[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4248 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  2d Session
                                S. 4248

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 SENATE OF THE UNITED STATES

                              May 2, 2024

  Ms. Butler introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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 on financial 
health, including an analysis of, with respect to groups with limited 
English proficiency, access to financial literacy education and 
training, credit score outcomes, the cost of credit, and homebuying.
    (b) Consultation.--In carrying out the study required under 
subsection (a), the Financial Literacy and Education Commission shall 
consult with each agency represented in the membership of the 
Commission.
    (c) Report.--Not later than 180 days after the date of enactment of 
this Act, the Financial Literacy and Education Commission shall submit 
to the Committee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the House of Representatives 
a report--
            (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--
                    (A) any industry in which information is provided 
                solely in 1 language; and
                    (B) any product, service, or other financial 
                offering for which the availability of information is 
                limited 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)--
                    (A) in paragraph (2)--
                            (i) in subparagraph (D), by striking 
                        ``and'' at the end;
                            (ii) by redesignating subparagraph (E) as 
                        subparagraph (F); and
                            (iii) by inserting after subparagraph (D) 
                        the following:
                    ``(E) 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''; and
                    (B) 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 a description of which 
                resources are available in which languages; and
                    ``(B) guidance on where individuals can find 
                Federal 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)(E).'';
            (2) in subsection (c)--
                    (A) by striking ``The Commission'' and inserting 
                the following:
            ``(1) In general.--The Commission''; and
                    (B) by adding at the end the following:
            ``(2) Language requirement.--
                    ``(A) In general.--The toll-free telephone number 
                established under paragraph (1) 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.
                    ``(B) Translation services provided by the 
                department of the treasury.--The Secretary of the 
                Treasury shall provide the staff necessary to comply 
                with the requirement under subparagraph (A).''; 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) Effective Date.--The amendments made by subsection (a) shall 
take effect on the date that is 1 year after the date of enactment of 
this Act.

SEC. 4. POLICY RECOMMENDATIONS.

    Not later than 1 year after the date of enactment of this Act, the 
Financial Literacy and Education Commission shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives a 
report containing--
            (1) legislative and regulatory recommendations on how to 
        address--
                    (A) barriers to financial inclusion caused by 
                language barriers, including through financial literacy 
                education and training; and
                    (B) 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 prepare 
                to implement the amendments made by section 3; and
                    (B) actions taken by each Federal agency that is 
                represented in the membership 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--
                    (A) to implement the amendments made by section 3; 
                and
                    (B) for each Federal agency that is represented in 
                the membership 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) for the period covered by the report, a 
                summary of the efforts of the Commission to increase 
                financial literacy across all of the agencies that are 
                represented in the membership 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>