H.R. 1918House112th Congress (2011-2013)In Committee

Financial and Economic Literacy Improvement Act of 2011

Introduced May 13, 2011

Legislative Activity

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3 earlier actions
HouseCommittee Latest Action

Referred to the Subcommittee on Higher Education and Workforce Training.

September 8, 2011

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HouseIntro Referral

Introduced in House

May 13, 2011

HouseIntro Referral

Referred to the House Committee on Education and the Workforce.

May 13, 2011

HouseCommittee

Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education.

September 8, 2011

HouseCommittee

Referred to the Subcommittee on Higher Education and Workforce Training.

September 8, 2011

Floor Debate

24 members

What members said about H.R. 1918 on the floor

11 Republicans12 Democrats1 Independent
Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Mar 16, 2011

Is there any time remaining? Madam President, I ask for the yeas and nays. Madam President, I will speak for just a moment, if I could. I know people in Washington and people in America do not…

James M. Inhofe
Sen. James M. InhofeR-OK · Mar 16, 2011

Madam President, I ask unanimous consent the order for the quorum call be rescinded. Madam President, we are currently, it is my understanding, on my amendment No. 183 to S. 493, is that correct? I…

Rob Portman
Sen. Rob PortmanR-OH · Mar 16, 2011

Mr. President, I appreciate being given the time to make a few remarks as a new Senator from Ohio. To be in the Senate, representing the people of Ohio, is a great honor and solemn responsibility,…

Tom Coburn
Sen. Tom CoburnR-OK · Mar 16, 2011

Mr. President, so the chairman knows, my planned time to introduce these amendments is 3:30. That is what they have given me time on. I did want to engage in some of the comments of the Senator from…

Bernard Sanders
Sen. Bernard SandersI-VT · Mar 16, 2011

Mr. President, I ask the Senate set aside the pending amendment so I can call up amendment No. 207. Mr. President, I call up amendment No. 207. I ask unanimous consent the reading of the amendment be…

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Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Mar 16, 2011

Madam President, this bipartisan amendment is supported by me; Chair Landrieu; Senator Kerry, the former chair of the committee; Senator Coburn; and Senator Webb. This amendment is based on a report…

Richard Blumenthal
Sen. Richard BlumenthalD-CT · Mar 16, 2011

Mr. President, the people of Connecticut sent me here to fight for their interests and today I rise to amplify their voices and share their concerns in my first remarks from the floor of the United…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Mar 16, 2011

Mr. President, I believe there is a pending amendment, which hopefully we will vote on, called the McConnell amendment. It basically takes away from the Environmental Protection Agency the authority…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Mar 16, 2011

Mr. President, I ask unanimous consent that the pending amendment be set aside, and I call up amendment No. 197. I do, Mr. President. I would like to have my amendment called up, then speak, and then…

Jeanne Shaheen
Sen. Jeanne ShaheenD-NH · Mar 16, 2011

Mr. President, I thank the Senator from Louisiana, Ms. Landrieu, for those nice words and also for her leadership. We are all indebted to Senator Landrieu and Ranking Member Snowe for their…

Patty Murray
Sen. Patty MurrayD-WA · Mar 16, 2011

May I request of the Senator how long she intends to speak? Mr. President, let me thank the Senator from Louisiana, Ms. Landrieu, for her tremendous work on the bill in front of us today, the small…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Mar 16, 2011

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent that at 2 o'clock I be given 5 minutes to speak, and the Senator from…

John Cornyn
Sen. John CornynR-TX · Mar 16, 2011

Madam President, I ask unanimous consent to call up amendment No. 186 and ask for its immediate consideration, and I ask unanimous consent that any pending amendments be set aside. I ask unanimous…

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Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 16, 2011

Mr. President, I am pleased that the Senate is proceeding to consider legislation to reauthorize the Small Business Innovation Research Program and Small Business Technology Transfer Program, SBIR/…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Mar 16, 2011

Mr. President, I rise today in strong support of the Small Business Innovation Research Act. I congratulate and thank our distinguished chair, the Senator from Louisiana, for her leadership and…

Robert P. Casey Jr.
Sen. Robert P. Casey Jr.D-PA · Mar 16, 2011

Madam President, first, I thank Senator Landrieu for her leadership on these many issues and especially on this critically important legislation to small businesses and for allowing me for a few…

Mark L. Pryor
Sen. Mark L. PryorD-AR · Mar 16, 2011

Madam President, I am sorry for the delay, but we wanted to make sure we had our i's dotted and our t's crossed. Madam President, I ask unanimous consent to call up and make pending the Pryor…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Mar 16, 2011

Madam President, the amendment from the Senator from Kentucky seeks to reduce discretionary spending by $200 billion. The actual amendment would cut in excess of $155 billion from domestic…

Max Baucus
Sen. Max BaucusD-MT · Mar 16, 2011

Mr. President, I ask unanimous consent to speak as in morning business. Mr. President, I rise today to highlight the importance of agriculture and celebrate National Agriculture Week. President…

Sherrod Brown
Sen. Sherrod BrownD-OH · Mar 16, 2011

Mr. President, I join the Republican leader in congratulating Senator Portman on his first speech on the Senate floor. I remember those days some 4 years ago when I had the honor of doing that. I…

Rand Paul
Sen. Rand PaulR-KY · Mar 16, 2011

I ask unanimous consent to set aside the pending amendment and call up my amendment, No. 199. I ask unanimous consent the reading of the amendment be dispensed with. This amendment would cost $200…

Mitch McConnell
Sen. Mitch McConnellR-KY · Mar 16, 2011

I would say to my friend from Arizona, he is entirely correct. I don't intend, myself, to support another continuing resolution. It does not contain the full-year Defense appropriations bill. I think…

John McCain
Sen. John McCainR-AZ · Mar 16, 2011

Madam President, I ask unanimous consent to engage in a colloquy with the distinguished Republican leader for 3 minutes. Madam President, I say to my friend and leader and to all my colleagues, it is…

Roger F. Wicker
Sen. Roger F. WickerR-MS · Mar 16, 2011

Madam President, I rise to agree with my colleague from Nebraska, to support his amendment, and to congratulate him for his newfound enthusiasm for this idea. Actually, on January 10, the House of…

Bill Text

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Introduced in HouseIssued May 13, 2011

I

112th CONGRESS

1st Session

H. R. 1918

IN THE HOUSE OF REPRESENTATIVES

May 13, 2011

Mrs. McCarthy of New York introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL

To provide grants to promote financial literacy.

1.

Short title

This Act may be cited as the Financial and Economic Literacy Improvement Act of 2011.

2.

Financial 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 literacy education

5538.

Financial 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 literacy education; and

(2)

to carry out activities designed to promote financial 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; and

(B)

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

(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 one of the following:

(aa)

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

(bb)

An educational service agency.

(cc)

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

(dd)

An institution of higher education.

(ee)

A community organization.

(ff)

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 literacy and personal finance education into core academic subjects;

(II)

administer financial 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 literacy activities and sequences of study within 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 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 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 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 literacy or personal finance education into core academic subjects.

(D)

An evaluation of the impact of financial literacy or personal finance education on students’ understanding of financial 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 2012 through 2017.

.

(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 literacy education

Sec. 5538. Financial literacy education grants.

.

3.

Grants to promote postsecondary financial 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:

320A.

Grants to promote postsecondary financial 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 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; and

(B)

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

(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 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.

.