S. 923Senate109th Congress (2005-2007)In Committee

TANF Financial Education Promotion Act of 2005

Introduced April 27, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4418-4419)

April 27, 2005

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SenateIntro Referral

Introduced in Senate

April 27, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4418)

April 27, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4418-4419)

April 27, 2005

Floor Debate

21 members

What members said about S. 923 on the floor

6 Republicans15 Democrats
Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Dec 16, 2005

Mr. President, I would like to give what I think will more than likely be the last speech I give on this great floor, this historic floor, in front of this deliberative body. I am grateful for your…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Dec 16, 2005

Mr. President, America deserves laws that protect both their security and their civil liberties. This conference report does not. After years of doubt about the PATRIOT Act, this morning Americans…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Dec 16, 2005

Mr. President, in the wake of the September 11 terrorist attacks, this body came together--Republicans and Democrats alike--around the shared goal of preventing a similar tragedy from ever occurring…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Apr 27, 2005

Mr. President, I rise today to introduce the TANF Financial Education Promotion Act of 2005 in order to call attention to an important issue for low-income families financial literacy. I am proud to…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Apr 27, 2005

Mr. President, I am pleased to join with my colleague Senator Domenici today to introduce legislation that I believe will go a long way in helping to improve the safety and durability of the Nation's…

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John Cornyn
Sen. John CornynR-TX · Dec 16, 2005

Mr. President, I come to the Chamber today to speak about the PATRIOT Act reauthorization conference report. While this agreement does not give everyone all that they want, it is the result of…

Paul S. Sarbanes
Sen. Paul S. SarbanesD-MD · Dec 16, 2005

Mr. President, I ask unanimous consent that following my comments, Senator Stabenow be recognized, then Senator Salazar and Senator Reed be recognized. All of us seek to speak about our colleague,…

Jack Reed
Sen. Jack ReedD-RI · Dec 16, 2005

Mr. President, today the Senate was presented with a false choice on the conference report to H.R. 3199, the USA PATRIOT Act. That is why I voted against the motion to invoke cloture. There is a…

George Allen
Sen. George AllenR-VA · Apr 27, 2005

Mr. President, I rise in support of legislation that I reintroduced today with a number of my Senate colleagues--the Volunteer Pilot Organization Protection Act of 2005. The spirit of volunteerism is…

Carl Levin
Sen. Carl LevinD-MI · Dec 16, 2005

I thank my friend from Vermont. Mr. President, when this bill left the Senate, under the leadership of Senators Specter and Leahy, we had a balanced bill with provisions which protected both our…

John F. Kerry
Sen. John F. KerryD-MA · Dec 16, 2005

Mr. President, today I voted against cloture on the PATRIOT Act reauthorization conference report. I want to make clear that this vote was not about whether I support reauthorizing the PATRIOT Act--I…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Dec 16, 2005

Mr. President, I rise today to speak in opposition to closing off debate on the PATRIOT Act conference report as it has come back to the Senate. The events of September 11 demonstrated various…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Dec 16, 2005

Mr. President, I thank the Senator from Vermont for yielding the time and for his leadership on this issue. I voted for the PATRIOT Act. It was a bit of a leap of faith because I was not sure. I did…

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Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Dec 16, 2005

I yield up to 3 minutes to the distinguished Senator from Idaho. Mr. President, we have only had 2\1/2\ hours of debate on this major matter. We have very little time. I yield up to 3 minutes to the…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Apr 27, 2005

Mr. President, it is my pleasure today to join with my colleagues Senator Burns, Senator Dorgan, Senator Craig, Senator Dayton, Senator Vitter, Senator Johnson, Senator Thune, Senator Coleman, and…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Apr 27, 2005

Mr. President, today I am introducing important legislation to affirm Federal jurisdiction over the waters of the United States. I am pleased to have three members of the Environment and Public Works…

Conrad R. Burns
Sen. Conrad R. BurnsR-MT · Apr 27, 2005

Mr. President, as the Senate begins the important task of debating the highway bill reauthorization, another critical infrastructure issue comes to mind: railroads. In Montana, we rely heavily on…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Dec 16, 2005

Mr. President, I thank the Senator from Vermont, not only for yielding time but for his tremendous leadership on this issue. I am deeply grateful for it. Let me echo what Senator Kennedy said. This…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Apr 27, 2005

Mr. President, four years ago, as projected budget surpluses reached over $5 trillion, Congress passed a tax cut bill that began the process of addressing the unfairness of the estate tax. Now in…

Jeff Sessions
Sen. Jeff SessionsR-AL · Dec 16, 2005

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I rise to express my disappointment with the vote. This is a very important piece of…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Apr 27, 2005

Mr. President, I rise today to join Senator Grassley in announcing the introduction of the Food and Drug Administration Safety Act of 2005 (FDASA). I would like to thank Senator Grassley for his…

Arlen Specter
Sen. Arlen SpecterR-PA · Dec 16, 2005

Mr. President, let me agree with Senators who have spoken out very sharply in opposition to the disclosures in the press this morning about ``President Bush Lets U.S. Spy on Callers Without Courts.''…

Jon Kyl
Sen. Jon KylR-AZ · Dec 16, 2005

Mr. President, I compliment the Senator from Pennsylvania on a job exceedingly well done in trying to find a way that we can reauthorize the PATRIOT Act, with very emotional feelings on all sides of…

Harry Reid
Sen. Harry ReidD-NV · Dec 16, 2005

Mr. President, when the Senate returns in January, we unfortunately will be without one of the finest Senators in this body. Senator Jon Corzine will be moving to New Jersey to serve as its Governor.…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued April 27, 2005
        [Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 923 Introduced in Senate (IS)]

109th CONGRESS
1st Session
S. 923

To amend part A of title IV of the Social Security Act to require a
State to promote financial education under the Temporary Assistance for
Needy Families (TANF) Program and to allow financial education to count
as a work activity under that program.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 27, 2005

Mr. Corzine (for himself, Mr. Akaka, Ms. Stabenow, Mr. Lautenberg, and
Mr. Obama) introduced the following bill; which was read twice and
referred to the Committee on Finance

_______________________________________________________________________

A BILL

To amend part A of title IV of the Social Security Act to require a
State to promote financial education under the Temporary Assistance for
Needy Families (TANF) Program and to allow financial education to count
as a work activity under that program.

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 ``TANF Financial Education Promotion
Act of 2005''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) Most recipients of assistance under the Temporary
Assistance for Needy Families (TANF) Program established under
part A of title IV of the Social Security Act (42 U.S.C. 601 et
seq.) and individuals moving toward self-sufficiency operate
outside the financial mainstream, paying high costs to handle
their finances and saving little for emergencies or the future.
(2) Currently, personal debt levels and bankruptcy filing
rates are high and savings rates are at their lowest levels in
70 years. The inability of many households to budget, save, and
invest prevents them from laying the foundation for a secure
financial future.
(3) Financial planning can help families meet near-term
obligations and maximize their longer-term well being,
especially valuable for populations that have traditionally
been underserved by our financial system.
(4) Financial education can give individuals the necessary
financial tools to create household budgets, initiate savings
plans, and acquire assets.
(5) Financial education can prevent vulnerable customers
from becoming entangled in financially devastating credit
arrangements.
(6) Financial education that addresses abusive lending
practices targeted at specific neighborhoods or vulnerable
segments of the population can prevent unaffordable payments,
equity stripping, and foreclosure.
(7) Financial education speaks to the broader purpose of
the TANF Program to equip individuals with the tools to succeed
and support themselves and their families in self-sufficiency.

SEC. 3. REQUIREMENT TO PROMOTE FINANCIAL EDUCATION UNDER TANF.

(a) State Plan.--Section 402(a)(1)(A) of the Social Security Act
(42 U.S.C. 602(a)(1)(A)) is amended by adding at the end the following:
``(vii) Establish goals and take action to
promote financial education, as defined in
section 407(j), among parents and caretakers
receiving assistance under the program through
collaboration with community-based
organizations, financial institutions, and the
Cooperative State Research, Education, and
Extension Service of the Department of
Agriculture.''.
(b) Inclusion of Financial Education as a Work Activity.--Section
407 of the Social Security Act (42 U.S.C 607) is amended--
(1) in subsection (c)(1)--
(A) in subparagraph (A), by striking ``or (12)''
and inserting ``(12), or (13)''; and
(B) in subparagraph (B), by striking ``or (12)''
each place it appears and inserting ``(12), or (13)'';
(2) in subsection (d)--
(A) in paragraph (11), by striking ``and'' at the
end;
(B) in paragraph (12), by striking the period and
inserting ``; and''; and
(C) by adding at the end the following:
``(13) financial education, as defined in subsection
(j).''; and
(3) by adding at the end the following:
``(j) Definition of Financial Education.--In this part, the term
`financial education' means education that promotes an understanding of
consumer, economic, and personal finance concepts, including the basic
principles involved with earning, budgeting, spending, saving,
investing, and taxation.''.
(c) Effective Date.--The amendments made by this section take
effect on October 1, 2005.
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