Bill > HR486

This bill establishes a grant program within the Bureau of Consumer Financial Protection to create centers of excellence focused on financial literacy education for young people and families aged 8-24. The bill recognizes significant gaps in financial education, noting that only 12% of teachers currently teach financial literacy despite widespread support for such education. The grant program will fund research, development, and implementation of comprehensive financial literacy programs, with specific goals including developing evidence-based educational materials, conducting professional development, improving access to financial information, and reducing student loan default rates. Priority will be given to grant applications that provide clear definitions of financial literacy, address unique life situations, incorporate age-appropriate content, and include evaluation components. Eligible institutions must be partnerships involving higher education institutions, government agencies, nonprofits, financial institutions, or small organizations. The program will provide between $27.5 million and $55 million in annual grants, with funding authorized through fiscal year 2029. Grant recipients must ensure content is delivered accessibly through traditional and digital methods, including social media, and must create user-friendly, visually appealing educational resources. The Bureau will be required to submit an annual report to Congress detailing grant recipients and the populations they serve.

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https://www.congress.gov/bill/119th-congress/house-bill/486/all-info