[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8486 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 8486
To establish a competitive grant program to increase financial literacy
instruction in elementary schools and secondary schools.
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IN THE HOUSE OF REPRESENTATIVES
October 1, 2020
Mr. Gallagher introduced the following bill; which was referred to the
Committee on Education and Labor
_______________________________________________________________________
A BILL
To establish a competitive grant program to increase financial literacy
instruction in elementary schools and secondary schools.
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 ``Student Empowerment and Financial
Literacy Act''.
SEC. 2. FINANCIAL LITERACY GRANT PROGRAM.
(a) In General.--The Secretary shall award grants on a competitive
basis to eligible entities for the purposes of promoting new and
existing strategies to expand, develop, implement, evaluate, and
disseminate for voluntary use innovative approaches or professional
development programs in financial literacy for elementary school and
secondary school students, that--
(1) show potential to improve student awareness of personal
finance topics;
(2) show potential to improve teaching of such topics,
including by training teachers and instructors to teach such
topics; and
(3) demonstrate innovation, scalability, accountability,
and a focus on underbanked populations.
(b) Applications.--In order to receive a grant under this Act, an
eligible entity shall submit an application to the Secretary at such
time and in such manner, and containing such information, as the
Secretary may reasonably require.
(c) Program Periods and Diversity of Projects.--
(1) Grant period.--A grant awarded under this Act shall be
awarded for a period of not more than 3 years.
(2) Reapplication.--In a case in which an eligible entity
submits an application under subsection (b), and is not awarded
a grant under this Act--
(A) the Secretary shall provide to such eligible
entity--
(i) an explanation for the denial of such
grant; and
(ii) any suggestions for improvements to
the application the eligible entity should make
to be eligible for such a grant; and
(B) the eligible entity may resubmit such
application after receipt of the explanations and
suggestions under subparagraph (A).
(3) Renewal.--The Secretary may renew a grant awarded under
this Act for one additional 2-year period for an eligible
entity that demonstrates the success of the program funded
under the grant, such as through student, parent, teacher or
satisfaction, or program efficacy.
(4) Priority.--In awarding grants under this Act, the
Secretary shall award grants to eligible entities that will use
the grant to provide programs that account for diverse student
and community needs, including any need for electronic and
written materials, broadband or connectivity, multiple
languages, and assistance for students with disabilities.
(5) Diversity of projects.--In awarding grants under this
Act, the Secretary shall ensure that, to the extent
practicable, grants are distributed among eligible entities
that will serve--
(A) geographically diverse areas, including urban,
suburban, and rural areas; and
(B) diverse types of elementary schools and
secondary schools.
SEC. 3. DEFINITIONS.
In this Act:
(1) Elementary school.--The term ``elementary school'' has
the meaning given such term in section 8101 of the Elementary
and Secondary Education Act of 1965 (20 U.S.C. 7801(19)), and
includes a home school that provides elementary education, as
such terms are defined under State law.
(2) Eligible entity.--
(A) In general.--The term ``eligible entity'' means
an entity--
(i) with demonstrated expertise in the
development of strategies designed to improve
understanding of personal finance topics among
elementary school or secondary schools
students; and
(ii) that may be in a partnership with a
community group, financial institution, or
another educational entity.
(B) Demonstrated expertise.--In this paragraph, the
term ``demonstrated expertise'' includes expertise
demonstrated through post-program performance data
(such as post-program review by parents, teachers, and
students that shows demonstrated learning and efficacy
of program, and post-program student work-product that
demonstrates real learning).
(3) Personal finance topics.--The term ``personal finance
topics'' includes bank accounts, credit union accounts, credit
and debit cards, online banking, mobile payment services,
student loans, taxes, mortgages, credit reports, debt
management, investing, lending, retirement planning, trade-
offs, the power of compound interest, and saving.
(4) Secondary school.--The term ``secondary school'' has
the meaning given such term in section 8101 of the Elementary
and Secondary Education Act of 1965 (20 U.S.C. 7801(45)), and
includes a home school that provides secondary education, as
such terms are defined under State law.
(5) Secretary.--The term ``Secretary'' means the Secretary
of Education.
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