Multilingual Financial Literacy Act

Bill: 118-s-4248
Sponsor: full_name: Sen. Butler, Laphonza R. [D-CA]
Introduced: 2024-05-02
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-05-02
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4248 IN THE SENATE OF THE UNITED STATES May 2, 2024 Ms. Butler introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Financial Literacy and Education Commission to carry out a study on the impact of language barriers to financial health, to require the website and toll-free telephone number of the Commission to be provided in the most commonly spoken languages in the United States, and for other purposes.

1. Short title This Act may be cited as the Multilingual Financial Literacy Act . 2. Study on the impact of language barriers to financial health (a) Study The Financial Literacy and Education Commission shall carry out a study on the impact of language barriers on financial health, including an analysis of, with respect to groups with limited English proficiency, access to financial literacy education and training, credit score outcomes, the cost of credit, and homebuying. (b) Consultation In carrying out the study required under subsection (a), the Financial Literacy and Education Commission shall consult with each agency represented in the membership of the Commission. (c) Report Not later than 180 days after the date of enactment of this Act, the Financial Literacy and Education Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report— (1) containing all findings and determinations made in carrying out the study required under subsection (a); and (2) analyzing the need for language accessibility across the financial services industry, including an identification of— (A) any industry in which information is provided solely in 1 language; and (B) any product, service, or other financial offering for which the availability of information is limited beyond English. 3. Language access to Commission website and toll-free telephone number (a) In general Section 514 of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9703 ) is amended— (1) in subsection (b)— (A) in paragraph (2)— (i) in subparagraph (D), by striking and at the end; (ii) by redesignating subparagraph (E) as subparagraph (F); and (iii) by inserting after subparagraph (D) the following: (E) be provided in at least 8 of the most commonly spoken languages in the United States, as determined by the Bureau of the Census; and ; and (B) by adding at the end the following: (3) Information on language resources from Federal agencies The website established under paragraph (1) shall contain a separate website that provides— (A) information on which Federal agencies provide financial literacy and education resources in languages other than English, including a description of which resources are available in which languages; and (B) guidance on where individuals can find Federal resources in a particular language for various topic areas. (4) Translation services provided by the Department of the Treasury The Secretary of the Treasury shall provide the translation services necessary to comply with the language requirement under paragraph (2)(E). ; (2) in subsection (c)— (A) by striking The Commission and inserting the following: (1) In general The Commission ; and (B) by adding at the end the following: (2) Language requirement (A) In general The toll-free telephone number established under paragraph (1) shall provide verbal assistance to members of the public in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census. (B) Translation services provided by the Department of the Treasury The Secretary of the Treasury shall provide the staff necessary to comply with the requirement under subparagraph (A). ; and (3) by adding at the end the following: (j) Language access to Federal agency information The Commission shall coordinate and promote efforts of Federal agencies to make all financial literacy and education resources of Federal agencies available in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census. . (b) Effective date The amendments made by subsection (a) shall take effect on the date that is 1 year after the date of enactment of this Act. 4. Policy recommendations Not later than 1 year after the date of enactment of this Act, the Financial Literacy and Education Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing— (1) legislative and regulatory recommendations on how to address— (A) barriers to financial inclusion caused by language barriers, including through financial literacy education and training; and (B) the role that emerging technology and financial products play in helping or harming communities with limited English proficiency; (2) a summary of— (A) the actions taken by the Commission to prepare to implement the amendments made by section 3; and (B) actions taken by each Federal agency that is represented in the membership of the Commission to make financial literacy and education resources of the agency available to the public in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census; and (3) an estimate of the cost— (A) to implement the amendments made by section 3; and (B) for each Federal agency that is represented in the membership of the Commission, to make financial literacy and education resources of the agency available to the public in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census. 5. Annual report on financial literacy Section 514(h)(2) of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9703(h)(2) ) is amended— (1) in subparagraph (I), by striking and at the end; (2) by redesignating subparagraph (J) as subparagraph (O); and (3) by inserting after subparagraph (I) the following: (J) for the period covered by the report, a summary of the efforts of the Commission to increase financial literacy across all of the agencies that are represented in the membership of the Commission; (K) an analysis of where there are financial literacy needs across different groups, including information by age group, socioeconomic status, race, ethnicity, and language preference; (L) an analysis of limited access to credit and disparate credit scoring across different groups, including information by age group, gender, sexual orientation, socioeconomic status, race, ethnicity, and language preference; (M) an explanation of how a lack of financial literacy, systemic barriers, and other obstacles result in a wealth gap across different groups, including information by age group, gender, sexual orientation, socioeconomic status, race, ethnicity, and language preference; (N) proposals and potential policy solutions for addressing barriers to financial literacy, disparate credit scoring, and the wealth gap; and .