[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1339 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1339

              To provide for financial literacy education.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 24, 2009

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

_______________________________________________________________________

                                 A BILL


 
              To provide for financial literacy education.

    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 
of 2009''.

SEC. 2. FINANCIAL LITERACY EDUCATION.

    Part D of title V of the Elementary and Secondary Education Act of 
1965 (20 U.S.C. 7241 et seq.) is amended by adding at the end the 
following:

               ``Subpart 22--Financial Literacy Education

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

    ``(a) Grants.--From amounts appropriated under subsection (d), the 
Secretary may award grants to States to enable the States, on a 
statewide basis--
            ``(1) to integrate financial literacy education into each 
        public middle school and secondary school within the State; and
            ``(2) to provide professional development regarding the 
        teaching of financial literacy to each public middle school and 
        secondary school teacher of financial literacy within the 
        State.
    ``(b) Limitation.--Each State receiving a grant under this section 
shall use not more than a total of 20 percent of the grant funds for 
professional and curriculum development.
    ``(c) Definition of Middle School.--The term `middle school' means 
a nonprofit institutional day or residential school, including a public 
middle charter school, that provides middle education, as determined 
under State law.
    ``(d) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal year 2010 and each of the 4 succeeding fiscal years.

``SEC. 5622. PARENT INVOLVEMENT.

    ``(a) Grants.--
            ``(1) In general.--From amounts appropriated under 
        subsection (b), the Secretary may award grants to local 
        educational agencies to enable the local educational agencies 
        to support and provide training and assistance to or for 
        parents and students regarding financial literacy.
            ``(2) Partnerships encouraged.--In awarding a grant under 
        this section the Secretary shall encourage a local educational 
        agency to create, promote, and implement the programming 
        assisted under the grant in partnership with a community 
        organization, financial institution, or local business.
    ``(b) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal year 2010 and each of the 4 succeeding fiscal years.''.

SEC. 3. FINANCIAL LITERACY EDUCATION COORDINATION.

    Subpart 13 of part D of title V of the Elementary and Secondary 
Education Act of 1965 (20 U.S.C. 7267 et seq.) is amended by adding at 
the end the following:

``SEC. 5538. COORDINATION.

    ``(a) In General.--The Secretary and the Board of Governors of the 
Federal Reserve System shall coordinate the activities assisted under 
this subpart with the activities carried out by any financial education 
research center operated by a Federal Reserve bank, in order to 
increase the usage and the prevalence of financial literacy education 
programs and educational resources.
    ``(b) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal year 2010 and each of the 4 succeeding fiscal years.''.
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