Sponsors (51)
The bill expands federally funded, evidence-based financial education to improve financial outcomes for children, youth, and vulnerable groups, but requires new federal spending and risks uneven, inequitable, or temporarily funded implementation that could strain school resources and disadvantage smaller community providers.
Students and young adults (roughly ages 8–24) nationwide gain funded, evidence-based personal finance education and materials, improving financial knowledge, decision-making, workforce readiness, and long-term financial stability.
Low-income, at‑risk, and underserved youth (including culturally and linguistically diverse populations) receive prioritized, tailored programming, increasing reach to communities that historically lack access to financial education.
Grants and funded centers focus on reducing student loan defaults and related financial distress, helping borrowers preserve credit and lowering future financial strain for affected students.
The program requires new federal funding (estimated $27.5M–$55M per year through FY2029), increasing federal outlays and representing a direct cost to taxpayers.
Expanding financial education could require additional school time or resources, straining school budgets and potentially displacing other curricular or extracurricular priorities.
Grant administration and targeting risks uneven or inequitable allocation (e.g., administrative discretion, reliance on self-reports), which could favor larger institutions and fail to reach the most in‑need populations.
Based on analysis of 3 sections of legislative text.
Creates a CFPB grant program to fund Centers of Excellence that develop and share financial education for people ages 8–24 and families, with $27.5–55M authorized annually through FY2029.
Introduced January 16, 2025 by André Carson · Last progress January 16, 2025
Creates a new CFPB competitive grant program to fund Centers of Excellence that develop, test, and share financial literacy education for people roughly ages 8–24 and their families. The CFPB, working with the Financial Literacy and Education Commission, will award grants to eligible institutions for research, curriculum and materials, teacher professional development, outreach, evaluation, and efforts to reduce student loan defaults, with annual funding authorized between $27.5 million and $55 million and the authority ending after fiscal year 2029.