Financial Literacy for Students Act

Bill: 113-hr-2920
Sponsor: full_name: Rep. Cartwright, Matt [D-PA-17]
Introduced: 2013-08-01
Policy area: Education
Subjects: Consumer affairs

Economic theory

Education programs funding

Elementary and secondary education

Financial literacy

Teaching, teachers, curricula
Latest action: action_date: 2013-09-13
text: Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education.

Summaries:
action_date: 2013-08-01
action_desc: Introduced in House
text: <p>Financial Literacy for Students Act - Amends the Elementary and Secondary Education of 1965 (ESEA) to authorize the Secretary of Education to award matching grants to states to: (1) integrate financial literacy education into each of their public elementary and secondary schools that are eligible for school improvement funds under title I of the ESEA, and (2) train their secondary school financial literacy or entrepreneurship teachers to teach financial literacy in core academic subjects.</p> <p>Prohibits states from using over 20% of their grant funds to train those teachers, develop curricula, and evaluate the impact of financial literacy or personal finance education.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2920 IN THE HOUSE OF REPRESENTATIVES August 1, 2013 Mr. Cartwright (for himself, Mr. Thompson of Mississippi , Mr. Lewis , Mr. Meeks , Ms. Sewell of Alabama , Mr. Takano , Ms. Jackson Lee , Mr. Clay , Mr. Honda , Mr. Rush , Ms. Clarke , Mr. Ryan of Ohio , Mr. Perlmutter , Ms. Schakowsky , Mr. Ellison , Mr. Langevin , Ms. Kaptur , Ms. Eddie Bernice Johnson of Texas , Mr. Hinojosa , Mr. Pascrell , Mr. Himes , Mr. Rangel , and Mr. Cohen ) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To improve the financial literacy of students.

1. Short title This Act may be cited as the Financial Literacy for Students Act . 2. Statewide incentive grants for financial literacy education Part D of title V of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7241 et seq. ) is amended by adding at the end the following: 22 Financial Literacy 5621. Statewide incentive grants for financial literacy education (a) Grants Authorized From amounts appropriated under subsection (e), the Secretary may award grants to State educational agencies to enable State educational agencies, on a statewide basis— (1) to integrate financial literacy education into each public elementary school and public secondary school within the State that is eligible to receive funds under title I; and (2) to provide professional development regarding the teaching of financial literacy in core academic subjects to each secondary school teacher of financial literacy or entrepreneurship within the State. (b) Permissible uses of funds In carrying out the grant activities described in subsection (a), the State educational agency may use grant funds to— (1) implement school-based financial literacy activities, including after school activities; (2) enhance student understanding and experiential learning with consumer, economic, entrepreneurship, and personal finance concepts; and (3) promote partnerships with community-based organizations, financial institutions, local businesses, entrepreneurs, or other organizations providing financial literacy activities. (c) Limitation on uses of funds A State educational agency receiving grant funds under this section shall not use more than 20 percent of such grant funds to carry out the following: (1) Teacher professional development programs to embed financial literacy or personal finance or entrepreneurship education into core academic subjects. (2) Curriculum development. (3) An evaluation of the impact of financial literacy or personal finance education on students' understanding of financial literacy concepts. (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 to carry out the activities supported by the grant. (e) Appropriations There are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal year 2014 and each of the 4 succeeding fiscal years. .