[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8126 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8126

   To amend the Financial Literacy and Education Improvement Act to 
  include secondary schools in best practices for teaching financial 
                   literacy, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 23, 2024

Mr. Valadao (for himself and Mr. Nickel) 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 amend the Financial Literacy and Education Improvement Act to 
  include secondary schools in best practices for teaching financial 
                   literacy, 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. INCLUSION OF LOCAL EDUCATIONAL AGENCIES AND SCHOOLS IN BEST 
              PRACTICES FOR TEACHING FINANCIAL LITERACY.

    Section 514(a)(3) of the Financial Literacy and Education 
Improvement Act (20 U.S.C. 9703(a)(3)) is amended--
            (1) in subparagraph (A)--
                    (A) in the matter preceding clause (i)--
                            (i) by inserting ``and secondary schools'' 
                        after ``of institutions of higher education'';
                            (ii) by striking ``May 24, 2018'' and 
                        inserting ``January 1, 2024''; and
                            (iii) by inserting ``and secondary 
                        schools'' after ``for institutions of higher 
                        education''; and
                    (B) in clause (ii), by striking ``at institutions 
                of higher education when'' and inserting ``in'';
            (2) by striking subparagraph (B) and inserting the 
        following:
                    ``(B) Best practices.--
                            ``(i) The best practices described in 
                        subparagraph (A), as applicable to institutions 
                        of higher education, shall include--
                                    ``(I) methods to ensure that each 
                                student has a clear sense of the 
                                student's total borrowing obligations, 
                                including monthly payments, and 
                                repayment options;
                                    ``(II) the most effective ways to 
                                engage students in financial literacy 
                                education, including frequency and 
                                timing of communication with students;
                                    ``(III) information on how to 
                                target different student populations, 
                                including part-time students, first-
                                time students, and other nontraditional 
                                students; and
                                    ``(IV) ways to clearly communicate 
                                the importance of graduating on a 
                                student's ability to repay student 
                                loans.
                            ``(ii) The best practices described in 
                        subparagraph (A), as applicable to secondary 
                        schools, shall include--
                                    ``(I) methods to create a budget, 
                                track expenses, and save for short-term 
                                and long-term financial objectives;
                                    ``(II) effective ways to save and 
                                invest money, including by introducing 
                                students to different financial 
                                securities;
                                    ``(III) information on the 
                                fundamentals of credit, including a 
                                description and effects of credit 
                                scores, and the importance of 
                                responsible credit card usage;
                                    ``(IV) critical thinking skills to 
                                evaluate financial products, make 
                                informed decisions, and avoid financial 
                                scams; and
                                    ``(V) methods to ensure that each 
                                student has a clear understanding of 
                                postsecondary education financing 
                                options, including student loan 
                                borrowing, in preparation for 
                                enrollment at an institution of higher 
                                education.''; and
            (3) in subparagraph (D), by inserting ``or a secondary 
        school'' after ``institution of higher education''.
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