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EconomyH.R. 486Not Yet VotedComments

Young Americans Financial Literacy Act

Official title: To establish a grant program in the Bureau of Consumer Financial Protection to fund the establishment of centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young people and families ages 8 through 24 years old, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, current stage
  3. Floor Vote, not yet
  4. Outcome, not yet

What This Bill Does

This bill requires the Consumer Financial Protection Bureau to award competitive grants to eligible institutions for the establishment of financial literacy education programs for young people and families.

An eligible institution is a partnership among two or more of the following:

  • an institution of higher education;
  • a state or local government agency specializing in financial education;
  • a nonprofit agency, organization, or association;
  • a financial institution; or
  • another small organization.

Authorized grant funded activities shall include

  • developing and implementing comprehensive, research based, financial-literacy education programs for young people;
  • developing and supporting the delivery of professional development programs in financial literacy education;
  • developing educational programs to reduce student loan default rates; and
  • conducting ongoing research and evaluation of financial literacy education programs.

The grant program shall terminate after FY2029.

Sponsors

Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. Library of CongressSponsor introductory remarks on measure. (CR E40)
  2. House floor actionsReferred to the Committee on Financial Services, and in addition to the Committee on Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  3. Introduced
  4. Committee

Comments

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