[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2835 Introduced in House (IH)]

<DOC>






118th CONGRESS
  1st Session
                                H. R. 2835

To require the Financial Literacy and Education Commission to carry out 
  a study on the impact of language barriers to financial health, to 
require the website and toll-free telephone number of the Commission to 
be provided in the most commonly spoken languages in the United States, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 25, 2023

Ms. Garcia of Texas (for herself, Mrs. Beatty, Mr. Nickel, Mr. Green of 
    Texas, and Mr. Vargas) introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
     Committee on Education and the Workforce, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
To require the Financial Literacy and Education Commission to carry out 
  a study on the impact of language barriers to financial health, to 
require the website and toll-free telephone number of the Commission to 
be provided in the most commonly spoken languages in the United States, 
                        and for other purposes.

    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 ``Multilingual Financial Literacy 
Act''.

SEC. 2. STUDY ON THE IMPACT OF LANGUAGE BARRIERS TO FINANCIAL HEALTH.

    (a) Study.--The Financial Literacy and Education Commission shall 
carry out a study on the impact of language barriers to financial 
health, including access to financial literacy education and training, 
credit score outcomes, the cost of credit, and homebuying across groups 
with limited English proficiency.
    (b) Consultation.--In carrying out the study required under 
subsection (a), the Financial Literacy and Education Commission shall 
consult with every agency represented on the Commission.
    (c) Report.--Not later than the end of the 6-month period beginning 
on the date of enactment of this Act, the Financial Literacy and 
Education Commission shall issue a report to the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate--
            (1) containing all findings and determinations made in 
        carrying out the study required under subsection (a); and
            (2) analyzing the need for language accessibility across 
        the financial services industry, including an identification of 
        any industries in which information is provided solely in one 
        language, highlighting any products, services, or other 
        financial offerings with information which is limited in their 
        availability beyond English.

SEC. 3. LANGUAGE ACCESS TO COMMISSION WEBSITE AND TOLL-FREE TELEPHONE 
              NUMBER.

    (a) In General.--Section 514 of the Financial Literacy and 
Education Improvement Act (20 U.S.C. 9703) is amended--
            (1) in subsection (b)(2)--
                    (A) in subparagraph (D), by striking ``and'' at the 
                end;
                    (B) in subparagraph (E), by striking the period at 
                the end and inserting ``; and'';
                    (C) by adding at the end the following:
                    ``(F) be provided in at least 8 of the most 
                commonly spoken languages in the United States, as 
                determined by the Bureau of the Census.''; and
                    (D) by adding at the end the following:
            ``(3) Information on language resources from federal 
        agencies.--The website established under paragraph (1) shall 
        contain a separate website that provides--
                    ``(A) information on which Federal agencies provide 
                financial literacy and education resources in languages 
                other than English, including which resources are 
                available in which languages; and
                    ``(B) guidance on where individuals can find 
                Federal agency resources in a particular language for 
                various topic areas.
            ``(4) Translation services provided by the department of 
        the treasury.--The Secretary of the Treasury shall provide the 
        translation services necessary to comply with the language 
        requirement under paragraph (2)(F).'';
            (2) in subsection (c), by adding at the end the following: 
        ``The toll-free telephone number shall provide verbal 
        assistance to members of the public in each of the 8 most 
        commonly spoken languages in the United States, as determined 
        by the Bureau of the Census. The Secretary of the Treasury 
        shall provide the staff necessary to comply with such language 
        requirement.''; and
            (3) by adding at the end the following:
    ``(j) Language Access to Federal Agency Information.--The 
Commission shall coordinate and promote efforts of Federal agencies to 
make all financial literacy and education resources of Federal agencies 
available in each of the 8 most commonly spoken languages in the United 
States, as determined by the Bureau of the Census.''.
    (b) Application.--The provisions of law added by this section shall 
apply after the end of the 1-year period beginning on the date of 
enactment of this Act.

SEC. 4. POLICY RECOMMENDATIONS.

    Not later than the end of the 12-month period beginning on the date 
of enactment of this Act, the Financial Literacy and Education 
Commission shall issue a report to the Committee on Financial Services 
of the House of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate containing--
            (1) legislative and regulatory recommendations on how to 
        address barriers to financial inclusion caused by language 
        barriers, including financial literacy education and training 
        and the role that emerging technology and financial products 
        play in helping or harming communities with limited English 
        proficiency;
            (2) a summary of--
                    (A) the actions taken by the Commission to 
                implement the amendments made by section 3; and
                    (B) any actions taken by individual Federal 
                agencies that are members of the Commission to make 
                financial literacy and education resources of the 
                agency available to the public in each of the 8 most 
                commonly spoken languages in the United States, as 
                determined by the Bureau of the Census; and
            (3) an estimate of the cost needed--
                    (A) to implement the amendments made by section 3; 
                and
                    (B) for each Federal agency that is a member of the 
                Commission to make financial literacy and education 
                resources of the agency available to the public in each 
                of the 8 most commonly spoken languages in the United 
                States, as determined by the Bureau of the Census.

SEC. 5. ANNUAL REPORT ON FINANCIAL LITERACY.

    Section 514(h)(2) of the Financial Literacy and Education 
Improvement Act (20 U.S.C. 9703(h)(2)) is amended--
            (1) in subparagraph (I), by striking ``and'' at the end;
            (2) by redesignating subparagraph (J) as subparagraph (O); 
        and
            (3) by inserting after subparagraph (I) the following:
                    ``(J) a summary of the Commission's efforts over 
                the previous year to increase financial literacy across 
                all member agencies of the Commission;
                    ``(K) an analysis of where there are financial 
                literacy needs across different groups, including 
                information by age group, socioeconomic status, race, 
                ethnicity, and language preference;
                    ``(L) an analysis of limited access to credit and 
                disparate credit scoring across different groups, 
                including information by age group, gender, sexual 
                orientation, socioeconomic status, race, ethnicity, and 
                language preference;
                    ``(M) an explanation of how a lack of financial 
                literacy, systemic barriers, and other obstacles result 
                in a wealth gap across different groups, including 
                information by age group, gender, sexual orientation, 
                socioeconomic status, race, ethnicity, and language 
                preference;
                    ``(N) proposals and potential policy solutions for 
                addressing barriers to financial literacy, disparate 
                credit scoring, and the wealth gap; and''.
                                 <all>