Financial Literacy for Students Act

Financial Literacy for Students Act - Amends the Elementary and Secondary Education of 1965 (ESEA) to authorize the Secretary of Education to award matching grants to states to: (1) integrate financial literacy education into each of their public elementary and secondary schools that are eligible for school improvement funds under title I of the ESEA, and (2) train their secondary school financial literacy or entrepreneurship teachers to teach financial literacy in core academic subjects.

Prohibits states from using over 20% of their grant funds to train those teachers, develop curricula, and evaluate the impact of financial literacy or personal finance education.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 829 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 829

             To improve the financial literacy of students.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 25, 2013

  Mrs. Hagan introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
             To improve the financial literacy of 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 ``Financial Literacy for Students 
Act''.

SEC. 2. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL LITERACY EDUCATION.

    Part D of title V of the Elementary and Secondary Education of 1965 
is amended by adding at the end the following:

                    ``Subpart 22--Financial Literacy

``SEC. 5621. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL LITERACY 
              EDUCATION.

    ``(a) Grants Authorized.--From amounts appropriated under 
subsection (e), the Secretary may award grants to State educational 
agencies to enable State educational agencies, on a statewide basis--
            ``(1) to integrate financial literacy education into each 
        public elementary school and public secondary school within the 
        State that is eligible to receive funds under title I; and
            ``(2) to provide professional development regarding the 
        teaching of financial literacy in core academic subjects to 
        each secondary school teacher of financial literacy or 
        entrepreneurship within the State.
    ``(b) Permissible Uses of Funds.--In carrying out the grant 
activities described in subsection (a), the State educational agency 
may use grant funds to--
            ``(1) implement school-based financial literacy activities, 
        including after school activities;
            ``(2) enhance student understanding and experiential 
        learning with consumer, economic, entrepreneurship, and 
        personal finance concepts; and
            ``(3) promote partnerships with community-based 
        organizations, financial institutions, local businesses, 
        entrepreneurs, or other organizations providing financial 
        literacy activities.
    ``(c) Limitation on Uses of Funds.--A State educational agency 
receiving grant funds under this section shall not use more than 20 
percent of such grant funds to carry out the following:
            ``(1) Teacher professional development programs to embed 
        financial literacy or personal finance or entrepreneurship 
        education into core academic subjects.
            ``(2) Curriculum development.
            ``(3) An evaluation of the impact of financial literacy or 
        personal finance education on students' understanding of 
        financial literacy concepts.
    ``(d) Matching Funds.--A State educational agency that receives a 
grant under this section shall provide matching funds, from non-Federal 
sources, in an amount equal to 25 percent of the amount of grant funds 
provided to the State to carry out the activities supported by the 
grant.
    ``(e) Appropriations.--There are authorized to be appropriated to 
carry out this Act such sums as may be necessary for fiscal year 2013 
and each of the 4 succeeding fiscal years.''.
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