I'll give you the short version of this bill.

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Young Americans Financial Literacy Act (HR-486) · Congress.wiki

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Text Versions

Introduced in House

January 16, 2025•11 pages

Related Legislation

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Amendments

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Laws This Bill Would Affect

1 amendment

Amends12 U.S.C. 5481 et seq.

Redesignates existing section 1037 as section 1038 and inserts a new section 1037 into the Consumer Financial Protection Act of 2010 authorizing grants to establish centers of excellence in financial literacy education and making related substantive and clerical changes (including a table of contents amendment).

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Sponsors (49)

House Votes

Pending Committee

January 16, 2025

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.

Senate Votes

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Presidential Signature

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All LegislationHouse Bill 486HR 486

Young Americans Financial Literacy Act

Finance and Financial Sector

11 pages

house
senate
president

Introduced January 16, 2025 by André Carson · Last progress January 16, 2025

AI Summary

This bill would create a grant program at the Consumer Financial Protection Bureau to fund “centers of excellence” that build and test money‑skills education for kids and young adults ages 8 to 24 and their families. The goal is to expand strong programs and learn what works in teaching people how to manage money.

Key points

Who is affected: Young people and families; teachers and program leaders; partnerships among colleges, state or local financial education agencies, nonprofits, banks, and other small organizations can apply.
What changes: The Bureau would award competitive grants to create and run research‑based financial education programs, train educators, reduce student loan default rates, and keep studying and improving these programs.
When: The grant program would end after fiscal year 2029.

Action History

IntroReferralJanuary 16, 2025
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.
IntroReferralJanuary 16, 2025
Introduced in House
IntroReferralJanuary 16, 2025
Sponsor introductory remarks on measure. (CR E40)
IntroReferralJanuary 16, 2025
Introduced in House