Young Americans Financial Literacy Act

Hozzl · 2024-01-10T09:45:18Z

Explore the details of House Bill 2821 Young Americans Financial Literacy Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/10/2024, 9:45 AM

Summary of Bill HR 2821

Bill 118 HR 2821, also known as the Young Americans Financial Literacy Act, aims to improve financial literacy among young people in the United States. The bill was introduced by Representative John Larson and has bipartisan support.

The main provisions of the bill include the establishment of a grant program to support financial literacy education in schools, community organizations, and other youth-focused programs. The bill also calls for the creation of a national financial literacy campaign to raise awareness about the importance of financial education.

Additionally, the bill requires the Secretary of Education to develop a set of national financial literacy standards for K-12 education. These standards would cover topics such as budgeting, saving, investing, and understanding credit. Overall, the Young Americans Financial Literacy Act seeks to equip young people with the knowledge and skills they need to make informed financial decisions and achieve financial stability in the future.

Congressional Summary of HR 2821

Young Americans Financial Literacy Act

This bill requires the Consumer Financial Protection Bureau to award competitive grants to eligible institutions for the establishment of financial literacy education programs for young people and families. An eligible institution is a partnership among two or more of the following

an institution of higher education;
a state or local government agency specializing in financial education;
a nonprofit agency, organization, or association;
a financial institution; or
another small organization.

Authorized grant funded activities shall include

developing and implementing comprehensive, research based, financial-literacy education programs for young people;
designing instructional materials;
developing and supporting the delivery of professional development programs in financial literacy education;
improving access to, and dissemination of, financial literacy information for young people and families;
developing educational programs to reduce student loan default rates;
conducting ongoing research and evaluation of financial literacy education programs; and
measuring the effectiveness of authorized activities.

The grant program shall terminate after FY2025.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 2821

Bill HR 2821 is currently in the status of Bill Introduced since April 25, 2023. Bill HR 2821 was introduced during Congress 118 and was introduced to the House on April 25, 2023. Bill HR 2821's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committee on Education and the 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. as of April 25, 2023

Bipartisan Support of Bill HR 2821

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2821

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2821

Young Americans Financial Literacy Act

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.