[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 853 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 853

              To provide for financial literacy education.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2011

  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 2011''.

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 and Entrepreneurship Education

``SEC. 5621. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL LITERACY AND 
              ENTREPRENEURSHIP 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 and entrepreneurship 
        education into each public middle school and secondary school 
        within the State; and
            ``(2) to provide professional development regarding the 
        teaching of financial literacy and entrepreneurship to each 
        public middle school and secondary school teacher of financial 
        literacy or entrepreneurship 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 2012 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 and 
        entrepreneurship.
            ``(2) Partnerships encouraged.--
                    ``(A) In general.--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 or entrepreneur.
                    ``(B) Business and entrepreneur partnership.--In 
                awarding a grant under this section, the Secretary 
                shall encourage the local educational agencies assisted 
                under the grant to find connections and foster 
                mentorships between classroom-based programs and the 
                local business and entrepreneurship community, where 
                appropriate.
    ``(b) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal year 2012 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 Director of the Bureau of Consumer Financial 
Protection 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 and entrepreneurship 
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 2012 and each of the 4 succeeding fiscal years.''.
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