H.R.767 - National Financial Literacy Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Johnson, Eddie Bernice [D-TX-30] (Introduced 01/28/2009)|
|Committees:||House - Ways and Means; Financial Services; Small Business|
|Latest Action:||01/28/2009 Referred to the Subcommittee on Finance and Tax.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.767 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (01/28/2009)
National Financial Literacy Act of 2009 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing: (1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program; (2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and (3) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods.
Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs.
Amends the Internal Revenue Code to allow a tax credit to small businesses for 35% of the expenses paid or incurred for providing qualified continuing financial education to their employees.
Requires that preference in federal contracts, loans, and other financial or nonfinancial assistance for small businesses and corporations be given to those providing continuing financial education to their employees.