S. 3053Senate110th Congress (2007-2009)In Committee

A bill to amend title XI of the Social Security Act to provide grants for eligible entities to provide services to improve financial literacy among older individuals.

Introduced May 22, 2008

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 S4796-4797)

May 22, 2008

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SenateIntro Referral

Introduced in Senate

May 22, 2008

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4796)

May 22, 2008

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4796-4797)

May 22, 2008

Floor Debate

9 members

What members said about S. 3053 on the floor

6 Republicans3 Democrats
Susan M. Collins
Sen. Susan M. CollinsR-ME · May 22, 2008

Mr. President, I rise today to introduce the Commercial Truck Fuel Savings Demonstration Act of 2008, which would help address the growing crisis of energy costs for our Nation's trucking industry.…

Wayne Allard
Sen. Wayne AllardR-CO · May 22, 2008

Mr. President, this weekend is the unofficial beginning of summer and the start of the summer driving season. This is as oil hits $135 per barrel and more and more cities and towns all over the…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · May 22, 2008

Mr. President, I rise today to commend my colleague from Maine, Senator Collins, in introducing legislation critical to rectifying not only a serious impediment to the movement of international…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · May 22, 2008

Mr. President, today, Senator Lugar and I are introducing the Naval Vessel Transfer Act of 2008, a bill to permit the transfer of certain U.S. Navy vessels to particular foreign countries. All of the…

John Barrasso
Sen. John BarrassoR-WY · May 22, 2008

Mr. President, today I am introducing legislation to address the reality of the needs of species and the global nature of climate change. Recently, the U.S. Fish and Wildlife Service decided to list…

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John Cornyn
Sen. John CornynR-TX · May 22, 2008

Mr. President, the right to participate in democratic elections and vote for candidates of your choice is fundamental to the American experience. That right to vote is safeguarded by our men and…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · May 22, 2008

Mr. President, on behalf of Senator Cantwell, I introduce a bill to provide grants to Area Agencies on Aging to provide services to improve financial literacy among older individuals. A number of…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · May 22, 2008

Mr. President, I am very pleased to rise today to introduce the S Corporation Modernization Act of 2008 with my good friend, Senator Orrin Hatch. I also want to say a special thanks to our…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · May 22, 2008

Mr. President, on behalf of Senator Cantwell, I introduce a bill to provide grants to Area Agencies on Aging to provide services to improve financial literacy among older individuals. A number of…

Ron Wyden
Sen. Ron WydenD-OR · May 22, 2008

Mr. President, today, along with Senator Smith, I am introducing a bill to exempt wooden practice arrows from the unfair impact of an excise tax designed for much more expensive hunter and…

Bill Text

Latest available legislative text

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Introduced in SenateIssued May 22, 2008

II

110th CONGRESS

2d Session

S. 3053

IN THE SENATE OF THE UNITED STATES

May 22, 2008

Mr. Smith (for himself and Ms. Cantwell) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend title XI of the Social Security Act to provide grants for eligible entities to provide services to improve financial literacy among older individuals.

1.

Financial literacy services

Part A of title XI of the Social Security Act (42 U.S.C. 1301 et seq.) is amended by adding at the end the following new section:

1150A.

Financial literacy services

(a)

Definitions

In this section:

(1)

Area agency on aging

The term area agency on aging has the meaning given that term in section 102 of the Older Americans Act of 1965 (42 U.S.C. 3002).

(2)

Financial literacy services

The term financial literacy services means the services described in subsection (b)(1).

(3)

Older individual

The term older individual has the meaning given that term in such section 102.

(b)

Grants for services

(1)

In general

The Secretary shall make grants to eligible entities and other entities determined appropriate by the Secretary to enable the entities to provide services to improve financial literacy among older individuals, including older individuals who are women, and the family members and legal representatives of such individuals. The Secretary shall make the grants on a competitive basis, and nationwide.

(2)

Eligible entities

To be eligible to receive a grant under this subsection, an entity shall be an area agency on aging or another entity that meets such requirements as the Secretary may specify.

(3)

Application

To be eligible to receive a grant under this subsection, an entity shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. In the case of an entity who intends to provide the financial literacy services jointly with other services as described in paragraph (4)(C), the application shall include information demonstrating that the entity has the capacity to provide the services jointly.

(4)

Use of funds

(A)

In general

An entity that receives a grant under this subsection shall use the funds made available through the grant to provide financial literacy services, such as financial literacy education, training, and assistance.

(B)

Provision through contracts

The entity may provide the services directly or by entering into a contract with an organization that provides counseling, advice, or representation to older individuals and the family members and legal representatives of such individuals in a community served by the entity.

(C)

Provision with other services

The entity may provide the services alone or jointly with other services provided by or funded by the eligible entity, such as—

(i)

services provided through State Health Insurance Assistance Programs;

(ii)

services provided through a Long-Term Care Ombudsman program under section 307(a)(9) or 712 of the Older Americans Act of 1965 (42 U.S.C. 3027, 3058g);

(iii)

information and assistance services provided under the Older Americans Act of 1965 (42 U.S.C. 3001 et seq.);

(iv)

legal assistance services provided under the Older Americans Act of 1965 (42 U.S.C. 3001 et seq.);

(v)

services provided through Senior Medicare Patrol Projects conducted by the Administration on Aging;

(vi)

case management services; and

(vii)

services provided through Aging and Disability Resource Centers.

(5)

Report

The Secretary shall submit to Congress an annual report on the activities carried out by entities under a grant under this subsection.

(c)

National support center for financial literacy grant

(1)

In general

The Secretary may make a grant to an eligible center to coordinate the services provided through, and support the grant recipients under, the grant program carried out under subsection (b).

(2)

Eligible center

To be eligible to receive a grant under this subsection, a center shall—

(A)

be an entity that is housed within an organization described in section 501(c) of the Internal Revenue Code of 1986 that is exempt from taxation under section 501(a) of such Code;

(B)

have a minimum of 10 years experience operating a national program and support center with a focus on financial literacy; and

(C)

be primarily engaged in outreach and training activities designed to provide financial education and retirement planning for low- and moderate-income individuals, particularly with respect to women; and

(D)

have a demonstrated record of collaboration with organizations that focus on the needs of low- and moderate-income individuals and with national organizations serving the elderly, including those working with area agencies on aging and women, as well as organizations with expertise in financial services and related fields.

(3)

Use of funds

A center that receives a grant under this subsection shall use the funds made available through the grant to—

(A)

design and conduct training (which may include providing training for trainers) related to financial literacy services;

(B)

provide curricula for financial literacy services;

(C)

develop and disseminate relevant information about financial literacy services;

(D)

conduct outreach to national, State, and community organizations through a series of strategic partnerships in order to improve financial literacy among older individuals and the family members and legal representatives of such individuals;

(E)

provide technical assistance to the grant recipients under subsection (b) with respect to the program; and

(F)

collect data from such grant recipients about the services provided under this section, and the impact of those services.

(4)

Addressing challenges to women in securing adequate retirement income

In addition to the activities described in paragraph (3), a center that receives a grant under this subsection shall use the funds made available through the grant to conduct activities that are focused on addressing the challenges faced by older women, women of color, single women, and women who are heads of households to securing an adequate retirement income.

(d)

Coordination

The Secretary shall ensure that the activities carried out under the grant program under subsection (b) and under a grant made under subsection (c) are coordinated with the activities carried out by—

(1)

the Office of Financial Education of the Department of the Treasury; and

(2)

the Financial Literacy and Education Commission established under section 513 of the Financial Literacy and Education Improvement Act (20 U.S.C. 9702).

(e)

Funding

The Secretary of the Treasury shall transfer to the Secretary of Health and Human Services from the Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund established under section 201 such funds as are necessary for making grants under this section.

.