[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3053 Introduced in Senate (IS)]
110th CONGRESS
2d Session
S. 3053
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.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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:
``financial literacy services
``Sec. 1150A. (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.''.
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