Skip to main content
HR 7953 116th Congress House Finance and Financial Sector Adult education and literacy Congressional oversight Consumer credit Education programs funding Elementary and secondary education Financial literacy Financial services and investments Higher education Research administration and funding Student aid and college costs Teaching, teachers, curricula

Young Americans Financial Literacy Act

Introduced: August 7, 2020 Introduced by: Carson, André Democratic · Indiana See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 7, 2020
Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Aug 7, 2020
Sponsor introductory remarks on measure. (CR E740-741)
Aug 7, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Young Americans Financial Literacy Act

This bill requires the Consumer Financial Protection Bureau to award competitive grants to eligible institutions for the establishment of financial literacy education programs for young people and families. An eligible institution is a partnership among two or more of the following

  • an institution of higher education;
  • a state or local government agency specializing in financial education;
  • a nonprofit agency, organization, or association;
  • a financial institution; or
  • another small organization.

Authorized grant funded activities shall include

  • developing and implementing comprehensive, research based, financial-literacy education programs for young people;
  • designing instructional materials;
  • developing and supporting the delivery of professional development programs in financial literacy education;
  • improving access to, and dissemination of, financial literacy information for young people and families;
  • developing educational programs to reduce student loan default rates;
  • conducting ongoing research and evaluation of financial literacy education programs; and
  • measuring the effectiveness of authorized activities.

The grant program shall terminate after FY2025.

What's happening now August 7, 2020

Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2