In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Input: Consider Input: SECTION 1. RENEWAL COMMUNITY TAX INCENTIVES.

    (a) In General.--Subsection (b) of section 1400E of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``December 31, 2009'' in paragraphs (1)(A) 
        and (3) and inserting ``December 31, 2012''; and
            (2) by striking ``January 1, 2010'' in paragraph (3) and 
        inserting ``January 1, 2013''.
    (b) Zero-Percent Capital Gains Rate.--
            (1) Acquisition date.--Paragraphs (2)(A)(i), (3)(A), 
        (4)(A)(i), and (4)(B)(i) of section 1400F(b) of such Code are 
        each amended by striking ``January 1, 2010'' and inserting 
        ``January 1, 2013''.
            (2) Limitation on period of gains.--Paragraph (2) of 
        section 1400F(c) of such Code is amended--
                    (A) by striking ``December 31, 2014'' and inserting 
                ``December 31, 2017''; and
                    (B) by striking ``2014'' in the heading and 
                inserting ``2017''.
            (3) Applicable rules.--Subsection (d) of section 1400F is 
        amended--
                    (A) by striking ``December 31, 2014'' the first 
                place it appears and inserting ``December 31, 2017'', 
                and
                    (B) by striking ``December 31, 2014'' the second 
                place it appears and inserting ``December 31, 2016''.
    (c) Commercial Revitalization Deduction.--
            (1) Extension.--
                    (A) In general.--Subsection (g) of section 1400I of 
                such Code is amended by striking ``December 31, 2009'' 
                and inserting ``December 31, 2012''.
                    (B) Conforming amendment.--Subparagraph (A) of 
                section 1400I(d)(2) of such Code is amended by striking 
                ``after 2001 and before 2010'' and inserting ``which 
                begins after 2001 and before the date referred to in 
                subsection (g)''.
            (2) Carryforward of unallocated state commercial 
        revitalization expenditure ceiling.--
                    (A) In general.--Paragraph (1) of section 1400I(d) 
                of such Code is amended to read as follows:
            ``(1) In general.--The aggregate commercial revitalization 
        expenditure amount which a commercial revitalization agency may 
        allocate for any calendar year is the amount equal to the sum 
        of--
                    ``(A) the amount of the State commercial 
                revitalization expenditure ceiling determined under 
                this paragraph for such calendar year for such agency 
                (determined without regard to subparagraph (B)), and
                    ``(B) the aggregate of the unused State commercial 
                revitalization expenditure ceilings determined under 
                this paragraph for such agency for each of the 2 
                preceding calendar years.
        For purposes of subparagraph (B), amounts of expenditure 
        ceiling shall be treated as allocated by an agency first from 
        unused amounts for the second preceding calendar year, then 
        from unused amounts for the 1st preceding calendar year, and 
        then from amounts from the current year State allocation.''.
                    (B) Effective date.--The amendment made by this 
                subsection shall apply to calendar years beginning 
                after the date of the enactment of this Act.
    (d) Increased Expensing Under Section 179.--Subparagraph (A) of 
section 1400J(b)(1) of such Code is amended by striking ``January 1, 
2010'' and inserting ``January 1, 2013''.
    (e) Treatment of Certain Termination Dates Specified in 
Nominations.--In the case of a designation of a renewal community the 
nomination for which included a termination date which is 
contemporaneous with the date specified in subparagraph (A) of section 
1400E(b)(1) of the Internal Revenue Code of 1986 (as in effect before 
the enactment of this Act), subparagraph (B) of such section shall not 
apply with respect to such designation unless, after the date of the 
enactment of this section, the entity which made such nomination 
reconfirms such termination date, or amends the nomination to provide 
for a new termination date, in such manner as the Secretary of the 
Treasury (or the Secretary's designee) may provide.
    (f) Effective Dates.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        periods after December 31, 2009.
            (2) Acquisitions.--The amendments made by subsections 
        (b)(1) and (d) shall apply to acquisitions after December 31, 
        2009.
            (3) Commercial revitalization deduction.--
                    (A) In general.--The amendment made by subsection 
                (c)(1) shall apply to buildings placed in service after 
                December 31, 2009.
                    (B) Conforming amendment.--The amendment made by 
                subsection (c)(2) shall apply to calendar years 
                beginning after December 31, 2009.

Output: Amends the Internal Revenue Code to extend through December 31, 2012, the designation period of areas as renewal communities and tax incentives for investment in such areas, including: (1) the exclusion from gross income for income tax purposes of gain from the sale or exchange of assets (stock or business property) in such areas, (2) the tax deduction for commercial revitalization expenditures in such areas, and (3) an increased expensing allowance for the acquisition of business and investment assets in such areas.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Medical Devices Technical 
Corrections Act''.

SEC. 2. TECHNICAL CORRECTIONS REGARDING PUBLIC LAW 107-250.

    (a) Title I; Fees Relating to Medical Devices.--Part 3 of 
subchapter C of chapter VII of the Federal Food, Drug, and Cosmetic Act 
(21 U.S.C. 379i et seq.), as added by section 102 of Public Law 107-250 
(116 Stat. 1589), is amended--
        (1) in section 737--
            (A) in paragraph (4)(B), by striking ``and for which 
        clinical data are generally necessary to provide a reasonable 
        assurance of safety and effectiveness'' and inserting ``and for 
        which substantial clinical data are necessary to provide a 
        reasonable assurance of safety and effectiveness'';
            (B) in paragraph (4)(D), by striking ``manufacturing,'';
            (C) in paragraph (5)(J), by striking ``a premarket 
        application'' and all that follows and inserting ``a premarket 
        application or premarket report under section 515 or a 
        premarket application under section 351 of the Public Health 
        Service Act.''; and
            (D) in paragraph (8), by striking ``The term `affiliate' 
        means a business entity that has a relationship with a second 
        business entity'' and inserting ``The term `affiliate' means a 
        business entity that has a relationship with a second business 
        entity (whether domestic or international)''; and
        (2) in section 738--
            (A) in subsection (a)(1)--
                (i) in subparagraph (A)--

                    (I) in the matter preceding clause (i) by striking 
                ``subsection (d),'' and inserting ``subsections (d) and 
                (e),'';
                    (II) in clause (iv), by striking ``clause (i),'' 
                and all that follows and inserting ``clause (i).''; and
                    (III) in clause (vii), by striking ``clause (i),'' 
                and all that follows and inserting ``clause (i), 
                subject to any adjustment under subsection 
                (e)(2)(C)(ii).''; and

                (ii) in subparagraph (D), in each of clauses (i) and 
            (ii), by striking ``application'' and inserting 
            ``application, report,'';
            (B) in subsection (d)(2)(B), beginning in the second 
        sentence, by striking ``firms. which show'' and inserting 
        ``firms, which show'';
            (C) in subsection (e)--
                (i) in paragraph (1), by striking ``Where'' and 
            inserting ``For fiscal year 2004 and each subsequent fiscal 
            year, where''; and
                (ii) in paragraph (2)--

                    (I) in subparagraph (B), beginning in the second 
                sentence, by striking ``firms. which show'' and 
                inserting ``firms, which show''; and
                    (II) in subparagraph (C)(i), by striking ``Where'' 
                and inserting ``For fiscal year 2004 and each 
                subsequent fiscal year, where'';

            (D) in subsection (f), by striking ``for filing''; and
            (E) in subsection (h)(2)(B)--
                (i) in clause (ii), by redesignating subclauses (I) and 
            (II) as items (aa) and (bb), respectively;
                (ii) by redesignating clauses (i) and (ii) as 
            subclauses (I) and (II), respectively;
                (iii) by striking ``The Secretary'' and inserting the 
            following:
                ``(i) In general.--The Secretary''; and
                (iv) by adding at the end the following:
                ``(ii) More than 5 percent.--To the extent such costs 
            are more than 5 percent below the specified level in 
            subparagraph (A)(ii), fees may not be collected under this 
            section for that fiscal year.''.
    (b) Title II; Amendments Regarding Regulation of Medical Devices.--
        (1) Inspections by accredited persons.--Section 704(g) of the 
    Federal Food, Drug, and Cosmetic Act (21 U.S.C. 374(g)), as added 
    by section 201 of Public Law 107-250 (116 Stat. 1602), is amended--
            (A) in paragraph (1), in the first sentence, by striking 
        ``conducting inspections'' and all that follows and inserting 
        ``conducting inspections of establishments that manufacture, 
        prepare, propagate, compound, or process class II or class III 
        devices, which inspections are required under section 510(h) or 
        are inspections of such establishments required to register 
        under section 510(i).'';
            (B) in paragraph (5)(B), in the first sentence, by striking 
        ``or poses'' and all that follows through the period and 
        inserting ``poses a threat to public health, fails to act in a 
        manner that is consistent with the purposes of this subsection, 
        or where the Secretary determines that there is a financial 
        conflict of interest in the relationship between the accredited 
        person and the owner or operator of a device establishment that 
        the accredited person has inspected under this subsection.'';
            (C) in paragraph (6)(A)--
                (i) in clause (i), by striking ``of the establishment 
            pursuant to subsection (h) or (i) of section 510'' and 
            inserting ``described in paragraph (1)'';
                (ii) in clause (ii)--

                    (I) in the matter preceding subclause (I)--

                        (aa) by striking ``each inspection'' and 
                    inserting ``inspections''; and
                        (bb) by inserting ``during a 2-year period'' 
                    after ``person''; and

                    (II) in subclause (I), by striking ``such a 
                person'' and inserting ``an accredited person'';

                (iii) in clause (iii)--

                    (I) in the matter preceding subclause (I), by 
                striking ``and the following additional conditions are 
                met:'' and inserting ``and 1 or both of the following 
                additional conditions are met:'';
                    (II) in subclause (I), by striking ``accredited'' 
                and all that follows through the period and inserting 
                ``(accredited under paragraph (2) and identified under 
                clause (ii)(II)) as a person authorized to conduct such 
                inspections of device establishments.''; and
                    (III) in subclause (II), by inserting ``or by a 
                person accredited under paragraph (2)'' after ``by the 
                Secretary'';

                (iv) in clause (iv)(I)--

                    (I) in the first sentence--

                        (aa) by striking ``the two immediately 
                    preceding inspections of the establishment'' and 
                    inserting ``inspections of the establishment during 
                    the previous 4 years''; and
                        (bb) by inserting ``section'' after ``pursuant 
                    to'';

                    (II) in the third sentence--

                        (aa) by striking ``the petition states a 
                    commercial reason for the waiver;''; and
                        (bb) by inserting ``not'' after ``the Secretary 
                    has not determined that the public health would''; 
                    and

                    (III) in the fourth sentence, by striking ``granted 
                until'' and inserting ``granted or deemed to be granted 
                until''; and

                (v) in clause (iv)(II)--

                    (I) by inserting ``of a device establishment 
                required to register'' after ``to be conducted''; and
                    (II) by inserting ``section'' after ``pursuant 
                to'';

            (D) in paragraph (6)(B)(iii)--
                (i) in the first sentence, by striking ``, and data 
            otherwise describing whether the establishment has 
            consistently been in compliance with sections 501 and 502 
            and other'' and inserting ``and with other''; and
                (ii) in the second sentence--

                    (I) by striking ``inspections'' and inserting 
                ``inspectional findings''; and
                    (II) by inserting ``relevant'' after ``together 
                with all other'';

            (E) in paragraph (6)(B)(iv)--
                (i) by inserting ``(I)'' after ``(iv)''; and
                (ii) by adding at the end the following:
    ``(II) If, during the two-year period following clearance under 
subparagraph (A), the Secretary determines that the device 
establishment is substantially not in compliance with this Act, the 
Secretary may, after notice and a written response, notify the 
establishment that the eligibility of the establishment for the 
inspections by accredited persons has been suspended.'';
            (F) in paragraph (6)(C)(ii), by striking ``in accordance 
        with section 510(h), or has not during such period been 
        inspected pursuant to section 510(i), as applicable'';
            (G) in paragraph (10)(B)(iii), by striking ``a reporting'' 
        and inserting ``a report''; and
            (H) in paragraph (12)--
                (i) by striking subparagraph (A) and inserting the 
            following:
        ``(A) the number of inspections conducted by accredited persons 
    pursuant to this subsection and the number of inspections conducted 
    by Federal employees pursuant to section 510(h) and of device 
    establishments required to register under section 510(i);''; and
                (ii) in subparagraph (E), by striking ``obtained by the 
            Secretary'' and all that follows and inserting ``obtained 
            by the Secretary pursuant to inspections conducted by 
            Federal employees;''.
        (2) Other corrections.--
            (A) Prohibited acts.--Section 301(gg) of the Federal Food, 
        Drug, and Cosmetic Act (21 U.S.C. 331(gg)), as amended by 
        section 201(d) of Public Law 107-250 (116 Stat. 1609), is 
        amended to read as follows:
    ``(gg) The knowing failure to comply with paragraph (7)(E) of 
section 704(g); the knowing inclusion by a person accredited under 
paragraph (2) of such section of false information in an inspection 
report under paragraph (7)(A) of such section; or the knowing failure 
of such a person to include material facts in such a report.''.
            (B) Electronic labeling.--Section 502(f) of the Federal 
        Food, Drug, and Cosmetic Act (21 U.S.C. 352(f)), as amended by 
        section 206 of Public Law 107-250 (116 Stat. 1613), is amended, 
        in the last sentence--
                (i) by inserting ``or by a health care professional and 
            required labeling for in vitro diagnostic devices intended 
            for use by health care professionals or in blood 
            establishments'' after ``in health care facilities'';
                (ii) by inserting a comma after ``means'';
                (iii) by striking ``requirements of law and, that'' and 
            inserting ``requirements of law, and that'';
                (iv) by striking ``the manufacturer affords health care 
            facilities the opportunity'' and inserting ``the 
            manufacturer affords such users the opportunity''; and
                (v) by striking ``the health care facility''.
    (c) Title III; Additional Amendments.--
        (1) Effective date.--Section 301(b) of Public Law 107-250 (116 
    Stat. 1616), is amended by striking ``18 months'' and inserting 
    ``36 months''.
        (2) Premarket notification.--Section 510(o) of the Federal 
    Food, Drug, and Cosmetic Act (21 U.S.C. 360(o)), as added by 
    section 302(b) of Public Law 107-250 (116 Stat. 1616), is amended--
            (A) in paragraph (1)(B), by striking ``, adulterated'' and 
        inserting ``or adulterated''; and
            (B) in paragraph (2)--
                (i) in subparagraph (B), by striking ``, adulterated'' 
            and inserting ``or adulterated''; and
                (ii) in subparagraph (E), by striking ``semicritical'' 
            and inserting ``semi-critical''.
    (d) Miscellaneous Corrections.--
        (1) Certain amendments to section 515.--
            (A) In general.--
                (i) Technical correction.--Section 515(c) of the 
            Federal Food, Drug, and Cosmetic Act (21 U.S.C. 360e(c)), 
            as amended by sections 209 and 302(c)(2)(A) of Public Law 
            107-250 (116 Stat. 1613, 1618), is amended by redesignating 
            paragraph (3) (as added by section 209 of such Public Law) 
            as paragraph (4).
                (ii) Modular review.--Section 515(c)(4)(B) of the 
            Federal Food, Drug, and Cosmetic Act (21 U.S.C. 
            360e(c)(4)(B)) is amended by striking ``unless an issue of 
            safety'' and inserting ``unless a significant issue of 
            safety''.
            (B) Conforming amendment.--Section 210 of Public Law 107-
        250 (116 Stat. 1614) is amended by striking
        ``, as amended'' and all that follows through ``by adding'' and 
        inserting ``is amended in paragraph (3), as redesignated by 
        section 302(c)(2)(A) of this Act, by adding''.
        (2) Certain amendments to section 738.--
            (A) In general.--Section 738(a) of the Federal Food, Drug, 
        and Cosmetic Act (21 U.S.C. 379j(a)), as amended by subsection 
        (a), is amended--
                (i) in the matter preceding paragraph (1)--

                    (I) by striking ``(a) Types of Fees.--Beginning 
                on'' and inserting the following:

    ``(a) Types of Fees.--
        ``(1) In general.--Beginning on''; and

                    (II) by striking ``this section as follows:'' and 
                inserting ``this section.''; and

                (ii) by striking ``(1) Premarket application,'' and 
            inserting the following: ``(2) Premarket application,''.
            (B) Conforming amendments.--Section 738 of the Federal 
        Food, Drug, and Cosmetic Act (21 U.S.C. 379j), as amended by 
        subparagraph (A), is amended--
                (i) in subsection (d)(1), in the last sentence, by 
            striking ``subsection (a)(1)(A)'' and inserting 
            ``subsection (a)(2)(A)'';
                (ii) in subsection (e)(1), by striking ``subsection 
            (a)(1)(A)(vii)'' and inserting ``subsection 
            (a)(2)(A)(vii)'';
                (iii) in subsection (e)(2)(C)--

                    (I) in each of clauses (i) and (ii), by striking 
                ``subsection (a)(1)(A)(vii)'' and inserting 
                ``subsection (a)(2)(A)(vii)''; and
                    (II) in clause (ii), by striking ``subsection 
                (a)(1)(A)(i)'' and inserting ``subsection 
                (a)(2)(A)(i)''; and

                (iv) in subsection (j), by striking ``subsection 
            (a)(1)(D),'' and inserting ``subsection (a)(2)(D),''.
            (C) Additional conforming amendment.--Section 102(b)(1) of 
        Public Law 107-250 (116 Stat. 1600) is amended, in the matter 
        preceding subparagraph (A), by striking ``section 
        738(a)(1)(A)(ii)'' and inserting ``section 738(a)(2)(A)(ii)''.
        (3) Public law 107-250.--Public Law 107-250 is amended--
            (A) in section 102(a) (116 Stat. 1589), by striking ``(21 
        U.S.C. 379F et seq.)'' and inserting ``(21 U.S.C. 379f et 
        seq.)'';
            (B) in section 102(b) (116 Stat. 1600)--
                (i) by striking paragraph (2);
                (ii) in paragraph (1), by redesignating subparagraphs 
            (A) and (B) as paragraphs (1) and (2), respectively; and
                (iii) by striking:
    ``(b) Fee Exemption for Certain Entities Submitting Premarket 
Reports.--
        ``(1) In general.--A person submitting a premarket report'' and 
    inserting:
    ``(b) Fee Exemption for Certain Entities Submitting Premarket 
Reports.--A person submitting a premarket report''; and
            (C) in section 212(b)(2) (116 Stat. 1614), by striking ``, 
        such as phase IV trials,''.
SEC. 3. REPORT ON BARRIERS TO AVAILABILITY OF DEVICES INTENDED FOR 
CHILDREN.
    Not later than 180 days after the date of enactment of this Act, 
the Secretary of Health and Human Services shall submit to the 
Committee on Health, Education, Labor, and Pensions of the Senate and 
the Committee on Energy and Commerce of the House of Representatives a 
report on the barriers to the availability of devices intended for the 
treatment or diagnosis of diseases and conditions that affect children. 
The report shall include any recommendations of the Secretary of Health 
and Human Services for changes to existing statutory authority, 
regulations, or agency policy or practice to encourage the invention 
and development of such devices.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Output: Medical Devices Technical Corrections Act - Amends the Federal Food, Drug, and Cosmetic Act (as amended by the Medical Device User Fee and Modernization Act of 2002) to revise provisions concerning medical devices user fees.

Prohibits the Secretary of Health and Human Services from collecting fees to defray costs in any fiscal year where the amount appropriated is more than five percent below the costs of the resources allocated for the review of device applications.

Allows the Secretary to withdraw accreditation to inspect from any person where the Secretary determines that there is a conflict of interest between the company and the accredited inspector.

Permits a company that markets at least one medical device in the United States and one medical device in another country to use an accredited third party inspector if the company certifies that the foreign country recognizes inspections by: (1) the Food and Drug Administration (FDA); and/or (2) the third party inspector. (Current law requires a country to recognize both types of inspections.)

Allows the Secretary to withdraw eligibility for third party inspections from a company if the Secretary determines that the company is substantially not in compliance with the Act.

Allows electronic labeling for prescription devices intended for use by health care professionals and for in vitro diagnostic devices intended for use by health care professionals or in blood establishments.

Delays by 18 additional months the effective date of the provision deeming a device misbranded if the identification of the manufacturer is not conspicuously displayed.

Directs the Secretary to submit a report to the relevant committees on the barriers to the availability of devices intended for treatment or diagnosis of diseases or conditions that affect children.


Input: Consider Input: SECTION 1. PROMOTING YOUTH FINANCIAL LITERACY.

    Title IV of the Elementary and Secondary Education Act of 1965 (20 
U.S.C. 7101 et seq.) is amended by adding at the end the following:

              ``PART D--PROMOTING YOUTH FINANCIAL LITERACY

``SEC. 4401. SHORT TITLE AND FINDINGS.

    ``(a) Short Title.--This part may be cited as the `Youth Financial 
Education Act'.
    ``(b) Findings.--Congress finds the following:
            ``(1) In order to succeed in our dynamic American economy, 
        young people must obtain the skills, knowledge, and experience 
        necessary to manage their personal finances and obtain general 
        financial literacy. All young adults should have the 
        educational tools necessary to make informed financial 
        decisions.
            ``(2) Despite the critical importance of financial literacy 
        to young people, the average student who graduates from high 
        school lacks basic skills in the management of personal 
        financial affairs. A nationwide survey conducted in 2002 by the 
        Jump$tart Coalition for Personal Financial Literacy examined 
        the financial knowledge of 4,024 12th graders. On average, 
        survey respondents answered only 50 percent of the questions 
        correctly. This figure is down from the 52 percent average 
        score in 2000 and the 57 percent average score in 1997.
            ``(3) An evaluation by the National Endowment for Financial 
        Education High School Financial Planning Program undertaken 
        jointly with the United States Department of Agriculture 
        Cooperative State Research, Education, and Extension Service 
        demonstrates that as little as 10 hours of classroom 
        instruction can impart substantial knowledge and affect 
        significant change in how teens handle their money.
            ``(4) State educational leaders have recognized the 
        importance of providing a basic financial education to students 
        in kindergarten through grade 12 by integrating financial 
        education into State educational standards, but by 2002 only 4 
        States required students to complete a course that covered 
        personal finance before graduating from high school.
            ``(5) Teacher training and professional development are 
        critical to achieving youth financial literacy. Teachers 
        confirm the need for professional development in personal 
        finance education. In a survey by the National Institute for 
        Consumer Education, 77 percent of a State's economics teachers 
        revealed that they had never had a college course in personal 
        finance.
            ``(6) Personal financial education helps prepare students 
        for the workforce and for financial independence by developing 
        their sense of individual responsibility, improving their life 
        skills, and providing them with a thorough understanding of 
        consumer economics that will benefit them for their entire 
        lives.
            ``(7) Financial education integrates instruction in 
        valuable life skills with instruction in economics, including 
        income and taxes, money management, investment and spending, 
        and the importance of personal savings.
            ``(8) The consumers and investors of tomorrow are in our 
        schools today. The teaching of personal finance should be 
        encouraged at all levels of our Nation's educational system, 
        from kindergarten through grade 12.

``SEC. 4402. STATE GRANT PROGRAM.

    ``(a) Program Authorized.--The Secretary is authorized to provide 
grants to State educational agencies to develop and integrate youth 
financial education programs for students in elementary schools and 
secondary schools.
    ``(b) State Plan.--
            ``(1) Approved state plan required.--To be eligible to 
        receive a grant under this section, a State educational agency 
        shall submit an application that includes a State plan, 
        described in paragraph (2), that is approved by the Secretary.
            ``(2) State plan contents.--The State plan referred to in 
        paragraph (1) shall include--
                    ``(A) a description of how the State educational 
                agency will use grant funds;
                    ``(B) a description of how the programs supported 
                by a grant will be coordinated with other relevant 
                Federal, State, regional, and local programs; and
                    ``(C) a description of how the State educational 
                agency will evaluate program performance.
    ``(c) Allocation of Funds.--
            ``(1) Allocation factors.--Except as otherwise provided in 
        paragraph (2), the Secretary shall allocate the amounts made 
        available to carry out this section pursuant to subsection (a) 
        to each State according to the relative populations in all the 
        States of students in kindergarten through grade 12, as 
        determined by the Secretary based on the most recent 
        satisfactory data.
            ``(2) Minimum allocation.--Subject to the availability of 
        appropriations and notwithstanding paragraph (1), a State that 
        has submitted a plan under subsection (b) that is approved by 
        the Secretary shall be allocated an amount that is not less 
        than $500,000 for a fiscal year.
            ``(3) Reallocation.--In any fiscal year an allocation under 
        this subsection--
                    ``(A) for a State that has not submitted a plan 
                under subsection (b); or
                    ``(B) for a State whose plan submitted under 
                subsection (b) has been disapproved by the Secretary;
        shall be reallocated to States with approved plans under this 
        section in accordance with paragraph (1).
    ``(d) Use of Grant Funds.--
            ``(1) Required uses.--A grant made to a State educational 
        agency under this part shall be used--
                    ``(A) to provide funds to local educational 
                agencies and public schools to carry out financial 
                education programs for students in kindergarten through 
                grade 12 based on the concept of achieving financial 
                literacy through the teaching of personal financial 
                management skills and the basic principles involved 
                with earning, spending, saving, and investing;
                    ``(B) to carry out professional development 
                programs to prepare teachers and administrators for 
                financial education; and
                    ``(C) to monitor and evaluate programs supported 
                under subparagraphs (A) and (B).
            ``(2) Limitation on administrative costs.--A State 
        educational agency receiving a grant under subsection (a) may 
        use not more than 4 percent of the total amount of the grant in 
        each fiscal year for the administrative costs of carrying out 
        this section.
    ``(e) Report to the Secretary.--Each State educational agency 
receiving a grant under this section shall transmit a report to the 
Secretary with respect to each fiscal year for which a grant is 
received. The report shall describe the programs supported by the grant 
and the results of the State educational agency's monitoring and 
evaluation of such programs.

``SEC. 4403. CLEARINGHOUSE.

    ``(a) Authority.--Subject to the availability of appropriations, 
the Secretary shall make a grant to, or execute a contract with, an 
eligible entity with substantial experience in the field of financial 
education, such as the Jump$tart Coalition for Personal Financial 
Literacy, to establish, operate, and maintain a national clearinghouse 
(in this part referred to as the `Clearinghouse') for instructional 
materials and information regarding model financial education programs 
and best practices.
    ``(b) Eligible Entity.--In this section, the term `eligible entity' 
means a national nonprofit organization with a proven record of--
            ``(1) cataloging youth financial literacy materials; and
            ``(2) providing support services and materials to schools 
        and other organizations that work to promote youth financial 
        literacy.
    ``(c) Application.--An eligible entity desiring to establish, 
operate, and maintain the Clearinghouse shall submit an application to 
the Secretary at such time, in such manner, and accompanied by such 
information, as the Secretary may reasonably require.
    ``(d) Basis and Term.--The Secretary shall make the grant or 
contract authorized under subsection (a) on a competitive, merit basis 
for a term of 5 years.
    ``(e) Use of Funds.--The Clearinghouse shall use the funds provided 
under a grant or contract made under subsection (a)--
            ``(1) to maintain a repository of instructional materials 
        and related information regarding financial education programs 
        for elementary schools and secondary schools, including 
        kindergartens, for use by States, localities, and the general 
        public;
            ``(2) to disseminate to States, localities, and the general 
        public, through electronic and other means, instructional 
        materials and related information regarding financial education 
        programs for elementary schools and secondary schools, 
        including kindergartens; and
            ``(3) to the extent that resources allow, to provide 
        technical assistance to States, localities, and the general 
        public on the design, establishment, and implementation of 
        financial education programs for elementary schools and 
        secondary schools, including kindergartens.
    ``(f) Consultation.--The chief executive officer of the eligible 
entity selected to establish and operate the Clearinghouse shall 
consult with the Department of the Treasury and the Securities Exchange 
Commission with respect to its activities under subsection (e).
    ``(g) Submission to Clearinghouse.--Each Federal agency or 
department that develops financial education programs and instructional 
materials for such programs shall submit to the Clearinghouse 
information on the programs and copies of the materials.
    ``(h) Application of Copyright Laws.--In carrying out this section 
the Clearinghouse shall comply with the provisions of title 17 of the 
United States Code.

``SEC. 4404. EVALUATION AND REPORT.

    ``(a) Performance Measures.--The Secretary shall develop measures 
to evaluate the performance of programs assisted under sections 4402 
and 4403.
    ``(b) Evaluation According to Performance Measures.--Applying the 
performance measures developed under subsection (a), the Secretary 
shall evaluate programs assisted under sections 4402 and 4403--
            ``(1) to judge their performance and effectiveness;
            ``(2) to identify which of the programs represent the best 
        practices of entities developing financial education programs 
        for students in kindergarten through grade 12; and
            ``(3) to identify which of the programs may be replicated 
        and used to provide technical assistance to States, localities, 
        and the general public.
    ``(c) Report.--For each fiscal year for which there are 
appropriations under section 4407(a), the Secretary shall transmit a 
report to Congress describing the status of the implementation of this 
part. The report shall include the results of the evaluation required 
under subsection (b) and a description of the programs supported under 
section 4402.

``SEC. 4405. DEFINITIONS.

    ``In this part:
            ``(1) Financial education.--The term `financial education' 
        means educational activities and experiences, planned and 
        supervised by qualified teachers, that enable students to 
        understand basic economic and consumer principals, acquire the 
        skills and knowledge necessary to manage personal and household 
        finances, and develop a range of competencies that will enable 
        them to become responsible consumers in today's complex 
        economy.
            ``(2) Qualified teacher.--The term `qualified teacher' 
        means a teacher who holds a valid teaching certification or is 
        considered to be qualified by the State educational agency in 
        the State in which the teacher works.

``SEC. 4406. PROHIBITION.

    ``Nothing in this part shall be construed to authorize an officer 
or employee of the Federal Government to mandate, direct, or control a 
State, local educational agency, or school's specific instructional 
content, curriculum, or program of instruction, as a condition of 
eligibility to receive funds under this part.

``SEC. 4407. AUTHORIZATION OF APPROPRIATIONS.

    ``(a) Authorization.--For the purposes of carrying out this part, 
there are authorized to be appropriated $100,000,000 for each of the 
fiscal years 2004 through 2008.
    ``(b) Limitation on Funds for Clearinghouse.--The Secretary may use 
not less than 2 percent and not more than 5 percent of amounts 
appropriated under subsection (a) for each fiscal year to carry out 
section 4403.
    ``(c) Limitation on Funds for Secretary Evaluation.--The Secretary 
may use not more than $200,000 from the amounts appropriated under 
subsection (a) for each fiscal year to carry out subsections (a) and 
(b) of section 4404.
    ``(d) Limitation on Administrative Costs.--Except as necessary to 
carry out subsections (a) and (b) of section 4404 using amounts 
described in subsection (c) of this section, the Secretary shall not 
use any portion of the amounts appropriated under subsection (a) for 
the costs of administering this part.''.


Output: Youth Financial Education Act - Amends the Elementary and Secondary Education Act of 1965 to authorize the Secretary of Education to allot grants to State educational agencies to provide funds to local educational agencies and public schools for personal financial literacy education programs for students in kindergarten through grade 12, and for professional development programs to prepare teachers and administrators for such financial education.

Directs the Secretary to make a grant to or contract with an entity with substantial financial education experience for a national clearinghouse for instructional materials and information on model financial education programs and best practices.