[Congressional Record Volume 164, Number 41 (Thursday, March 8, 2018)]
[Senate]
[Page S1610]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2184. Mr. DONNELLY (for himself and Ms. Klobuchar) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 308. BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL 
                   LITERACY.

       Section 514(a) of the Financial Literacy and Education 
     Improvement Act (20 U.S.C. 9703(a)) is amended by adding at 
     the end the following:
       ``(3) Best practices for teaching financial literacy.--
       ``(A) In general.--After soliciting public comments and 
     consulting with and receiving input from relevant parties, 
     including a diverse set of institutions of higher education 
     and other parties, the Commission shall, by not later than 1 
     year after the date of enactment of the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act, establish 
     best practices for institutions of higher education regarding 
     methods to--
       ``(i) teach financial literacy skills; and
       ``(ii) provide useful and necessary information to assist 
     students at institutions of higher education when making 
     financial decisions related to student borrowing.
       ``(B) Best practices.--The best practices described in 
     subparagraph (A) shall include the following:
       ``(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.
       ``(iv) Ways to clearly communicate the importance of 
     graduating on a student's ability to repay student loans.
       ``(C) Maintenance of best practices.--The Commission shall 
     maintain and periodically update the best practices 
     information required under this paragraph and make the best 
     practices available to the public.
       ``(D) Rule of construction.--Nothing in this paragraph 
     shall be construed to require an institution of higher 
     education to adopt the best practices required under this 
     paragraph.''.
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