Youth Financial Learning Act
Bill: H.R.1547 | Sponsor: Rep. Cartwright, Matt (D-PA)
Policy area: Education

Summary:
Youth Financial Learning Act
This bill directs the Department of Education to award competitive grants to state educational agencies and, through them, subgrants to local educational agencies to integrate financial literacy education into public elementary or secondary schools.

To improve the financial literacy of secondary school students.

    Be it enacted by the Senate and House of Representatives 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 ``community-based 
organization'', ``elementary school'', ``local educational agency'', 
``professional development'', ``secondary 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 submit an application to the 
        Secretary at such time and in such manner as the Secretary may 
        require, including--
                    (A) a description of how the State educational 
                agency will award subgrants to local educational 
                agencies;
                    (B) a description of how the State educational 
                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 educational 
                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 educational 
                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 
                        educational agencies; or
                            (iv) to conduct an evaluation of the impact 
                        of financial literacy or personal finance 
                        education on students' understanding of 
                        financial literacy concepts.
                    (B) Subgrants.--
                            (i) In general.--Each State educational 
                        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 section 
                                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-performing 
                                schools to improve students' financial 
                                literacy and student outcomes.
    (c) Uses of Subgrant Funds.--Each local educational 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, entrepreneurship, and personal finance concepts, 
        including personal credit, student loans, and financial aid;
            (2) to promote partnerships between the local educational 
        agency and community-based organizations that provide 
        innovative, evidence-based financial literacy activities to 
        elementary school or secondary school students, which may 
        include after school activities; and
            (3) to promote professional development programs 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 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 
2022 and each of the 4 succeeding fiscal years.
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