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108th CONGRESS
1st Session
H. R. 3520
To reduce duplication in Federal financial literacy and financial
programs, identify more effective ways to provide financial education,
and facilitate greater cooperation at the Federal, State and local
levels and between government units and entities in the private sector
by requiring the establishment of a national strategy for assuring
financial education, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 19, 2003
Mrs. Kelly introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To reduce duplication in Federal financial literacy and financial
programs, identify more effective ways to provide financial education,
and facilitate greater cooperation at the Federal, State and local
levels and between government units and entities in the private sector
by requiring the establishment of a national strategy for assuring
financial education, and for other purposes.
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 ``Strategy for Assuring Financial
Empowerment Act'' or the ``SAFE Act''.
SEC. 2. STRATEGY FOR ASSURING FINANCIAL EDUCATION.
(a) Findings.--
(1) In general.--The Congress finds it is imperative to--
(A) reduce overlap and duplication in Federal
financial literacy and financial education programs and
in public and private educational activities, in order
to increase effectiveness and coordination and to
better utilize resources;
(B) identify the most effective types of public
sector financial literacy programs and techniques as
measured by improved consumer decision-making;
(C) coordinate and promote financial literacy and
financial education efforts at the State and local
level, including partnerships between Federal, State
and local governments, non-profit organizations and
private enterprises;
(D) obtain recommendations for integrating economic
education and personal-finance education into primary,
secondary and post-secondary curricula; and
(E) provide multilingual materials and programs
under the strategy for assuring financial education
whenever appropriate in order to effectively reach the
broadest number of people.
(2) Additional findings.--The Congress also finds that as
many as 1 in 10 American families, or about 10,000,000
households, do not have a relationship with a traditional
financial institution such as a bank, thrift institution, or
credit union, despite the significant advantages of such a
relationship, including the following:
(A) The establishment of a deposit account with a
financial institution leads to greater knowledge of
personal financial fundamentals.
(B) Account ownership provides an opportunity to
build assets, because a deposit account is a tool that
can be used to save for homeownership, educational
opportunities, or retirement.
(C) The unbanked typically pay higher costs in
transaction fees for financial services than do
individuals with banking relationships.
(D) Opening and maintaining an account with a
financial institution provides opportunities to obtain
other products and services--such as home loans, car
loans, education loans, or small business loans--from
the institution, and can help individuals establish a
credit history for their future borrowing needs.
(E) Owning an account provides a record of
financial transactions that can be drawn on in the case
of a dispute.
(F) Account ownership provides the opportunity for
safer, more secure types of financial transactions,
such as direct deposit and check-writing, reducing the
risk that paychecks could be stolen or lost and
reducing the risk of becoming the victim of a robbery
or burglary triggered by carrying large sums of cash.
(b) Development and Transmittal to the Congress.--
(1) Development.--The President, acting through the
Secretary of the Treasury, the Office of Financial Education
established by the Secretary in the Department of the Treasury,
and in consultation with the Secretary of Housing and Urban
Development and other officials of the administration, as
appropriate, shall develop a national strategy for financial
education, to be known as the Strategy for Assuring Financial
Empowerment (hereinafter in this section referred to as the
``SAFE strategy'').
(2) Transmittal to the congress.--By February 1 of 2005 and
by that date of each succeeding year, the President shall
transmit to the Congress a national strategy developed in
accordance with paragraph (1).
(3) Appearance before the congress.--Before March 1, 2004,
and before March 1 of each subsequent year, the Secretary of
Treasury shall appear before the Committee on Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate at hearings
regarding the development of a national strategy for assuring
financial education.
(4) Working group.--The first national strategy transmitted
to the Congress in 2005 shall contain recommendations and a
proposal for forming a Financial Literacy and Education Working
Group to be chaired by the Secretary of the Treasury.
(c) Issues To Be Addressed.--The SAFE strategy shall address any
area the President considers appropriate, acting through the Secretary
of the Treasury, the Office of Financial Education established by the
Secretary in the Department of the Treasury, and in consultation with
the Secretary of Housing and Urban Development, the Financial Literacy
and Education Working Group established pursuant to the proposal under
subsection (b)(4), and other officials of the administration, as
appropriate, including the following:
(1) Goals, objectives, and priorities.--
(A) In general.--Comprehensive, research-based
goals, objectives, and priorities for increasing the
financial literacy of all citizens, with particular
attention to those with low and moderate incomes,
Native Americans, immigrants, youths from ages 10-25
and those of pre-retirement age.
(B) Goals to be included.--Such goals shall include
helping individuals, especially those in the target
groups, learn to develop--
(i) access to and responsible use of
accounts at financial institutions;
(ii) knowledge of the credit-granting
process, including the importance and benefits
of building credit;
(iii) homeownership;
(iv) planning for unexpected circumstances,
further education, retirement and estate
planning;
(v) budgets and long-range financial
planning;
(vi) an appreciation of the value of
charitable giving;
(vii) an understanding of the impact of
taxes on earned income and intelligent planning
to minimize the effects of taxes;
(viii) a strategy for and an appreciation
of the value of broad-based, well-planned,
long-term investments; and
(ix) patterns of responsible borrowing and
consumer behavior.
(2) Coordination.--Coordination of financial education
efforts and programs within the Executive Branch and with the
Board of Governors of the Federal Reserve System, the
Securities and Exchange Commission, other Federal banking
agencies, the National Credit Union Administration Board, and
such other Federal agencies as the Secretary of the Treasury
determines to be appropriate.
(3) Coordination with and enhancement of the role of the
private financial sector in financial education.--The
enhancement of partnerships between the private government
agencies and both the financial sector and nongovernment
agencies with regard to financial education.
(4) Enhancement of intergovernmental cooperation.--The
enhancement of--
(A) cooperative efforts between the Federal
Government and State and local officials, including
State and local regulators and educators; and
(B) cooperative efforts among the several States
and between State and local officials, including State
and local regulators and educators which could be
utilized or should be encouraged.
(5) Project and budget priorities.--A 3-year projection for
program and budget priorities and achievable projects for
improving financial education.
(6) Assessment of funding.--A complete assessment of how
the proposed budget is intended to implement the strategy, and
whether the funding levels contained in the proposed budget are
sufficient to implement the strategy.
(7) Data regarding trends in financial education.--The need
for timely, accurate, and complete information necessary for
the purpose of developing and analyzing data in order to
ascertain trends in the need for financial education.
(8) Improved communications.--A plan for enhancing the
communication between the Federal Government and State and
local governments regarding financial education.
(d) Effectiveness Report.--At the time each national SAFE strategy
for financial education is transmitted by the President to the Congress
(other than the first transmission of any such strategy) pursuant to
subsection (b), the Secretary shall submit a report containing an
evaluation of the effectiveness of policies to enhance financial
education and reach the goals outlined in subsection (c).
(e) Consultations.--In addition to the consultations required under
this section with the Secretary of Housing and Urban Development, in
developing the national SAFE strategy for financial education, the
Secretary shall consult with--
(1) the Board of Governors of the Federal Reserve System
and other Federal banking agencies and the National Credit
Union Administration Board;
(2) State and local officials, including State and local
regulators and educators;
(3) the Securities and Exchange Commission;
(4) the Commodities and Futures Trading Commission;
(5) the Secretary of Education;
(6) to the extent possible, the finance ministers of
foreign governments;
(7) to the extent appropriate, State and local officials
responsible for financial institution and financial market
regulation;
(8) any other State or local government authority, to the
extent appropriate;
(9) any other Federal Government authority or
instrumentality, to the extent appropriate
(10) representatives of the private financial services
sector, to the extent appropriate;
(11) the Secretary of Agriculture;
(12) the Secretary of Health and Human Services;
(13) the Secretary of Defense;
(14) the Secretary of Labor;
(15) the Secretary of Veterans Affairs;
(16) the Chairman of the Federal Trade Commission;
(17) the Commissioner of Social Security, the Social
Security Administration;
(18) the Administrator of the Small Business
Administration;
(19) the Director of the Office of Personnel Management;
(20) the Federal Housing Commissioner;
(21) State insurance commissioners working through the
National Association of Insurance Commissioners;
(22) the Advertising Council; and
(23) the heads of Federal, State and local government
programs, and privately run programs, which have the purpose
of--
(A) getting the unbanked to participate in the
banking system; and
(B) encouraging recipients of State or Federal
assistance programs to move away from receiving their
programs via paper checks and towards receiving such
payments electronically.
(f) Authorization of Appropriations.--There are authorized to be
appropriated to the Secretary of the Treasury for fiscal years 2004,
2005, 2006, 2007, 2008, and 2009 such sums as may be necessary to carry
out the requirements of this section.
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