Student Empowerment and Financial Literacy Act

Bill: 116-hr-8486
Sponsor: full_name: Rep. Gallagher, Mike [R-WI-8]
Introduced: 2020-10-01
Policy area: Education
Subjects: Education programs funding

Elementary and secondary education

Financial literacy

Teaching, teachers, curricula
Latest action: action_date: 2020-10-01
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2020-10-01
action_desc: Introduced in House
text: <p><b>Student Empowerment and Financial Literacy Act</b></p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8486 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.

1. Short title This Act may be cited as the Student Empowerment and Financial Literacy Act . 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. 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.