HR2943-118

1. Short title This Act may be cited as the Student Empowerment and Financial Literacy Act.

2. Financial literacy grant program The Secretary shall award grants on a competitive basis to eligible entities for the purposes of promoting new and existing strategies to expand, develop, implement, evaluate, and disseminate for voluntary use innovative approaches or professional development programs in financial literacy for elementary school and secondary school students, that— show potential to improve student awareness of personal finance topics; show potential to improve teaching of such topics, including by training teachers and instructors to teach such topics; and demonstrate innovation, scalability, accountability, and a focus on underbanked populations. In order to receive a grant under this Act, an eligible entity shall submit an application to the Secretary at such time and in such manner, and containing such information, as the Secretary may reasonably require. A grant awarded under this Act shall be awarded for a period of not more than 3 years. In a case in which an eligible entity submits an application under subsection (b), and is not awarded a grant under this Act— the Secretary shall provide to such eligible entity— an explanation for the denial of such grant; and any suggestions for improvements to the application the eligible entity should make to be eligible for such a grant; and the eligible entity may resubmit such application after receipt of the explanations and suggestions under subparagraph (A). The Secretary may renew a grant awarded under this Act for one additional 2-year period for an eligible entity that demonstrates the success of the program funded under the grant, such as through student, parent, teacher or satisfaction, or program efficacy. In awarding grants under this Act, the Secretary shall award grants to eligible entities that will use the grant to provide programs that account for diverse student and community needs, including any need for electronic and written materials, broadband or connectivity, multiple languages, and assistance for students with disabilities. In awarding grants under this Act, the Secretary shall ensure that, to the extent practicable, grants are distributed among eligible entities that will serve— geographically diverse areas, including urban, suburban, and rural areas; and diverse types of elementary schools and secondary schools.

3. Definitions In this Act: The term elementary school has the meaning given such term in section 8101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7801(19)), and includes a home school that provides elementary education, as such terms are defined under State law. The term eligible entity means an entity— with demonstrated expertise in the development of strategies designed to improve understanding of personal finance topics among elementary school or secondary school students; and that may be in a partnership with a community group, financial institution, or another educational entity. In this paragraph, the term demonstrated expertise includes expertise demonstrated through post-program performance data (such as post-program review by parents, teachers, and students that shows demonstrated learning and efficacy of program, and post-program student work-product that demonstrates real learning). The term personal finance topics includes bank accounts, credit union accounts, credit and debit cards, online banking, mobile payment services, student loans, taxes, mortgages, credit reports, debt management, investing, lending, retirement planning, trade-offs, the power of compound interest, and saving. The term secondary school has the meaning given such term in section 8101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7801(45)), and includes a home school that provides secondary education, as such terms are defined under State law. The term Secretary means the Secretary of Education.