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US HB486
Bill
Status
1/16/2025
Primary Sponsor
Andre Carson
Click for details
AI Summary
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Establishes a competitive grant program within the Consumer Financial Protection Bureau to create centers of excellence for financial literacy education targeting young people and families ages 8-24
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Authorizes between $27.5 million and $55 million annually in grants through fiscal year 2029, with funds distributed to partnerships of higher education institutions, government agencies, nonprofits, and financial institutions
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Requires funded programs to develop research-based curricula covering core competencies including goal setting, budgeting, savings, debt management, and earnings, with emphasis on serving at-risk and minority populations
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Mandates content delivery through both traditional educational methods and digital platforms including social media, with user-friendly website requirements
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Prioritizes applications that address unique financial challenges such as bankruptcy, foreclosure, credit card misuse, and predatory lending, and that include evaluation components to measure program effectiveness
Legislative Description
Young Americans Financial Literacy Act
Finance and financial sector
Last Action
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.
1/16/2025