What does Preamble of Young Americans Financial Literacy Act do?

This bill, formally titled '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,' aims to establish a grant program. The grant program would be administered by the Bureau of Consumer Financial Protection. The program intends to fund the creation of 'centers of excellence' focused on financial literacy education. These centers would support research, development, planning, implementation, and evaluation of financial literacy programs. The target demographic for these programs is young people and families aged 8 through 24.

What does SHORT TITLE. of Young Americans Financial Literacy Act do?

This Act is formally titled the Young Americans Financial Literacy Act.

What does FINDINGS. of Young Americans Financial Literacy Act do?

This section outlines findings related to financial literacy in the United States. A significant majority of Americans and K-12 teachers believe financial education should be taught in schools, yet it is rarely implemented. Few states require high school students to take personal finance courses, and a small percentage are actually required to do so. Many adults feel their financial literacy skills are inadequate, despite not relying on others to manage their finances. The COVID-19 pandemic has exacerbated economic challenges, highlighting the importance of financial literacy in managing hardship. The section emphasizes the need for research-based financial literacy programs for individuals of all ages and socioeconomic levels, particularly young adults and military families. Exposure to cumulative financial education in high school and college correlates with increased financial knowledge and responsible behavior. Young adults identify 'making better choices about managing money' as a top concern. The Government Accountability Office suggests that providing Americans with financial information is crucial for both individual well-being and the nation's economic health.

What does AUTHORIZATION FOR FUNDING THE ESTABLISHMENT OF CENTERS OF of Young Americans Financial Literacy Act do?

This section amends the Consumer Financial Protection Act of 2010 to authorize funding for the establishment of Centers of Excellence in Financial Literacy Education. The Director of the Bureau, in consultation with the Financial Literacy and Education Commission, will award competitive grants to eligible institutions to support research, development, implementation, and evaluation of financial literacy programs. Eligible institutions must be partnerships of two or more entities, including institutions of higher education, government agencies, nonprofit organizations, and financial institutions. Authorized activities include developing research-based programs, designing instructional materials, providing professional development, improving access to financial literacy information, and reducing student loan default rates. Priority will be given to applications that define financial literacy, establish parameters for reaching at-risk populations, and include an evaluation component. Grant amounts will be between $27,500,000 and $55,000,000 annually, and no grants may be made after fiscal year 2029. The Director must submit an annual report to Congress listing grant recipients and the populations they serve.

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Young Americans Financial Literacy Act

Last updated: 1/16/2025 · Introduced: 1/16/2025

Author: André Carson (D-IN)

TL;DR (AI)

This bill establishes a grant program within the Bureau of Consumer Financial Protection to fund 'centers of excellence' focused on developing and evaluating financial literacy education programs for young people and families aged 8 through 24.
The bill amends the Consumer Financial Protection Act to authorize competitive grants, ranging from $27.5 million to $55 million annually through 2029, to partnerships of institutions for research, program development, and implementation of financial literacy initiatives.
Priority for grant funding will be given to programs that define financial literacy, target at-risk populations, and include a robust evaluation component.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 2 more.

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