Title: Student Empowerment and Financial Literacy Act
Policy area: Education

Summary:
Student Empowerment and Financial Literacy Act
This bill directs the Department of Education to award competitive grants to eligible entities to promote financial literacy in elementary and secondary schools. An eligible entity is an entity with demonstrated expertise in the development of strategies that are designed to improve understanding of personal finance topics (e.g., bank and credit union accounts, student loans, debt management, and saving) among elementary and secondary school students.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8486 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8486

To establish a competitive grant program to increase financial literacy 
        instruction in elementary schools and secondary schools.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 1, 2020

Mr. Gallagher introduced the following bill; which was referred to the 
                    Committee on Education and Labor

_______________________________________________________________________

                                 A BILL


 
To establish a competitive grant program to increase financial literacy 
        instruction in elementary schools and secondary schools.

    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 ``Student Empowerment and Financial 
Literacy Act''.

SEC. 2. FINANCIAL LITERACY GRANT PROGRAM.

    (a) In General.--The Secretary shall award grants on a competitive 
basis to eligible entities for the purposes of promoting new and 
existing strategies to expand, develop, implement, evaluate, and 
disseminate for voluntary use innovative approaches or professional 
development programs in financial literacy for elementary school and 
secondary school students, that--
            (1) show potential to improve student awareness of personal 
        finance topics;
            (2) show potential to improve teaching of such topics, 
        including by training teachers and instructors to teach such 
        topics; and
            (3) demonstrate innovation, scalability, accountability, 
        and a focus on underbanked populations.
    (b) Applications.--In order to receive a grant under this Act, an 
eligible entity shall submit an application to the Secretary at such 
time and in such manner, and containing such information, as the 
Secretary may reasonably require.
    (c) Program Periods and Diversity of Projects.--
            (1) Grant period.--A grant awarded under this Act shall be 
        awarded for a period of not more than 3 years.
            (2) Reapplication.--In a case in which an eligible entity 
        submits an application under subsection (b), and is not awarded 
        a grant under this Act--
                    (A) the Secretary shall provide to such eligible 
                entity--
                            (i) an explanation for the denial of such 
                        grant; and
                            (ii) any suggestions for improvements to 
                        the application the eligible entity should make 
                        to be eligible for such a grant; and
                    (B) the eligible entity may resubmit such 
                application after receipt of the explanations and 
                suggestions under subparagraph (A).
            (3) Renewal.--The Secretary may renew a grant awarded under 
        this Act for one additional 2-year period for an eligible 
        entity that demonstrates the success of the program funded 
        under the grant, such as through student, parent, teacher or 
        satisfaction, or program efficacy.
            (4) Priority.--In awarding grants under this Act, the 
        Secretary shall award grants to eligible entities that will use 
        the grant to provide programs that account for diverse student 
        and community needs, including any need for electronic and 
        written materials, broadband or connectivity, multiple 
        languages, and assistance for students with disabilities.
            (5) Diversity of projects.--In awarding grants under this 
        Act, the Secretary shall ensure that, to the extent 
        practicable, grants are distributed among eligible entities 
        that will serve--
                    (A) geographically diverse areas, including urban, 
                suburban, and rural areas; and
                    (B) diverse types of elementary schools and 
                secondary schools.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Elementary school.--The term ``elementary school'' has 
        the meaning given such term in section 8101 of the Elementary 
        and Secondary Education Act of 1965 (20 U.S.C. 7801(19)), and 
        includes a home school that provides elementary education, as 
        such terms are defined under State law.
            (2) Eligible entity.--
                    (A) In general.--The term ``eligible entity'' means 
                an entity--
                            (i) with demonstrated expertise in the 
                        development of strategies designed to improve 
                        understanding of personal finance topics among 
                        elementary school or secondary schools 
                        students; and
                            (ii) that may be in a partnership with a 
                        community group, financial institution, or 
                        another educational entity.
                    (B) Demonstrated expertise.--In this paragraph, the 
                term ``demonstrated expertise'' includes expertise 
                demonstrated through post-program performance data 
                (such as post-program review by parents, teachers, and 
                students that shows demonstrated learning and efficacy 
                of program, and post-program student work-product that 
                demonstrates real learning).
            (3) Personal finance topics.--The term ``personal finance 
        topics'' includes bank accounts, credit union accounts, credit 
        and debit cards, online banking, mobile payment services, 
        student loans, taxes, mortgages, credit reports, debt 
        management, investing, lending, retirement planning, trade-
        offs, the power of compound interest, and saving.
            (4) Secondary school.--The term ``secondary school'' has 
        the meaning given such term in section 8101 of the Elementary 
        and Secondary Education Act of 1965 (20 U.S.C. 7801(45)), and 
        includes a home school that provides secondary education, as 
        such terms are defined under State law.
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of Education.
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