S.Amdt. 5025

SA 5025. Mrs. MURRAY submitted an amendment intended to be proposed
to amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself
and Mr. Shelby)) to the bill H.R. 3221, moving the United States toward
greater energy independence and security, developing innovative new
technologies, reducing carbon emissions, creating green jobs,
protecting consumers, increasing clean renewable energy production, and
modernizing our energy infrastructure, and to amend the Internal
Revenue Code of 1986 to provide tax incentives for the production of
renewable energy and energy conservation; which was ordered to lie on
the table as follows:

On page 175, between lines 2 and 3, insert the following:

SEC. 1132A. GRANTS FOR FINANCIAL LITERACY EDUCATION.

(a) Definition of Secretary.--In this section, the term
``Secretary'' means the Secretary of Education.
(b) Grants To Promote Elementary and Secondary Financial
Literacy Education Assistance.--
(1) Definitions.--In this subsection:
(A) Eligible entity.--The term ``eligible entity'' means--
(i) a State educational agency, as such term is defined in
section 9101 of the Elementary and Secondary Education Act of
1965 (20 U.S.C. 6301); or
(ii) a State partnership consisting of--

(I) a State educational agency; and
(II) a nonprofit organization with experience and a proven
quality track record in financial literacy or personal
finance education programs.

(B) Eligible local entity.--In this subsection, the term
``eligible local entity'' means--
(i) a local educational agency, as such term is defined in
section 9101 of the Elementary and Secondary Education Act of
1965 (20 U.S.C. 6301); or
(ii) a local partnership consisting of--

(I) a local educational agency; and
(II) not less than 1 of the following:

(aa) A nonprofit organization with experience and a proven
track record in quality financial literacy or personal
finance education programs.
(bb) An educational service agency, as such term is defined
in section 9101 of the Elementary and Secondary Education Act
of 1965 (20 U.S.C. 6301).
(cc) A recipient of an Excellence in Economic Education
grant under subpart 13 of part D of title V of the Elementary
and Secondary Education Act of 1965 (20 U.S.C. 7267 et seq.).
(dd) An institution of higher education, as such term is
defined in section 101 of the Higher Education Act of 1965
(20 U.S.C. 1001).
(ee) A community organization.
(ff) A representative of local business.
(2) Authorization.--The Secretary shall award grants to
eligible entities to enable such entities--
(A) to award subgrants to local entities to provide
financial literacy education; and
(B) to carry out activities designed to promote financial
literacy education.
(3) Application.--An eligible entity that desires to
receive a grant under this subsection shall submit an
application to the Secretary at such time, in such manner,
and accompanied by such information as the Secretary may
require.
(4) Formula.--From the total amount appropriated for this
subsection under subsection (d) for a fiscal year, the
Secretary shall allot to each State for such fiscal year an
amount that bears the same relation to such total amount as
the amount such State received under part A of title I of the
Elementary and Secondary Education Act of 1965 (20 U.S.C.
6311 et seq.) for such fiscal year bears to the total amount
received by all States under such part for such fiscal year.
(5) Use of funds.--
(A) Subgrants to eligible local entities.--
(i) Authorization of subgrants.--An eligible entity that
receives a grant under this subsection shall use 75 percent
of such grant funds to award subgrants to eligible local
entities.
(ii) Applications.--

(I) In general.--An eligible local entity that desires to
receive a subgrant under this subparagraph shall submit an
application to the eligible entity at such time, in such
manner, and accompanied by such information as the eligible
entity may require.
(II) Review of applications.--The eligible entity shall
review applications submitted under subclause (I) in the same
manner as applications are reviewed under section 5534(b) of
the Elementary and Secondary Education Act of 1965 (20 U.S.C.
7267c(b)).

(iii) Use of funds.--An eligible local entity that receives
a subgrant under this subparagraph--

(I) shall use the subgrant funds to--

(aa) implement teacher training programs to embed financial
literacy and personal finance education into core academic
subjects;
(bb) administer financial literacy assessments on not less
than an annual basis in, at a minimum, the grade levels
selected by the State pursuant to subparagraph (B)(i); and
(cc) implement financial literacy activities and sequences
of study within core academic subjects; and

(II) may use the subgrant funds to implement school-based
activities, including after-school activities, to enhance
student understanding and experiential learning with
consumer, economic, and personal finance concepts.

(iv) Report.--An eligible local entity that receives a
subgrant under this subparagraph shall include in the annual
report card under section 1111(h)(2) of the Elementary and
Secondary Education Act of 1965 (20 U.S.C. 6311(h)(2)) the
same information on student achievement on the financial
literacy assessments, administered pursuant to subparagraph
(B)(ii), as required, pursuant to such section 1111(h)(2), of
the other State academic assessments described in section
1111(b)(3) of the Elementary and Secondary Education Act of
1965 (20 U.S.C. 6311(b)(3)).
(B) State activities.--An eligible entity that receives a
grant under this subsection shall use 25 percent of such
grant funds to carry out the following:
(i) The development of financial literacy standards in not
less than 3 grade levels, including not less than 1 grade
level in elementary school, not less than 1 grade level in
middle school, and not less than 1 grade level in high
school.
(ii) The development of appropriate financial literacy
assessments in the grade levels determined under clause (i)
that are valid, reliable, and comparable across the State.
(iii) Teacher professional development programs to embed
financial literacy or personal finance education into core
academic subjects.
(iv) An evaluation of the impact of financial literacy or
personal finance education on students' understanding of
financial literacy concepts.
(6) Matching funds.--An eligible entity that receives a
grant under this subsection shall provide, from non-Federal
sources, an amount equal to 25 percent of the amount of the
grant award to carry out activities required under this
section.
(c) Grants To Promote Postsecondary Financial Literacy
Education Assistance.--
(1) Authorization of grant awards.--The Secretary shall
award grants, on a competitive basis, to eligible entities to
enable such entities to provide financial literacy courses or
course components to students.
(2) Definition of eligible entity.--In this subsection, the
term ``eligible entity'' means--
(A) an institution of higher education, as such term is
defined in section 101 of the Higher Education Act of 1965
(20 U.S.C. 1001); or
(B) a partnership consisting of--
(i) an institution of higher education; and
(ii) a nonprofit organization with experience and a proven
track record in quality financial literacy or personal
finance education programs.
(3) Application.--An eligible entity that desires to
receive a grant under this subsection shall submit an
application to the Secretary at such time, in such manner,
and accompanied by such information as the Secretary may
require.
(4) Use of funds.--An eligible entity that receives a grant
under this subsection shall use the grant funds to develop
and implement financial literacy education, activities,
student organizations, or counseling that increase student
knowledge in consumer, economic, and personal financial
concepts.
(d) Authorization of Appropriations.--
(1) Elementary and secondary financial literacy education
grants.--There is authorized to be appropriated to carry out
subsection (b) $75,000,000 for each of the fiscal years 2009
through 2014.
(2) Postsecondary financial literacy education grants.--
There is authorized to be appropriated to carry out
subsection (c) $75,000,000 for each of the fiscal years 2009
through 2014.
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