Follow The Orator Network

S 853

112th CONGRESS
1st Session

S. 853

To provide for financial literacy education.

IN THE SENATE OF THE UNITED STATES

April 14, 2011

Mrs. HAGAN introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions


A BILL

To provide for financial literacy education.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Financial Literacy for Students Act of 2011'.

SEC. 2. FINANCIAL LITERACY EDUCATION.

    Part D of title V of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7241 et seq.) is amended by adding at the end the following:

`Subpart 22--Financial Literacy and Entrepreneurship Education

`SEC. 5621. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL LITERACY AND ENTREPRENEURSHIP EDUCATION.

    `(a) Grants- From amounts appropriated under subsection (d), the Secretary may award grants to States to enable the States, on a statewide basis--

      `(1) to integrate financial literacy and entrepreneurship education into each public middle school and secondary school within the State; and

      `(2) to provide professional development regarding the teaching of financial literacy and entrepreneurship to each public middle school and secondary school teacher of financial literacy or entrepreneurship within the State.

    `(b) Limitation- Each State receiving a grant under this section shall use not more than a total of 20 percent of the grant funds for professional and curriculum development.

    `(c) Definition of Middle School- The term `middle school' means a nonprofit institutional day or residential school, including a public middle charter school, that provides middle education, as determined under State law.

    `(d) Authorization of Appropriations- There are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal year 2012 and each of the 4 succeeding fiscal years.

`SEC. 5622. PARENT INVOLVEMENT.

    `(a) Grants-

      `(1) IN GENERAL- From amounts appropriated under subsection (b), the Secretary may award grants to local educational agencies to enable the local educational agencies to support and provide training and assistance to or for parents and students regarding financial literacy and entrepreneurship.

      `(2) PARTNERSHIPS ENCOURAGED-

        `(A) IN GENERAL- In awarding a grant under this section, the Secretary shall encourage a local educational agency to create, promote, and implement the programming assisted under the grant in partnership with a community organization, financial institution, or local business or entrepreneur.

        `(B) BUSINESS AND ENTREPRENEUR PARTNERSHIP- In awarding a grant under this section, the Secretary shall encourage the local educational agencies assisted under the grant to find connections and foster mentorships between classroom-based programs and the local business and entrepreneurship community, where appropriate.

    `(b) Authorization of Appropriations- There are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal year 2012 and each of the 4 succeeding fiscal years.'.

SEC. 3. FINANCIAL LITERACY EDUCATION COORDINATION.

    Subpart 13 of part D of title V of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7267 et seq.) is amended by adding at the end the following:

`SEC. 5538. COORDINATION.

    `(a) In General- The Director of the Bureau of Consumer Financial Protection shall coordinate the activities assisted under this subpart with the activities carried out by any financial education research center operated by a Federal Reserve bank, in order to increase the usage and the prevalence of financial literacy and entrepreneurship education programs and educational resources.

    `(b) Authorization of Appropriations- There are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal year 2012 and each of the 4 succeeding fiscal years.'.

END