[Congressional Record Volume 169, Number 69 (Tuesday, April 25, 2023)]
[Extensions of Remarks]
[Page E349]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       INTRODUCTION OF THE YOUNG AMERICANS FINANCIAL LITERACY ACT

                                 ______
                                 

                           HON. ANDRE CARSON

                               of indiana

                    in the house of representatives

                        Tuesday, April 25, 2023

  Mr. CARSON. Mr. Speaker, today I am pleased to re-introduce the Young 
Americans Financial Literacy Act. Financial literacy is critical to 
ensuring future financial responsibility. Studies have shown that 88 
percent of Americans believe financial education should be taught in 
schools, and 92 percent of K-12 teachers believe financial education 
should be taught in school. Still, only 12 percent of teachers teach 
the subject. Yet, according to a 2020 survey, less than half of states 
require high school students to take a personal finance course, and 
less than 17 percent of high school students were required to take a 
semester-long personal finance course.
  Congress has an opportunity and a responsibility to address the 
pressing needs of individuals faced with losing their financial 
stability and the challenges of economic uncertainty. This should 
include financial literacy education reform and long-term solutions to 
prevent future personal financial disasters. Research-based financial 
literacy education programs are needed to reach individuals at all ages 
and socioeconomic levels, particularly those facing unique and 
challenging financial situations, such as high school graduates 
entering the workforce, soon-to-be and recent college graduates, young 
families, and to address the unique needs of military personnel and 
their families. High school and college students exposed to cumulative 
financial education show an increase in financial knowledge, which 
drives increasingly responsible behavior as they become young adults.
  According to the Government Accountability Office, giving Americans 
the information they need to make effective financial decisions can be 
critical to their well-being and the country's economic health. The 
global financial crisis, when many borrowers failed to understand the 
risks associated with certain financial products fully and currently, 
the economic hardships presented by the sudden disruptions caused by 
the spread of COVID-19, underscore the need to improve individuals' 
financial literacy and empower all Americans to make informed financial 
decisions. This is especially true for young people as they earn their 
first paychecks, secure student aid, and establish financial 
independence. Therefore, focusing on economic education, financial 
literacy efforts, and best practices for young people between the ages 
of 8 and 24 is of utmost importance.
  America should lead the world with the best-educated students who-
will drive our-economic innovation and success, so please join me in 
cosponsoring the Young Americans Financial Literacy Act. This act:
  Establishes a grant program in the Bureau of Consumer Financial 
Protection to develop and implement financial literacy programs for 
young people ages eight to twenty-four;
  Incentivizes the development of partnerships between institutions of 
higher education, local educational agencies, non-profit organizations, 
and financial institutions to develop programs aimed at young Americans 
in different phases of their life;
  Ensures the development of evidence-based instructional material that 
is geared towards targeted groups and addresses unique life situations, 
including bankruptcy, foreclosure, student loans, credit card misuse; 
and
  Conducts ongoing assessment and accountability of the program over 
the short- and long-term to ensure that grant money achieves the most 
significant impact.
  I urge all of my colleagues to join me in supporting the Young 
Americans Financial Literacy Act.

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