Health Education Labor and Pensions Bill X
S. 807
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,
`(a) SHORT TITLE- This part may be cited as the `Youth Financial Education Act'.
`(a) AUTHORITY- Subject to the availability of appropriations, the Secretary shall make a grant to or execute a contract with an organization or institution 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) APPLICATION- An organization or institution 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.
`(c) 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.
`(d) 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 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 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 and secondary schools, including kindergartens.
`(e) CONSULTATION- The chief executive officer of the organization 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 (d).
`(f) 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.
`(g) APPLICATION OF COPYRIGHT LAWS- In carrying out this section the Clearinghouse shall comply with the provisions of title 17 of the United States Code.
`In this part--
`(1) the term `financial education' means educational activities and experiences, planned and supervised by qualified teachers, that enable students to understand basic economic and consumer principals, acquire the skills and knowledge necessary to manage personal and household finances, and develop a range of competencies that will enable them to become responsible consumers in today's complex economy;
`(2) the terms `local educational agency', `State educational agency', and `outlying area' have the meanings given the terms in section 14101 of the Elementary and Secondary Education Act of 1965;
`(3) 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;
`(4) the term `Secretary' means the Secretary of Education; and
`(5) the term `State' means each of the 50 States, the District of Columbia, the Commonwealth of Puerto Rico, and each outlying area.
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