S. 925Senate109th Congress (2005-2007)In Committee

Youth Financial Education Act

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 S4420-4421)

April 27, 2005

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SenateIntro Referral

Introduced in Senate

April 27, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4420)

April 27, 2005

SenateIntro Referral

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S4420-4421)

April 27, 2005

Floor Debate

21 members

What members said about S. 925 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. 925 Introduced in Senate (IS)]

109th CONGRESS
1st Session
S. 925

To promote youth financial education.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 27, 2005

Mr. Corzine (for himself, Mr. Akaka, Ms. Stabenow, Mr. Lautenberg, 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 promote youth financial education.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. PROMOTING YOUTH FINANCIAL LITERACY.

Title IV of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 7101 et seq.) is amended by adding at the end the following:

``PART D--PROMOTING YOUTH FINANCIAL LITERACY

``SEC. 4401. SHORT TITLE AND FINDINGS.

``(a) Short Title.--This part may be cited as the `Youth Financial
Education Act'.
``(b) Findings.--Congress finds the following:
``(1) In order to succeed in our dynamic American economy,
young people must obtain the skills, knowledge, and experience
necessary to manage their personal finances and obtain general
financial literacy. All young adults should have the
educational tools necessary to make informed financial
decisions.
``(2) Despite the critical importance of financial literacy
to young people, the average student who graduates from high
school lacks basic skills in the management of personal
financial affairs. A nationwide survey conducted in 2004 by the
Jump$tart Coalition for Personal Financial Literacy examined
the financial knowledge of 4,074 12th graders. On average,
survey respondents answered only 52 percent of the questions
correctly. This figure is up only slightly from the 50 percent
average score in 2002.
``(3) An evaluation by the National Endowment for Financial
Education High School Financial Planning Program undertaken
jointly with the United States Department of Agriculture
Cooperative State Research, Education, and Extension Service
demonstrates that as little as 10 hours of classroom
instruction can impart substantial knowledge and affect
significant change in how teens handle their money.
``(4) State educational leaders have recognized the
importance of providing a basic financial education to students
in kindergarten through grade 12 by integrating financial
education into State educational standards, but by 2004, only 7
States required students to complete a course that covered
personal finance before graduating from high school.
``(5) Teacher training and professional development are
critical to achieving youth financial literacy. Teachers should
be given the tools they need to educate our Nation's youth on
personal finance and economics.
``(6) Personal financial education helps prepare students
for the workforce and for financial independence by developing
their sense of individual responsibility, improving their life
skills, and providing them with a thorough understanding of
consumer economics that will benefit them for their entire
lives.
``(7) Financial education integrates instruction in
valuable life skills with instruction in economics, including
income and taxes, money management, investment and spending,
and the importance of personal savings.
``(8) The consumers and investors of tomorrow are in our
schools today. The teaching of personal finance should be
encouraged at all levels of our Nation's educational system,
from kindergarten through grade 12.

``SEC. 4402. STATE GRANT PROGRAM.

``(a) Program Authorized.--The Secretary is authorized to provide
grants to State educational agencies to develop and integrate youth
financial education programs for students in elementary schools and
secondary schools.
``(b) State Plan.--
``(1) Approved state plan required.--To be eligible to
receive a grant under this section, a State educational agency
shall submit an application that includes a State plan,
described in paragraph (2), that is approved by the Secretary.
``(2) State plan contents.--The State plan referred to in
paragraph (1) shall include--
``(A) a description of how the State educational
agency will use grant funds;
``(B) a description of how the programs supported
by a grant will be coordinated with other relevant
Federal, State, regional, and local programs; and
``(C) a description of how the State educational
agency will evaluate program performance.
``(c) Allocation of Funds.--
``(1) Allocation factors.--Except as otherwise provided in
paragraph (2), the Secretary shall allocate the amounts made
available to carry out this section pursuant to subsection (a)
to each State according to the relative populations in all the
States of students in kindergarten through grade 12, as
determined by the Secretary based on the most recent
satisfactory data.
``(2) Minimum allocation.--Subject to the availability of
appropriations and notwithstanding paragraph (1), a State that
has submitted a plan under subsection (b) that is approved by
the Secretary shall be allocated an amount that is not less
than $500,000 for a fiscal year.
``(3) Reallocation.--In any fiscal year an allocation under
this subsection--
``(A) for a State that has not submitted a plan
under subsection (b); or
``(B) for a State whose plan submitted under
subsection (b) has been disapproved by the Secretary;
shall be reallocated to States with approved plans under this
section in accordance with paragraph (1).
``(d) Use of Grant Funds.--
``(1) Required uses.--A grant made to a State educational
agency under this part shall be used--
``(A) to provide funds to local educational
agencies and public schools to carry out financial
education programs for students in kindergarten through
grade 12 based on the concept of achieving financial
literacy through the teaching of personal financial
management skills and the basic principles involved
with earning, spending, saving, and investing;
``(B) to carry out professional development
programs to prepare teachers and administrators for
financial education; and
``(C) to monitor and evaluate programs supported
under subparagraphs (A) and (B).
``(2) Limitation on administrative costs.--A State
educational agency receiving a grant under subsection (a) may
use not more than 4 percent of the total amount of the grant in
each fiscal year for the administrative costs of carrying out
this section.
``(e) Report to the Secretary.--Each State educational agency
receiving a grant under this section shall transmit a report to the
Secretary with respect to each fiscal year for which a grant is
received. The report shall describe the programs supported by the grant
and the results of the State educational agency's monitoring and
evaluation of such programs.

``SEC. 4403. CLEARINGHOUSE.

``(a) Authority.--Subject to the availability of appropriations,
the Secretary shall make a grant to, or execute a contract with, an
eligible entity with substantial experience in the field of financial
education, such as the Jump$tart Coalition for Personal Financial
Literacy, to establish, operate, and maintain a national clearinghouse
(in this part referred to as the `Clearinghouse') for instructional
materials and information regarding model financial education programs
and best practices.
``(b) Eligible Entity.--In this section, the term `eligible entity'
means a national nonprofit organization with a proven record of--
``(1) cataloging youth financial literacy materials; and
``(2) providing support services and materials to schools
and other organizations that work to promote youth financial
literacy.
``(c) Application.--An eligible entity desiring to establish,
operate, and maintain the Clearinghouse shall submit an application to
the Secretary at such time, in such manner, and accompanied by such
information, as the Secretary may reasonably require.
``(d) Basis and Term.--The Secretary shall make the grant or
contract authorized under subsection (a) on a competitive, merit basis
for a term of 5 years.
``(e) Use of Funds.--The Clearinghouse shall use the funds provided
under a grant or contract made under subsection (a)--
``(1) to maintain a repository of instructional materials
and related information regarding financial education programs
for elementary schools and secondary schools, including
kindergartens, for use by States, localities, and the general
public;
``(2) to disseminate to States, localities, and the general
public, through electronic and other means, instructional
materials and related information regarding financial education
programs for elementary schools and secondary schools,
including kindergartens; and
``(3) to the extent that resources allow, to provide
technical assistance to States, localities, and the general
public on the design, establishment, and implementation of
financial education programs for elementary schools and
secondary schools, including kindergartens.
``(f) Consultation.--The chief executive officer of the eligible
entity selected to establish and operate the Clearinghouse shall
consult with the Department of the Treasury and the Securities Exchange
Commission with respect to its activities under subsection (e).
``(g) Submission to Clearinghouse.--Each Federal agency or
department that develops financial education programs and instructional
materials for such programs shall submit to the Clearinghouse
information on the programs and copies of the materials.
``(h) Application of Copyright Laws.--In carrying out this section
the Clearinghouse shall comply with the provisions of title 17 of the
United States Code.

``SEC. 4404. EVALUATION AND REPORT.

``(a) Performance Measures.--The Secretary shall develop measures
to evaluate the performance of programs assisted under sections 4402
and 4403.
``(b) Evaluation According to Performance Measures.--Applying the
performance measures developed under subsection (a), the Secretary
shall evaluate programs assisted under sections 4402 and 4403--
``(1) to judge their performance and effectiveness;
``(2) to identify which of the programs represent the best
practices of entities developing financial education programs
for students in kindergarten through grade 12; and
``(3) to identify which of the programs may be replicated
and used to provide technical assistance to States, localities,
and the general public.
``(c) Report.--For each fiscal year for which there are
appropriations under section 4407(a), the Secretary shall transmit a
report to Congress describing the status of the implementation of this
part. The report shall include the results of the evaluation required
under subsection (b) and a description of the programs supported under
section 4402.

``SEC. 4405. DEFINITIONS.

``In this part:
``(1) Financial education.--The term `financial education'
means educational activities and experiences, planned and
supervised by qualified teachers, that enable students to
understand basic economic and consumer principles, acquire the
skills and knowledge necessary to manage personal and household
finances, and develop a range of competencies that will enable
the students to become responsible consumers in today's complex
economy.
``(2) Qualified teacher.--The term `qualified teacher'
means a teacher who holds a valid teaching certification or is
considered to be qualified by the State educational agency in
the State in which the teacher works.

``SEC. 4406. PROHIBITION.

``Nothing in this part shall be construed to authorize an officer
or employee of the Federal Government to mandate, direct, or control a
State, local educational agency, or school's specific instructional
content, curriculum, or program of instruction, as a condition of
eligibility to receive funds under this part.

``SEC. 4407. AUTHORIZATION OF APPROPRIATIONS.

``(a) Authorization.--For the purposes of carrying out this part,
there are authorized to be appropriated $100,000,000 for each of the
fiscal years 2006 through 2010.
``(b) Limitation on Funds for Clearinghouse.--The Secretary may use
not less than 2 percent and not more than 5 percent of amounts
appropriated under subsection (a) for each fiscal year to carry out
section 4403.
``(c) Limitation on Funds for Secretary Evaluation.--The Secretary
may use not more than $200,000 from the amounts appropriated under
subsection (a) for each fiscal year to carry out subsections (a) and
(b) of section 4404.
``(d) Limitation on Administrative Costs.--Except as necessary to
carry out subsections (a) and (b) of section 4404 using amounts
described in subsection (c) of this section, the Secretary shall not
use any portion of the amounts appropriated under subsection (a) for
the costs of administering this part.''.
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