Title: FLIP Act
Policy area: Education

Summary:
Financial Literacy Improvement for Professionals Act of 2020 or the FLIP Act
This bill authorizes the Department of Education to award grants to institutions of higher education, national nonprofits, and the Bureau of Indian Education to provide teachers with professional development activities related to financial literacy.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5629 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 5629

To amend the Elementary and Secondary Education Act of 1965 to provide 
classes on financial literacy to elementary and secondary students, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 16, 2020

Mr. Budd (for himself and Mr. Bishop of North Carolina) introduced the 
 following bill; which was referred to the Committee on Education and 
                                 Labor

_______________________________________________________________________

                                 A BILL


 
To amend the Elementary and Secondary Education Act of 1965 to provide 
classes on financial literacy to elementary and secondary students, and 
                          for other purposes.

    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 ``Financial Literacy Improvement for 
Professionals Act of 2020'' or the ``FLIP Act''.

SEC. 2. USE OF GRANT FUNDS TO IMPROVE FINANCIAL LITERACY.

    (a) Educator Development Regarding Financial Literacy.--Section 
2242(a) of the Elementary and Secondary Education Act of 1965 (20 
U.S.C. 6672(a)) is amended--
            (1) in paragraph (4), by striking ``or'' at the end;
            (2) in paragraph (5), by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following new paragraph:
            ``(6) providing teachers with professional development 
        activities that enhance or enable the provision of financial 
        literacy coursework covering topics that include personal 
        finances, responsible borrowing, managing interest on debt, 
        credit scores, and setting up a bank account, across a local 
        educational agency.''.
    (b) Specifying Scope of Financial Literacy.--Section 4107(a)(3)(A) 
of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 
7117(a)(3)(A)) is amended--
            (1) in clause (ii), by striking ``and'' at the end;
            (2) in clause (iii), by striking ``and Federal financial 
        aid awareness activities;'' and inserting the following: 
        ``courses providing instruction on debt management, managing 
        interest on debt, credit scores, setting a personal budget, 
        opening a checking and savings account at a bank, and 
        alternative banking methods; and''; and
            (3) by adding at the end the following new clause:
                            ``(iv) Federal financial aid awareness 
                        activities;''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by section 2 shall apply on December 1, 2020.
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