differences and sensitivities among various 
populations; 
‘‘(2) to disseminate to States, localities, and the 
general public, through electronic and other means, 
instructional materials and related information re-
garding financial education programs for elementary 
schools and secondary schools, including kinder-
gartens; and 
‘‘(3) to the extent that resources allow, to pro-
vide technical assistance to States, localities, and the 
general public on the design, establishment, and im-
plementation of financial education programs for ele-
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
mentary schools and secondary schools, including 
kindergartens. 
‘‘(f) CONSULTATION.—The administrator of the eligi-
ble entity selected to establish and operate the Clearing-
house shall consult with community-based organizations, 
educational institutions, and financial organizations, and 
with appropriate elements of the Federal Government, if 
appropriate. 
‘‘(g) SUBMISSION TO CLEARINGHOUSE.—Each Fed-
eral agency or department that develops financial edu-
cation programs and instructional materials for such pro-
grams shall submit to the Clearinghouse information on 
the programs and copies of the materials. 
‘‘(h) APPLICATION OF COPYRIGHT LAWS.—In car-
rying out this section the Clearinghouse shall comply with 
the provisions of title 17 of the United States Code. 
‘‘SEC. 4404. EVALUATION AND REPORT. 
‘‘(a) PERFORMANCE
MEASURES.—The Secretary 
shall develop measures to evaluate the performance of pro-
grams assisted under sections 4402 and 4403. 
‘‘(b) EVALUATION ACCORDING
TO PERFORMANCE 
MEASURES.—Applying the performance measures devel-
oped under subsection (a), the Secretary shall evaluate 
programs assisted under sections 4402 and 4403— 
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
‘‘(1) to judge their performance and effective-
ness; 
‘‘(2) to identify which of the programs rep-
resent the best practices of entities developing finan-
cial education programs for students in kindergarten 
through grade 12; 
‘‘(3) to identify which of the programs may be 
replicated and used to provide technical assistance to 
States, localities, and the general public; and 
‘‘(4) to assess whether educational practices de-
scribed herein increased the aptitude and ability of 
students to manage financial resources including 
credit cards, insurance, savings accounts and stu-
dent loans. 
‘‘(c) REPORT.—For each fiscal year for which there 
are appropriations under section 4407(a), the Secretary 
shall transmit a report to Congress describing the status 
of the implementation of this part. The report shall in-
clude the results of the evaluation required under sub-
section (b) and a description of the programs supported 
under section 4402. 
‘‘SEC. 4405. DEFINITIONS. 
‘‘In this part: 
‘‘(1) FINANCIAL EDUCATION.—The term ‘finan-
cial education’ means educational activities and ex-
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
periences, planned and supervised by qualified teach-
ers, that enable students to understand basic eco-
nomic and consumer principles, acquire the skills 
and knowledge necessary to manage personal and 
household finances, and develop a range of com-
petencies that will enable the students to become re-
sponsible consumers in today’s complex economy. 
‘‘(2) QUALIFIED TEACHER.—The term ‘quali-
fied teacher’ means a teacher who holds a valid 
teaching certification or is considered to be qualified 
by the State educational agency in the State in 
which the teacher works. 
‘‘(3) STATE.—The term ‘State’ includes the 
District of Columbia, the Commonwealth of Puerto 
Rico, and any other territories or possessions of the 
United States. 
‘‘SEC. 4406. PROHIBITION. 
‘‘Nothing in this part shall be construed to authorize 
an officer or employee of the Federal Government to man-
date, direct, or control a State, local educational agency, 
or school’s specific instructional content, curriculum, or 
program of instruction, as a condition of eligibility to re-
ceive funds under this part. 
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
‘‘SEC. 4407. AUTHORIZATION OF APPROPRIATIONS. 
‘‘(a) AUTHORIZATION.—For the purposes of carrying 
out this part, there are authorized to be appropriated, for 
each of fiscal years 2008 through 2012, the following: 
‘‘(1) GRANT PROGRAM.—$100,000,000 to carry 
out section 4402. 
‘‘(2) CLEARINGHOUSE.—$1,500,000 to carry 
out section 4403. 
‘‘(b) LIMITATION ON FUNDS FOR SECRETARY EVAL-
UATION.—The Secretary may use not more than $200,000 
from the amounts appropriated under subsection (a) for 
each fiscal year to carry out subsections (a) and (b) of 
section 4404. 
‘‘(c) LIMITATION ON ADMINISTRATIVE COSTS.—Ex-
cept as necessary to carry out subsections (a) and (b) of 
section 4404 using amounts described in subsection (b) 
of this section, the Secretary shall not use any portion of 
the amounts appropriated under subsection (a) for the 
costs of administering this part.’’. 
SEC. 2. FUNDING SETASIDE FOR FINANCIAL LITERACY AC-
TIVITIES. 
Part D of title V of the Elementary and Secondary 
Education Act of 1965 is amended by inserting after sec-
tion 5401 (20 U.S.C. 7241) the following: 
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS
‘‘SEC. 5402. FUNDING SETASIDE FOR FINANCIAL LITERACY 
ACTIVITIES. 
‘‘Notwithstanding any other provision of this title, 
the Secretary shall set aside two percent of the funds ap-
propriated to carry out this part for each fiscal year. The 
funds set aside shall be used to support financial literacy 
activities under subpart 13.’’. 
Æ 
VerDate Aug 31 2005 
03:29 Dec 08, 2007
Jkt 069200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6301
E:\BILLS\H4335.IH
H4335
bajohnson on PROD1PC69 with BILLS