S. 638Senate111th Congress (2009-2011)In Committee

Financial and Economic Literacy Improvement Act of 2009

Introduced March 19, 2009

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

March 19, 2009

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SenateIntro Referral

Introduced in Senate

March 19, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S3552-3553)

March 19, 2009

SenateIntro Referral

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

March 19, 2009

Floor Debate

17 members

What members said about S. 638 on the floor

5 Republicans12 Democrats
Lamar Alexander
Sen. Lamar AlexanderR-TN · Mar 19, 2009

Mr. President, on a day in a week when there is a lot of news where people are hurting in a serious economy, I have some good news to report, and it will just take me a few minutes to do it. Our…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Mar 19, 2009

Mr. President, today I am introducing the Federal Death Penalty Abolition Act of 2009. This bill would abolish the death penalty at the Federal level. It would put an immediate halt to Federal…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Mar 19, 2009

Mr. President, I remain very concerned about the continuing prevalence of performance-enhancing drugs in sports. The ongoing reports of the vast use of performance-enhancing drugs in professional…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Mar 19, 2009

Mr. President, I rise today to join Senator Bingaman to introduce legislation to rectify a long standing problem for community health centers and the millions of Americans who depend on them for…

Patty Murray
Sen. Patty MurrayD-WA · Mar 19, 2009

Mr. President, there are a number of factors that caused the economic recession we are faced with today. All of us know that. We can blame executives on Wall Street, who made reckless choices and…

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Patty Murray
Sen. Patty MurrayD-WA · Mar 19, 2009

Mr. President, there are a number of factors that caused the economic recession we are faced with today. All of us know that. We can blame executives on Wall Street, who made reckless choices and…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 19, 2009

Mr. president, I rise today with Senators Snowe and Sanders to introduce the Medicare Access to Community Health Centers, MATCH, Act of 2009. This legislation addresses a long standing payment issue…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 19, 2009

Mr. President, this week, the Nation celebrates the fifth annual Sunshine Week--a time when open Government advocates raise their voices to renew the call for open and transparent Government. Our…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Mar 19, 2009

Mr. President, I rise today to introduce the National Pain Care Policy Act of 2009. I am pleased to have worked with my good friend, Senator Chris Dodd, on this legislation that will create a…

Max Baucus
Sen. Max BaucusD-MT · Mar 19, 2009

Mr. President, over the past week, we have heard a lot about AIG paying out $165 million in bonuses to employees of its financial products unit. This is the same company that took $170 billion in…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Mar 19, 2009

Mr. President, I rise today to join Senator Bunning to introduce the Equity and Access for Podiatric Physicians Under Medicaid Act. I am proud to introduce this legislation that will ensure Medicaid…

Herb Kohl
Sen. Herb KohlD-WI · Mar 19, 2009

Mr. President, I rise today to introduce the Nursing Home Transparency and Improvement Act of 2009. My colleague, Senator Grassley, and I have worked on this legislation together. He is on the floor…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Mar 19, 2009

Mr. President, I rise today to join my colleague from Utah, Senator Orrin Hatch, in introducing the National Pain Care Policy Act of 2009. This important legislation would make significant strides in…

Show 6 more
Benjamin L. Cardin
Sen. Benjamin L. CardinD-MD · Mar 19, 2009

Mr. President, I rise today to introduce the Star- Spangled Banner Commemorative Coin Act. I am pleased that my colleague, the senior Senator from Maryland, is a co-sponsor. This legislation will…

Jim Bunning
Sen. Jim BunningR-KY · Mar 19, 2009

Mr. President, today I am reintroducing an important piece of legislation that I have worked on for several years with Senator Mikulski from Maryland. I am pleased that she is joining me in…

Kent Conrad
Sen. Kent ConradD-ND · Mar 19, 2009

Mr. President, today I am introducing the Midwifery Care Access and Reimbursement Equity, M-CARE, Act of 2009 with my colleague, Senator Collins. For too many years, certified nurse midwives, CNMs,…

Tim Johnson
Sen. Tim JohnsonD-SD · Mar 19, 2009

Mr. President, today I introduced legislation, along with Senators Stabenow and Tester, that establishes a first-of-its-kind program to dedicate funds to advance important state wildlife recovery and…

Jack Reed
Sen. Jack ReedD-RI · Mar 19, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Patty Murray
Sen. Patty MurrayD-WA · Mar 19, 2009

I yield the floor, and I reserve the remainder of the time on our side.

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 19, 2009

II

111th CONGRESS

1st Session

S. 638

IN THE SENATE OF THE UNITED STATES

March 19, 2009

Mrs. Murray (for herself, Mr. Cochran, and Mr. Kaufman) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions

A BILL

To provide grants to promote financial and economic literacy.

1.

Short title

This Act may be cited as the Financial and Economic Literacy Improvement Act of 2009.

2.

Financial and economic literacy education grants

(a)

In general

Part D of title V of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7241 et seq.) is amended by inserting after section 5537 the following:

13A

Financial and economic literacy education

5538.

Financial and economic literacy education grants

(a)

Authorization

The Secretary shall award grants to eligible entities to enable such entities—

(1)

to award subgrants to local entities to provide financial and economic literacy education; and

(2)

to carry out activities designed to promote financial and economic literacy education.

(b)

Eligible entities

In this section, the term eligible entity means—

(1)

a State educational agency; or

(2)

a State partnership consisting of—

(A)

a State educational agency;

(B)

a nonprofit organization with experience and a proven quality track record in financial and economic literacy or personal finance education programs; and

(C)

a nonprofit organization with experience and a proven track record in quality professional development for teachers leading to higher student achievement in skills and subjects integral to financial and economic literacy or personal finance education.

(c)

Application

An eligible entity that desires to receive a grant under this section shall submit an application to the Secretary at such time, in such manner, and accompanied by such information as the Secretary may require.

(d)

Formula

From the total amount appropriated under subsection (g) for a fiscal year, the Secretary shall allot to each State for such fiscal year an amount that bears the same relation to such total amount as the amount such State received under part A of title I for such fiscal year bears to the total amount received by all States under part A of title I for such fiscal year.

(e)

Use of funds

(1)

Subgrants to eligible local entities

(A)

Eligible local entity

In this section, the term eligible local entity means—

(i)

a local educational agency; or

(ii)

a local partnership consisting of—

(I)

a local educational agency; and

(II)

not less than 1 of the following:

(aa)

A nonprofit organization with experience and a proven track record in quality financial and economic literacy or personal finance education programs.

(bb)

A nonprofit organization with experience and a proven track record in quality professional development for teachers leading to higher student achievement in skills and subjects integral to financial and economic literacy or personal finance education.

(cc)

An educational service agency.

(dd)

A recipient of an Excellence in Economic Education grant under subpart 13.

(ee)

An institution of higher education.

(ff)

A community organization.

(gg)

A representative of local business.

(B)

Authorization of subgrants

An eligible entity that receives a grant under this section shall use 75 percent of such grant funds to award subgrants to eligible local entities.

(C)

Applications

(i)

In general

An eligible local entity that desires to receive a subgrant under this paragraph shall submit an application to the eligible entity at such time, in such manner, and accompanied by such information as the eligible entity may require.

(ii)

Review of applications

The eligible entity shall review applications submitted under clause (i) in the same manner as applications are reviewed under section 5534(b).

(D)

Use of funds

An eligible local entity that receives a subgrant under this paragraph—

(i)

shall use the subgrant funds to—

(I)

implement teacher training programs to embed financial and economic literacy and personal finance education into core academic subjects or to effectively coordinate the teaching of core academic subjects with teaching of financial and economic literacy and personal finance education;

(II)

administer financial and economic literacy assessments on not less than an annual basis in, at a minimum, the grade levels selected by the State pursuant to paragraph (2)(A); and

(III)

implement financial and economic literacy activities and sequences of study within, or coordinated with, core academic subjects; and

(ii)

may use the subgrant funds to implement school-based activities, including after school activities, to enhance student understanding and experiential learning with consumer, economic, and personal finance concepts.

(E)

Report

An eligible local entity that receives a subgrant under this paragraph shall include in the annual report card under section 1111(h)(2) the same information on student achievement on the financial and economic literacy assessments, administered pursuant to subparagraph (D), as required, pursuant to section 1111(h)(2), of the other State academic assessments described in section 1111(b)(3).

(2)

State activities

An eligible entity that receives a grant under this section shall use 25 percent of such grant funds to carry out the following:

(A)

The development of financial and economic literacy standards in not less than 3 grade levels, including not less than 1 grade level in elementary school, not less than 1 grade level in middle school, and not less than 1 grade level in high school.

(B)

The development of appropriate financial and economic literacy assessments in the grade levels determined under subparagraph (A) that are valid, reliable, and comparable across the State.

(C)

Teacher professional development programs to embed financial and economic literacy or personal finance education into core academic subjects.

(D)

An evaluation of the impact of financial and economic literacy or personal finance education on students’ understanding of financial and economic literacy concepts.

(f)

Matching funds

An eligible entity that receives a grant under this section shall provide, from non-Federal sources, an amount equal to 25 percent of the amount of the grant award to carry out activities required under this section.

(g)

Authorization of appropriations

There are authorized to be appropriated to carry out this section $125,000,000 for each of fiscal years 2010 through 2015.

5539.

Financial and Economic Literacy and Economic Education Clearinghouse

(a)

Clearinghouse

The Secretary shall maintain a clearinghouse of best practices, tools, and instructional materials for financial and economic literacy and personal finance instruction, aligned with voluntary nationally recognized curriculum standards in such areas, for students of elementary school, secondary school, and postsecondary school age (to be known as the Financial and Economic Literacy and Economic Education Clearinghouse).

(b)

Administration of Clearinghouse

(1)

In general

The Secretary may contract with an eligible entity to maintain the Financial and Economic Literacy and Economic Education Clearinghouse.

(2)

Eligible Entity

In this subsection, the term eligible entity means a nonprofit organization with expertise in the curriculum and instruction of personal financial and economic literacy topics for students of elementary school, secondary school, and postsecondary school age.

(c)

Activities

The Financial and Economic Literacy and Economic Education Clearinghouse shall collect and disseminate high-quality materials on financial and economic literacy, including best practices, professional development, and teaching tools that are aligned with voluntary nationally recognized curriculum standards in such areas.

(d)

Accessibility

The information of the Financial and Economic Literacy and Economic Education Clearinghouse shall—

(1)

be housed in a centrally accessible and user-friendly format and location; and

(2)

be easily accessible from the Department of Education website.

(e)

Authorization of appropriations

There are authorized to be appropriated to carry out this section such sums as may be necessary for each of fiscal years 2010 through 2015.

.

(b)

Table of contents

The table of contents in section 2 of the Elementary and Secondary Education Act of 1965 is amended by inserting after the item relating to section 5537 the following:

Subpart 13A—Financial and economic literacy education

Sec. 5538. Financial and economic literacy education grants.

Sec. 5539. Financial and Economic Literacy and Economic Education Clearinghouse.

.

3.

Grants to promote postsecondary financial and economic literacy

Part A of title III of the Higher Education Act of 1965 (20 U.S.C. 1057 et seq.) is amended by adding at the end the following:

318.

Grants to promote postsecondary financial and economic literacy

(a)

Authorization of grant awards

The Secretary shall award grants, on a competitive basis, to eligible entities to enable such entities to provide financial and economic literacy courses or course components to students.

(b)

Definition of eligible entity

In this section, the term eligible entity means—

(1)

an institution of higher education; or

(2)

a partnership consisting of—

(A)

an institution of higher education;

(B)

a nonprofit organization with experience and a proven track record in quality financial and economic literacy or personal finance education programs; and

(C)

a nonprofit organization with experience and a proven track record in quality professional development for teachers leading to higher student achievement in skills and subjects integral to financial and economic literacy or personal financial education.

(c)

Application

An eligible entity that desires to receive a grant under this section shall submit an application to the Secretary at such time, in such manner, and accompanied by such information as the Secretary may require.

(d)

Minimum grant amount

The Secretary shall award grants under this section in amounts of not less than $500,000.

(e)

Use of funds

An eligible entity that receives a grant under this section shall use the grant funds to develop and implement financial and economic literacy education, activities, student organizations, or counseling that increase student knowledge in consumer, economic, and personal financial concepts.

(f)

Authorization of appropriations

There are authorized to be appropriated to carry out this section $125,000,000 for each of the fiscal years 2010 through 2015.

.