To establish a grant program in the Bureau of Consumer Financial Protection to fund the establishment of centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young people and families ages 8 through 24 years old, and for other purposes.

Referred to the Committee on Financial Services, and in addition to the Committee on Education and 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.

Bill 119 HR 486, also known as the Financial Literacy for Youth and Families Act, aims to create a grant program within the Bureau of Consumer Financial Protection. This program will provide funding for the establishment of centers of excellence that will focus on research, development, planning, implementation, and evaluation of effective financial literacy education programs for young people and families aged 8 to 24 years old.

The main goal of this bill is to improve financial literacy among young individuals and families, helping them make informed decisions about their finances and ultimately improve their financial well-being. The centers of excellence funded by this grant program will work towards developing and implementing programs that will educate young people on important financial topics such as budgeting, saving, investing, and managing debt.

In addition to financial literacy education, the bill also aims to support research and evaluation of these programs to ensure their effectiveness. The ultimate goal is to empower young individuals and families to make sound financial decisions that will benefit them in the long run. Overall, Bill 119 HR 486 seeks to address the need for improved financial literacy education among young people and families, with the hope of promoting financial stability and success in the future.