Financial Literacy and Education Improvement Act
Public Law 108–159, as amended
Financial Literacy and Education Improvement Act
159
111–203
Statute Compilation
United States House of Representatives
Office of the Legislative Counsel
text/xml
EN
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2021-10-15
Financial Literacy and Education Improvement Act
Fair and Accurate Credit Transactions Act of 2003
11864
108
2003-12-04
Financial Literacy and Education Improvement Act
[(Section 513 of the Public Law 108–159)]
[As Amended Through Public Law 111–203, Enacted July 21, 2010]
[Currency: This publication is a compilation of the text of Public Law 108–159. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/]
[Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
AN ACTTo amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
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<num style="-uslm-dtd:enum" value="V">TITLE V—</num><heading style="-uslm-dtd:header">FINANCIAL LITERACY AND EDUCATION IMPROVEMENT </heading>
<section style="-uslm-dtd:section" identifier="/us/sComp/108/159/tV/s511" styleType="OLC">
<num style="-uslm-dtd:enum" value="511">SEC. 511. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t20/s9701">20 U.S.C. 9701 note</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">SHORT TITLE. </heading>
<content style="-uslm-dtd:text" class="block">This title may be cited as the “<shortTitle style="-uslm-dtd:quote"><inline style="-uslm-dtd:short-title">Financial Literacy and Education Improvement Act</inline></shortTitle>”.</content>
</section>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>
<section style="-uslm-dtd:section" identifier="/us/sComp/108/159/tV/s513" styleType="OLC">
<num style="-uslm-dtd:enum" value="513">SEC. 513. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t20/s9702">20 U.S.C. 9702</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">ESTABLISHMENT OF FINANCIAL LITERACY AND EDUCATION COMMISSION. </heading>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/a" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><content style="-uslm-dtd:text">There is established a commission to be known as the “<quotedText style="-uslm-dtd:quote">Financial Literacy and Education Commission</quotedText>”.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/b" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Purpose.—</heading><content style="-uslm-dtd:text">The Commission shall serve to improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/c" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Membership.—</heading>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/108/159/tV/s513/c/1" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Composition.—</heading><chapeau style="-uslm-dtd:text">The Commission shall be composed of—</chapeau>
<subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/108/159/tV/s513/c/1/A" styleType="OLC">
<num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the Secretary of the Treasury;</content>
</subparagraph>
<subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/108/159/tV/s513/c/1/B" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the respective head of each of the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act), the National Credit Union Administration, the Securities and Exchange Commission, each of the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading Commission, and the Office of Personnel Management;</content>
</subparagraph>
<subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/108/159/tV/s513/c/1/C" styleType="OLC">
<num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the Director of the Bureau of Consumer Financial Protection; and</content>
</subparagraph>
<subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/108/159/tV/s513/c/1/D" styleType="OLC">
<num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, departments, or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education.</content>
</subparagraph>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/108/159/tV/s513/c/2" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Alternates.—</heading><content style="-uslm-dtd:text">Each member of the Commission may designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate shall be an individual who exercises significant decisionmaking authority.</content>
</paragraph>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/d" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Chairperson.—</heading><content style="-uslm-dtd:text">The Secretary of the Treasury shall serve as the Chairperson. The Director of the Bureau of Consumer Financial Protection shall serve as the Vice Chairman. </content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/e" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Meetings.—</heading><content style="-uslm-dtd:text">The Commission shall hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings shall be open to the public. The Commission may hold, at the call of the Chairperson, such other meetings as the Chairperson sees fit to carry out this title.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/f" styleType="OLC">
<num style="-uslm-dtd:enum" value="f">(f) </num><heading style="-uslm-dtd:header">Quorum.—</heading><content style="-uslm-dtd:text">A majority of the members of the Commission shall constitute a quorum, but a lesser number of members may hold hearings.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/108/159/tV/s513/g" styleType="OLC">
<num style="-uslm-dtd:enum" value="g">(g) </num><heading style="-uslm-dtd:header">Initial Meeting.—</heading><content style="-uslm-dtd:text">The Commission shall hold its first meeting not later than 60 days after the date of enactment of this Act.</content>
</subsection>
</section>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>