[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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