S. 386Senate108th Congress (2003-2005)In Committee

Education for Retirement Security Act of 2003

Introduced February 13, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S2463)

February 13, 2003

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SenateIntro Referral

Introduced in Senate

February 13, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2462-2463)

February 13, 2003

SenateIntro Referral

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S2463)

February 13, 2003

Floor Debate

23 members

What members said about S. 386 on the floor

11 Republicans12 Democrats
Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Feb 13, 2003

Mr. President, today I introduce the Federal Death Penalty Abolition Act of 2003. This bill would abolish the death penalty at the Federal level. It would put an immediate halt to executions and…

John Edwards
Sen. John EdwardsD-NC · Feb 13, 2003

Mr. President, I have previously given a statement and a speech on the floor of the Senate with regard to Mr. Estrada's nomination. I voted against him in the Judiciary Committee. The concerns I had…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Feb 13, 2003

Madam President, I rise to introduce legislation that I believe will go a long way in helping to improve the safety and durability of the Nation's highway bridges. Today, with great pleasure I am…

Mike DeWine
Sen. Mike DeWineR-OH · Feb 13, 2003

Madam President, I join several of my colleagues today to introduce a series of bills related to the reauthorization of the Higher Education Act (HEA). These five bills emphasize a number of issues…

Max Baucus
Sen. Max BaucusD-MT · Feb 13, 2003

Mr. President, I am pleased to introduce the Gunsmith Excise Tax Simplification Act of 2003. This bill will protect funding for the Federal Aid to Wildlife Restoration Fund by simplifying…

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Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Feb 13, 2003

Madam President, today I am pleased to introduce the Geriatric Care Act of 2003, a bill to increase the number of geriatricians in our country through training incentives and Medicare reimbursement…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Nov 21, 2003

Mr. President, I rise today to illuminate the merits of National Retirement Planning Week, which is currently underway. National Retirement Planning Week is organized by a coalition of financial…

Harry Reid
Sen. Harry ReidD-NV · Feb 13, 2003

Madam President, over the last several years, I have tried to correct a long-standing injustice impacting our Nation's veterans. Under a law that is now over 110 years old, most veterans who retire…

Ben Nighthorse Campbell
Sen. Ben Nighthorse CampbellR-CO · Feb 13, 2003

Madam President, today I introduce the ``Campus Classmate Offenders in Rehabilitation and Treatment Act of 2003.'' The legislation I am introducing today is based on legislation I previously…

John Ensign
Sen. John EnsignR-NV · Feb 13, 2003

Mr. President, 194 years ago this week, a son was born to Nancy and Thomas Lincoln in Elizabethtown, Kentucky. That son, Abraham, would go on to become President of the United States at one of the…

Don Nickles
Sen. Don NicklesR-OK · Feb 13, 2003

Mr. President, I rise today to introduce a bill and to speak about a litigation crisis affecting both the overall well-being of our nation and our ability to stimulate economic recovery. I'm speaking…

Ben Nelson
Sen. Ben NelsonD-NE · Feb 13, 2003

Madam President, I thank you for the opportunity to speak about what is clearly a bipartisan issue. I would like to add to what my colleague from Minnesota said about the Fuels Security Act offered…

Thomas A. Daschle
Sen. Thomas A. DaschleD-SD · Feb 13, 2003

Madam President, headlines in daily papers all across the country underscore our economy's vulnerability to foreign oil. Today, a new generation is learning what many Americans have known since the…

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Norm Coleman
Sen. Norm ColemanR-MN · Feb 13, 2003

Madam President, if I may, in contrast to the very partisan tone of the Estrada filibuster and this partisan divide that is stopping us from moving forward, I want to spend a few minutes talking…

Chuck Hagel
Sen. Chuck HagelR-NE · Feb 13, 2003

Madam President, I come to the floor this morning to speak briefly about an important, comprehensive fuels bill that I will introduce today, along with Senators Daschle, Lugar, Johnson, Voinovich,…

Tim Johnson
Sen. Tim JohnsonD-SD · Feb 13, 2003

Madam President, I am pleased that we are reintroducing renewable fuels legislation and that we are taking time today to talk about the benefits and importance of this bill. I want to acknowledge the…

Pat Roberts
Sen. Pat RobertsR-KS · Feb 13, 2003

Mr. President, I am pleased and honored to join with my colleagues to introduce two pieces of legislation to help meet the child care challenges facing families around the Nation. These bills…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Feb 13, 2003

Madam President, I am pleased to join my colleagues, Senator Daschle, as well as Senator Lugar, Senator Hagel, Senator Johnson and others in introducing this bipartisan piece of legislation today.…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Feb 13, 2003

Mr. President, I rise today to introduce important tax legislation on behalf of myself and Senators Baucus, Conrad, Crapo, Breaux, Leahy, Harkin, Durbin, Craig, Johnson, Chafee, Snowe, and Kerry.…

John McCain
Sen. John McCainR-AZ · Feb 13, 2003

Madam President, I first introduced legislation on this issue all the way back in 1992. Then again in 1993, then again in 1994, then again in 1995. In 1999, I drafted legislation that became law--as…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Feb 13, 2003

Madam President, I am pleased to join with my colleague, Senator Daschle, in reintroducing the Renewable Fuels Act. I am thankful for this opportunity to remind my colleagues about the importance of…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Feb 13, 2003

Mr. President, I rise today with my colleagues, Senators Fitzgerald, Sarbanes, and Akaka to introduce the Education for Retirement Security Act of 2003. This bill will provide access to badly needed…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Feb 13, 2003

Mr. President, I rise today with my colleagues, Senators Fitzgerald, Sarbanes, and Akaka to introduce the Education for Retirement Security Act of 2003. This bill will provide access to badly needed…

Jim Bunning
Sen. Jim BunningR-KY · Feb 13, 2003

Mr. President, I rise to introduce, along with Senator Sam Brownback, the Child Modeling Exploitation Prevention Act. Many Senators may not be aware of what I am talking about. I was not until…

Bill Text

Latest available legislative text

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Introduced in SenateIssued February 13, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 386 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 386

To establish a grant program to enhance the financial and retirement
literacy of mid-life and older Americans and to reduce financial abuse
and fraud among such Americans, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

February 13, 2003

Mr. Corzine (for himself, Mr. Fitzgerald, Mr. Sarbanes, 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 establish a grant program to enhance the financial and retirement
literacy of mid-life and older Americans and to reduce financial abuse
and fraud among such Americans, 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 ``Education for Retirement Security
Act of 2003''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) Improving financial literacy is a critical and complex
task for Americans of all ages.
(2) Low levels of savings and high levels of personal and
real estate debt are serious problems for many households
nearing retirement.
(3) Only 53 percent of working Americans have any form of
pension coverage. Three out of four women aged 65 or over
receive no income from employer-provided pensions.
(4) The more limited timeframe that mid-life and older
individuals and families have to assess the realities of their
individual circumstances, to recover from counter-productive
choices and decisionmaking processes, and to benefit from more
informed financial practices, has immediate impact and near
term consequences for Americans nearing or of retirement age.
(5) Research indicates that there are now 4 basic sources
of retirement income security. Those sources are social
security benefits, pensions and savings, healthcare insurance
coverage, and, for an increasing number of older individuals,
necessary earnings from working during one's ``retirement''
years.
(6) The $5,000,000,000,000 loss in stock market equity
values since 2000 has had a significantly negative effect on
mid-life and older individuals and on their pension plans and
retirement accounts, affecting both individuals with plans to
retire and those who are already in retirement.
(7) Although today's older individuals are generally
thought to be doing well, nearly \1/4\ (24 percent) of such
individuals had annual incomes of less than 14,000 (or 150
percent of the Federal poverty line) between 1998 and 2000.
(8) Over the next 30 years, the number of older individuals
in the United States is expected to double, from 35,000,000 to
nearly 75,000,000, and long-term care costs are expected to
skyrocket.
(9) Financial exploitation is the largest single category
of abuse against older individuals and this population
comprises more than \1/2\ of all telemarketing victims in the
United States.
(10) The Federal Trade Commission (FTC) Identity Theft Data
Clearinghouse has reported that incidents of identity theft
targeting individuals over the age of 60 increased from 1,821
victims in 2000 to 5,802 victims in 2001, a threefold increase.

SEC. 3. GRANT PROGRAM TO ENHANCE FINANCIAL AND RETIREMENT LITERACY AND
REDUCE FINANCIAL ABUSE AND FRAUD AMONG MID-LIFE AND OLDER
AMERICANS.

(a) Authority.--The Secretary is authorized to award grants to
eligible entities to provide financial education programs to mid-life
and older individuals who reside in local communities in order to--
(1) enhance financial and retirement knowledge among such
individuals; and
(2) reduce financial abuse and fraud, including
telemarketing, mortgage, and pension fraud, among such
individuals.
(b) Eligible Entities.--An entity is eligible to receive a grant
under this section if such entity is--
(1) a State agency or area agency on aging; or
(2) a nonprofit organization with a proven record of
providing--
(A) services to mid-life and older individuals;
(B) consumer awareness programs; or
(C) supportive services to low-income families.
(c) Application.--An eligible entity desiring a grant under this
section shall submit an application to the Secretary in such form and
containing such information as the Secretary may require, including a
plan for continuing the programs provided with grant funds under this
section after the grant expires.
(d) Limitation on Administrative Costs.--A recipient of a grant
under this section may not use more than 4 percent of the total amount
of the grant in each fiscal year for the administrative costs of
carrying out the programs provided with grant funds under this section.
(e) Evaluation and Report.--
(1) Establishment of performance measures.--The Secretary
shall develop measures to evaluate the programs provided with
grant funds under this section.
(2) Evaluation according to performance measures.--Applying
the performance measures developed under paragraph (1), the
Secretary shall evaluate the programs provided with grant funds
under this section in order to--
(A) judge the performance and effectiveness of such
programs;
(B) identify which programs represent the best
practices of entities developing such programs for mid-
life and older individuals; and
(C) identify which programs may be replicated.
(3) Annual reports.--For each fiscal year in which a grant
is awarded under this section, the Secretary shall submit a
report to Congress containing a description of the status of
the grant program under this section, a description of the
programs provided with grant funds under this section, and the
results of the evaluation of such programs under paragraph (2).

SEC. 4. NATIONAL TRAINING AND TECHNICAL ASSISTANCE PROGRAM.

(a) Authority.--The Secretary is authorized to award a grant to 1
or more eligible entities to--
(1) create and make available instructional materials and
information that promote financial education; and
(2) provide training and other related assistance regarding
the establishment of financial education programs to eligible
entities awarded a grant under section 3.
(b) Eligible Entities.--An entity is eligible to receive a grant
under this section if such entity is a national nonprofit organization
with substantial experience in the field of financial education.
(c) Application.--An eligible entity desiring a grant under this
section shall submit an application to the Secretary in such form and
containing such information as the Secretary may require.
(d) Basis and Term.--The Secretary shall award a grant under this
section on a competitive, merit basis for a term of 5 years.

SEC. 5. DEFINITIONS.

In this Act:
(1) Financial education.--The term ``financial education''
means education that promotes an understanding of consumer,
economic, and personal finance concepts, including saving for
retirement, long-term care, and estate planning and education
on predatory lending and financial abuse schemes.
(2) Mid-life individual.--The term ``mid-life individual''
means an individual aged 45 to 64 years.
(3) Older individual.--The term ``older individual'' means
an individual aged 65 or older.
(4) Secretary.--The term ``Secretary'' means the Secretary
of Health and Human Services.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

(a) Authorization.--There are authorized to be appropriated to
carry out this Act, $100,000,000 for each of the fiscal years 2004
through 2008.
(b) Limitation on Funds for Evaluation and Report.--The Secretary
may not use more than $200,000 of the amounts appropriated under
subsection (a) for each fiscal year to carry out section 3(e).
(c) Limitation on Funds for Training and Technical Assistance.--The
Secretary may not use less than 5 percent or more than 10 percent of
amounts appropriated under subsection (a) for each fiscal year to carry
out section 4.
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