National Financial Literacy Act of 2012

Bill: 112-hr-4394
Sponsor: Rep. Johnson, Eddie Bernice [D-TX-30]
Introduced: 2012-04-18 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Consumer credit
Credit and credit markets
Department of the Treasury
Employee benefits and pensions
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Financial literacy
Financial services and investments
Government lending and loan guarantees
Income tax credits
National Credit Union Administration
Public contracts and procurement
Small business

Summary:
action_date: 2012-04-18
text: 
National Financial Literacy Act of 2012 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing: (1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program; (2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and (3) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods.
 
Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs.
 
Amends the Internal Revenue Code to allow a tax credit to small businesses for 35% of the expenses paid or incurred for providing qualified continuing financial education to their employees.
 
Requires that preference in federal contracts, loans, and other financial or nonfinancial assistance for small businesses and corporations be given to those providing continuing financial education to their employees.


Legislative actions:
action_date: 2012-04-26
text: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
action_date: 2012-04-18
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-04-18
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-04-18
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2012-04-18
text: Introduced in House
action_date: 2012-04-18
text: Introduced in House