Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Young Americans Financial Literacy
Act''.

SEC. 2. FINDINGS.

The Congress finds as follows:
(1) Since 2007, there has been a nearly 20-percent drop in
the number of 18-year-olds with bank accounts, and in 2012,
nearly one in three Americans don't pay their bills on time.
(2) Ninety percent of Americans believe all high school
students should be required to take a class in financial
education.
(3) Eighty percent of parents believe schools are teaching
money management and budgeting, while over 70 percent of
teachers are not teaching financial literacy.
(4) According to a 2010 survey, only a few States have
adopted varying degrees of financial literacy curriculum, and
only four States require high school students to take a
semester long course.
(5) Two in five U.S. adults gave themselves a C, D or F on
their knowledge of personal finance. In 2011, 76 percent
admitted they could benefit from additional advice and answers
to everyday financial questions from a professional.
(6) Two in five adults indicated that they are now saving
less than they were one year ago.
(7) Most adults feel that their financial literacy skills
are inadequate, yet they do not rely on anyone else to handle
their finances; they feel it is important to know more but have
received no financial education.
(8) It is necessary to respond immediately to the pressing
needs of individuals faced with the loss of their financial
stability, however increased attention must also be paid to
financial literacy education reform and long-term solutions to
prevent future personal financial disasters.
(9) There is an urgent need to respond to the economic
recovery with research-based financial literacy education
programs to reach individuals at all ages and socioeconomic
levels, particularly those facing unique and challenging
financial situations, such as high school graduates entering
the workforce, soon-to-be and recent college graduates, young
families, and the unique needs of military personnel and their
families.
(10) More than 70 percent of parents say they have spoken
with their teens about credit and using credit cards wisely,
while less than 44 percent of the teenaged children of those
respondents say their parents have talked to them about credit
cards.
(11) Seventy-six percent of parents surveyed said their
high school student does not have a budget.
(12) Seventy-five percent of 16 to 18-year-olds say
learning more about budgeting and money management is one of
their top priorities. Researchers document a ''snowball
effect'' that such early efforts exponentially increase the
likelihood that students will pursue more financial education
as time goes on.
(13) High school and college students who are exposed to
cumulative financial education show an increase in financial
knowledge, which in turn drives increasingly responsible
behavior as they become young adults.
(14) Sixty percent of parents identify their teens as
''quick spenders'', and most acknowledge they could do a better
job of teaching and preparing kids for the financial challenges
of adulthood, including budgeting, saving, and investing.
(15) Ninety-three percent of teens surveyed in a 2012
report say they are not involved in paying household bills or
managing the household budget. Forty-six percent admit to not
knowing how to create a budget.
(16) The majority (52 percent) of young adults between the
ages of 23-28 consider ''making better choices about managing
money'' the single most important issue for individual
Americans to act on today.
(17) According to the Government Accountability Office,
giving Americans the information they need to make effective
financial decisions can be key to their well-being and to the
country's economic health. The recent financial crisis, when
many borrowers failed to fully understand the risks associated
with certain financial products, underscored the need to
improve individuals' financial literacy and empower all
Americans to make informed financial decisions. This is
especially true for young people as they are earning their
first paychecks, securing student aid, and establishing their
financial independence. Therefore, focusing economic education
and financial literacy efforts and best practices for young
people between the ages of 8-24 is of utmost importance.

SEC. 3. AUTHORIZATION FOR FUNDING THE ESTABLISHMENT OF CENTERS OF
EXCELLENCE IN FINANCIAL LITERACY EDUCATION.

(a) In General.--The Director of the Bureau of Consumer Financial
Protection, in consultation with the Financial Literacy and Education
Commission established under the Financial Literacy and Education
Improvement Act, may make competitive grants to and enter into
agreements with eligible institutions to establish centers of
excellence to support research, development and planning,
implementation, and evaluation of effective programs in financial
literacy education for young people and families ages 8 through 24
years old.
(b) Authorized Activities.--Activities authorized to be funded by
grants made under subsection (a) shall include the following:
(1) Developing and implementing comprehensive research
based financial literacy education programs for young people--
(A) based on a set of core competencies and
concepts established by the Director, including goal
setting, planning, budgeting, managing money or
transactions, tools and structures, behaviors,
consequences, both long- and short-term savings,
managing debt and earnings; and
(B) which can be incorporated into educational
settings through existing academic content areas,
including materials that appropriately serve various
segments of at-risk populations, particularly minority
and disadvantaged individuals.
(2) Designing instructional materials using evidence-based
content for young families and conducting related outreach
activities to address unique life situations and financial
pitfalls, including bankruptcy, foreclosure, credit card
misuse, and predatory lending.
(3) Developing and supporting the delivery of professional
development programs in financial literacy education to assure
competence and accountability in the delivery system.
(4) Improving access to, and dissemination of, financial
literacy information for young people and families.
(5) Reducing student loan default rates by developing
programs to help individuals better understand how to manage
educational debt through sustained educational programs for
college students.
(6) Conducting ongoing research and evaluation of financial
literacy education programs to assure learning of defined
skills and knowledge, and retention of learning.
(7) Developing research-based assessment and accountability
of the appropriate applications of learning over short and long
terms to measure effectiveness of authorized activities.
(c) Priority for Certain Applications.--The Director shall give a
priority to applications that--
(1) provide clear definitions of ''financial literacy'' and
''financially literate'' to clarify educational outcomes;
(2) establish parameters for identifying the types of
programs that most effectively reach young people and families
in unique life situations and financial pitfalls, including
bankruptcy, foreclosure, credit card misuse, and predatory
lending;
(3) include content that is appropriate to age and
socioeconomic levels;
(4) develop programs based on educational standards,
definitions, and research;
(5) include individual goals of financial independence and
stability; and
(6) establish professional development and delivery systems
using evidence-based practices.
(d) Application and Evaluation Standards and Procedures;
Distribution Criteria.--The Director shall establish application and
evaluation standards and procedures, distribution criteria, and such
other forms, standards, definitions, and procedures as the Director
determines to be appropriate.
(e) Limitation on Grant Amounts.--
(1) In general.--The aggregate amount of grants made under
this section during any fiscal year may not exceed $55,000,000.
(2) Termination.--No grants may be made under this section
after the end of fiscal year 2018.
(f) Definitions.--For purposes of this Act the following
definitions shall apply:
(1) Director.--The term ''Director'' means the Director of
the Bureau of Consumer Financial Protection.
(2) Eligible institution.--The term ''eligible
institution'' means a partnership of two or more of the
following:
(A) Institution of higher education.
(B) Local educational agency.
(C) A nonprofit agency, organization, or
association.
(D) A financial institution.
(3) Institution of higher education.--The term
''institution of higher education'' has the meaning given such
term in section 101 of the Higher Education Act of 1965 (20
U.S.C. 1001(a)).
A:
Young Americans Financial Literacy Act Authorizes the Director of the Consumer Financial Protection Bureau to make competitive grants to, and enter agreements with, eligible institutions to establish centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young people and families ages 8-24 years old. Limits the aggregate amount of grants made under this Act during any fiscal year. Sunsets the grant program at the end of FY2018. Defines "eligible institution" as a partnership of two or more of the following: (1) an institution of higher education; (2) a local educational agency; (3) a nonprofit agency, organization, or association; or (4) a financial institution.