Home > 105th Congressional Bills > S. 1182 (ris) To amend the Congressional Budget and Impoundment Control Act of 1974 to limit consideration of nonemergency matters in emergency legislation and permit matter that is extraneous to emergencies to be stricken as provided in the Byrd rule. %%...S. 1182 (ris) To amend the Congressional Budget and Impoundment Control Act of 1974 to limit consideration of nonemergency matters in emergency legislation and permit matter that is extraneous to emergencies to be stricken as provided in the Byrd rule. %%...
108th CONGRESS
1st Session
S. 1181
To promote youth financial education.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 4, 2003
Mr. Corzine (for himself, Mr. Lautenberg, and Mr. Akaka) introduced the
following bill; which was read twice and referred to the Committee on
Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To promote youth financial education.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PROMOTING YOUTH FINANCIAL LITERACY.
Title IV of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 7101 et seq.) is amended by adding at the end the following:
``PART D--PROMOTING YOUTH FINANCIAL LITERACY
``SEC. 4401. SHORT TITLE AND FINDINGS.
``(a) Short Title.--This part may be cited as the `Youth Financial
Education Act'.
``(b) Findings.--Congress finds the following:
``(1) In order to succeed in our dynamic American economy,
young people must obtain the skills, knowledge, and experience
necessary to manage their personal finances and obtain general
financial literacy. All young adults should have the
educational tools necessary to make informed financial
decisions.
``(2) Despite the critical importance of financial literacy
to young people, the average student who graduates from high
school lacks basic skills in the management of personal
financial affairs. A nationwide survey conducted in 2002 by the
Jump$tart Coalition for Personal Financial Literacy examined
the financial knowledge of 4,024 12th graders. On average,
survey respondents answered only 50 percent of the questions
correctly. This figure is down from the 52 percent average
score in 2000 and the 57 percent average score in 1997.
``(3) An evaluation by the National Endowment for Financial
Education High School Financial Planning Program undertaken
jointly with the United States Department of Agriculture
Cooperative State Research, Education, and Extension Service
demonstrates that as little as 10 hours of classroom
instruction can impart substantial knowledge and affect
significant change in how teens handle their money.
``(4) State educational leaders have recognized the
importance of providing a basic financial education to students
in kindergarten through grade 12 by integrating financial
education into State educational standards, but by 2002 only 4
States required students to complete a course that covered
personal finance before graduating from high school.
``(5) Teacher training and professional development are
critical to achieving youth financial literacy. Teachers
confirm the need for professional development in personal
finance education. In a survey by the National Institute for
Consumer Education, 77 percent of a State's economics teachers
revealed that they had never had a college course in personal
finance.
``(6) Personal financial education helps prepare students
for the workforce and for financial independence by developing
their sense of individual responsibility, improving their life
skills, and providing them with a thorough understanding of
consumer economics that will benefit them for their entire
lives.
``(7) Financial education integrates instruction in
valuable life skills with instruction in economics, including
income and taxes, money management, investment and spending,
and the importance of personal savings.
``(8) The consumers and investors of tomorrow are in our
schools today. The teaching of personal finance should be
encouraged at all levels of our Nation's educational system,
from kindergarten through grade 12.
``SEC. 4402. STATE GRANT PROGRAM.
``(a) Program Authorized.--The Secretary is authorized to provide
grants to State educational agencies to develop and integrate youth
financial education programs for students in elementary schools and
secondary schools.
``(b) State Plan.--
``(1) Approved state plan required.--To be eligible to
receive a grant under this section, a State educational agency
shall submit an application that includes a State plan,
described in paragraph (2), that is approved by the Secretary.
``(2) State plan contents.--The State plan referred to in
paragraph (1) shall include--
``(A) a description of how the State educational
agency will use grant funds;
``(B) a description of how the programs supported
by a grant will be coordinated with other relevant
Federal, State, regional, and local programs; and
``(C) a description of how the State educational
agency will evaluate program performance.
``(c) Allocation of Funds.--
``(1) Allocation factors.--Except as otherwise provided in
paragraph (2), the Secretary shall allocate the amounts made
available to carry out this section pursuant to subsection (a)
to each State according to the relative populations in all the
States of students in kindergarten through grade 12, as
determined by the Secretary based on the most recent
satisfactory data.
``(2) Minimum allocation.--Subject to the availability of
appropriations and notwithstanding paragraph (1), a State that
has submitted a plan under subsection (b) that is approved by
the Secretary shall be allocated an amount that is not less
than $500,000 for a fiscal year.
``(3) Reallocation.--In any fiscal year an allocation under
this subsection--
``(A) for a State that has not submitted a plan
under subsection (b); or
``(B) for a State whose plan submitted under
subsection (b) has been disapproved by the Secretary;
shall be reallocated to States with approved plans under this
section in accordance with paragraph (1).
``(d) Use of Grant Funds.--
``(1) Required uses.--A grant made to a State educational
agency under this part shall be used--
``(A) to provide funds to local educational
agencies and public schools to carry out financial
education programs for students in kindergarten through
grade 12 based on the concept of achieving financial
literacy through the teaching of personal financial
management skills and the basic principles involved
with earning, spending, saving, and investing;
``(B) to carry out professional development
programs to prepare teachers and administrators for
financial education; and
``(C) to monitor and evaluate programs supported
under subparagraphs (A) and (B).
``(2) Limitation on administrative costs.--A State
educational agency receiving a grant under subsection (a) may
use not more than 4 percent of the total amount of the grant in
each fiscal year for the administrative costs of carrying out
this section.
``(e) Report to the Secretary.--Each State educational agency
receiving a grant under this section shall transmit a report to the
Secretary with respect to each fiscal year for which a grant is
received. The report shall describe the programs supported by the grant
and the results of the State educational agency's monitoring and
evaluation of such programs.
``SEC. 4403. CLEARINGHOUSE.
``(a) Authority.--Subject to the availability of appropriations,
the Secretary shall make a grant to, or execute a contract with, an
eligible entity with substantial experience in the field of financial
education, such as the Jump$tart Coalition for Personal Financial
Literacy, to establish, operate, and maintain a national clearinghouse
(in this part referred to as the `Clearinghouse') for instructional
materials and information regarding model financial education programs
and best practices.
``(b) Eligible Entity.--In this section, the term `eligible entity'
means a national nonprofit organization with a proven record of--
``(1) cataloging youth financial literacy materials; and
``(2) providing support services and materials to schools
and other organizations that work to promote youth financial
literacy.
``(c) Application.--An eligible entity desiring to establish,
operate, and maintain the Clearinghouse shall submit an application to
the Secretary at such time, in such manner, and accompanied by such
information, as the Secretary may reasonably require.
``(d) Basis and Term.--The Secretary shall make the grant or
contract authorized under subsection (a) on a competitive, merit basis
for a term of 5 years.
``(e) Use of Funds.--The Clearinghouse shall use the funds provided
under a grant or contract made under subsection (a)--
``(1) to maintain a repository of instructional materials
and related information regarding financial education programs
for elementary schools and secondary schools, including
kindergartens, for use by States, localities, and the general
public;
``(2) to disseminate to States, localities, and the general
public, through electronic and other means, instructional
materials and related information regarding financial education
programs for elementary schools and secondary schools,
including kindergartens; and
``(3) to the extent that resources allow, to provide
technical assistance to States, localities, and the general
public on the design, establishment, and implementation of
financial education programs for elementary schools and
secondary schools, including kindergartens.
``(f) Consultation.--The chief executive officer of the eligible
entity selected to establish and operate the Clearinghouse shall
consult with the Department of the Treasury and the Securities Exchange
Commission with respect to its activities under subsection (e).
``(g) Submission to Clearinghouse.--Each Federal agency or
department that develops financial education programs and instructional
materials for such programs shall submit to the Clearinghouse
information on the programs and copies of the materials.
``(h) Application of Copyright Laws.--In carrying out this section
the Clearinghouse shall comply with the provisions of title 17 of the
United States Code.
``SEC. 4404. EVALUATION AND REPORT.
``(a) Performance Measures.--The Secretary shall develop measures
to evaluate the performance of programs assisted under sections 4402
and 4403.
``(b) Evaluation According to Performance Measures.--Applying the
performance measures developed under subsection (a), the Secretary
shall evaluate programs assisted under sections 4402 and 4403--
``(1) to judge their performance and effectiveness;
``(2) to identify which of the programs represent the best
practices of entities developing financial education programs
for students in kindergarten through grade 12; and
``(3) to identify which of the programs may be replicated
and used to provide technical assistance to States, localities,
and the general public.
``(c) Report.--For each fiscal year for which there are
appropriations under section 4407(a), the Secretary shall transmit a
report to Congress describing the status of the implementation of this
part. The report shall include the results of the evaluation required
under subsection (b) and a description of the programs supported under
section 4402.
``SEC. 4405. DEFINITIONS.
``In this part:
``(1) Financial education.--The term `financial education'
means educational activities and experiences, planned and
supervised by qualified teachers, that enable students to
understand basic economic and consumer principals, acquire the
skills and knowledge necessary to manage personal and household
finances, and develop a range of competencies that will enable
them to become responsible consumers in today's complex
economy.
``(2) Qualified teacher.--The term `qualified teacher'
means a teacher who holds a valid teaching certification or is
considered to be qualified by the State educational agency in
the State in which the teacher works.
``SEC. 4406. PROHIBITION.
``Nothing in this part shall be construed to authorize an officer
or employee of the Federal Government to mandate, direct, or control a
State, local educational agency, or school's specific instructional
content, curriculum, or program of instruction, as a condition of
eligibility to receive funds under this part.
``SEC. 4407. AUTHORIZATION OF APPROPRIATIONS.
``(a) Authorization.--For the purposes of carrying out this part,
there are authorized to be appropriated $100,000,000 for each of the
fiscal years 2004 through 2008.
``(b) Limitation on Funds for Clearinghouse.--The Secretary may use
not less than 2 percent and not more than 5 percent of amounts
appropriated under subsection (a) for each fiscal year to carry out
section 4403.
``(c) Limitation on Funds for Secretary Evaluation.--The Secretary
may use not more than $200,000 from the amounts appropriated under
subsection (a) for each fiscal year to carry out subsections (a) and
(b) of section 4404.
``(d) Limitation on Administrative Costs.--Except as necessary to
carry out subsections (a) and (b) of section 4404 using amounts
described in subsection (c) of this section, the Secretary shall not
use any portion of the amounts appropriated under subsection (a) for
the costs of administering this part.''.
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