Multilingual Financial Literacy Act

Hozzl · 2023-12-15T15:57:24Z

Explore the details of House Bill 2835 Multilingual 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.

12/15/2023, 3:57 PM

Summary of Bill HR 2835

Bill 118 hr 2835, also known as the Multilingual Financial Literacy Act, aims to improve financial literacy among individuals who speak languages other than English. The bill requires the Consumer Financial Protection Bureau to provide financial education materials in multiple languages, in addition to English, to ensure that individuals with limited English proficiency have access to important financial information.

The bill also calls for the creation of a grant program to support organizations that provide financial education and counseling services in languages other than English. These grants will help these organizations expand their reach and provide more resources to individuals who may struggle to understand financial concepts due to language barriers.

Furthermore, the Multilingual Financial Literacy Act requires the Secretary of the Treasury to conduct a study on the effectiveness of financial education programs for individuals with limited English proficiency. This study will help policymakers better understand the impact of these programs and make informed decisions on how to improve financial literacy among diverse communities. Overall, the Multilingual Financial Literacy Act seeks to address the disparities in financial knowledge and access to resources among individuals who speak languages other than English. By providing financial education materials in multiple languages and supporting organizations that serve diverse communities, this bill aims to empower individuals to make informed financial decisions and improve their overall financial well-being.

Congressional Summary of HR 2835

Multilingual Financial Literacy Act

This bill requires the Financial Literacy and Education Commission to translate financial literacy information to different languages. The commission must also report on the impact of language barriers on financial health.

The bill also requires additional information in the commission's annual report, including a summary of the commission's efforts to increase financial literacy across all member agencies.

Current Status of Bill HR 2835

Bill HR 2835 is currently in the status of Bill Introduced since April 25, 2023. Bill HR 2835 was introduced during Congress 118 and was introduced to the House on April 25, 2023. Bill HR 2835'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