S. 924Senate109th Congress (2005-2007)In Committee

Education for Retirement Security 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 Health, Education, Labor, and Pensions. (text of measure as introduced: CR S4419-4420)

April 27, 2005

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SenateIntro Referral

Introduced in Senate

April 27, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4419)

April 27, 2005

SenateIntro Referral

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S4419-4420)

April 27, 2005

Floor Debate

21 members

What members said about S. 924 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

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Latest
Introduced in SenateIssued April 27, 2005
        [Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 924 Introduced in Senate (IS)]

109th CONGRESS
1st Session
S. 924

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

April 27, 2005

Mr. Corzine (for himself, Mr. Akaka, Ms. Stabenow, Mr. Lautenberg, Mr.
Sarbanes, and Mr. Baucus) 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 2005''.

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) 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.
(7) 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.
(8) 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 21,084 victims in 2004, an increase of more
than 11 times in number.

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 2006
through 2010.
(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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