[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7135 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 7135
To award grants to State educational agencies to support the provision
of financial education to high school students.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 26, 2008
Mr. Carson (for himself, Mr. Ryan of Ohio, Ms. Bean, Mr. Rodriguez, Ms.
Shea-Porter, Mr. Weiner, and Mrs. Boyda of Kansas) introduced the
following bill; which was referred to the Committee on Education and
Labor
_______________________________________________________________________
A BILL
To award grants to State educational agencies to support the provision
of financial education to high school students.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Young Investor Financial Education
Act''.
SEC. 2. FINANCIAL EDUCATION GRANTS AND SUBGRANTS.
(a) Grants to State Educational Agencies.--From the sums allocated
under section 4, the Secretary of Education shall award grants to State
educational agencies to support the provision of financial education in
high schools in accordance with sections 3 and 5.
(b) Subgrants to Local Educational Agencies.--From any of the grant
funds awarded under subsection (a), a State educational agency may
award a subgrant to a local educational agency to support the provision
of financial education in high schools in accordance with sections 3
and 5.
SEC. 3. APPLICATION.
(a) In General.--To qualify to receive a grant under section 2(a),
a State educational agency shall submit an application to the Secretary
at such time and in such manner as the Secretary may require, and
containing the information described in subsection (b).
(b) Contents.--The application required by subsection (a) shall
include a description of the financial education program that will be
developed and implemented with the grant or subgrant funds received
under this Act, including--
(1) the classes and topics covered in the program;
(2) certification that not later than the next school year
after the receipt of the grant, financial education will be
available in high schools under the jurisdiction of such State
educational agency; and
(3) any other information that the Secretary may require.
SEC. 4. RESERVATION AND FORMULA.
(a) Outlying Areas.--From the sums appropriated under section 8 for
each fiscal year, the Secretary shall reserve not more than 0.5 percent
of such sums for payments to outlying areas, to be allotted in
accordance with their respective needs for assistance under this Act,
as determined by the Secretary.
(b) States.--
(1) Formula.--From the sums appropriated under section 8
for each fiscal year and not reserved under subsection (a) of
this section or section 7, the Secretary shall allot, and make
available in accordance with this Act, to each State
educational agency in a State with an approved application an
amount that bears the same ratio to such sums as the number of
individuals aged 14 through 17 in the State to the total number
of individuals aged 14 through 17 in all States, except that no
State educational agency shall receive less than an amount
equal to one-half of 1 percent of such sums.
(2) Reallotment of unused funds.--If a State educational
agency does not submit an application or the Secretary does not
approve a State educational agency's application, the Secretary
shall reallot any portion of the State educational agency's
allotment under paragraph (1) to the remaining State
educational agencies in accordance with paragraph (1).
SEC. 5. USES OF FUNDS.
A State educational agency or local educational agency that
receives a grant or subgrant under this Act shall use the grant or
subgrant funds--
(1) to develop or to purchase financial education
materials;
(2) to train teachers in financial education course work,
such as responsible money management, credit card use, saving,
investing, and financial planning; and
(3) to pay for other incidental costs related to
establishing financial education programs in high schools.
SEC. 6. REPORTING.
(a) State Educational Agencies.--Not later than 1 year after the
date of enactment of this Act, and annually thereafter, each State
educational agency receiving a grant under this Act shall prepare and
submit a report to the Secretary containing information on the
financial education programs and activities carried out by the State
educational agency, and the effectiveness of such programs and
activities in improving the financial education of high school
students.
(b) Secretary.--Not later than 18 months after the date of
enactment of this Act, and annually thereafter, the Secretary shall
prepare and submit to the Committee on Education and Labor of the House
of Representatives and the Committee on Health, Education, Labor, and
Pensions of the Senate a report on the financial education programs and
activities carried out under this Act, and the effectiveness of such
programs and activities in improving the financial education of high
school students.
SEC. 7. CLEARINGHOUSE.
From the sums appropriated under section 8 for each fiscal year,
the Secretary shall reserve $2,000,000 of such sums to establish and
maintain, through grant or by contract, a central clearinghouse of
information that--
(1) provides information and technical assistance to State
educational agencies and local educational agencies in
developing content and curriculum materials for high school
financial education;
(2) maintains, coordinates, and disseminates information on
effective financial education programs, including private and
non-profit school-based financial education programs, that hold
the potential for broad scale implementation and replication;
and
(3) publishes, on an annual basis, a list of State
educational agencies or local educational agencies that are
grant or subgrant recipients under this Act, and the amounts
such State educational agencies or local educational agencies
receive under this Act.
SEC. 8. APPROPRIATIONS.
There are authorized to be appropriated $100,000,000 to carry out
this Act for each of the fiscal years 2010 through 2014.
SEC. 9. DEFINITIONS.
The following definitions apply to this Act:
(1) Charter school.--The term ``charter school'' has the
meaning given such term in section 5210 of the Elementary and
Secondary Education Act of 1965 (20 U.S.C. 7221i);
(2) Financial education.--The term ``financial education''
means course work for high school students that is aligned with
State academic standards and promotes financial literacy, such
as responsible money management, credit card use, saving,
investing, and financial planning;
(3) High school.--The term ``high school'' means a
nonprofit institutional day or residential school, including a
charter school, providing grade 9 through grade 12 education,
as determined under State law.
(4) Local educational agency.--The term ``local educational
agency'' has the meaning given such term in section 9101 of the
Elementary and Secondary Education Act of 1965 (20 U.S.C.
7801).
(5) Outlying area.--The term ``outlying area'' means the
United States Virgin Islands, Guam, American Samoa, and the
Commonwealth of the Northern Mariana Islands, and, until an
agreement for the extension of United States education
assistance under the Compact of Free Association for the
Republic of Palau becomes effective after the date of enactment
of this Act, includes the Republic of Palau.
(6) Secretary.--The term ``Secretary'' means Secretary of
Education.
(7) State.--The term ``State'' means each of the 50 States,
the District of Columbia, and the Commonwealth of Puerto Rico.
(8) State educational agency.--The term ``State educational
agency'' has the meaning given such term in section 9101 of the
Elementary and Secondary Education Act of 1965 (20 U.S.C.
7801).
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