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.

2/14/2025, 9:05 AM

Summary of Bill HR 486

Bill 119 HR 486, also known as the Financial Literacy for Youth and Families Act, aims to create a grant program within the Bureau of Consumer Financial Protection. This program will provide funding for the establishment of centers of excellence that will focus on research, development, planning, implementation, and evaluation of effective financial literacy education programs for young people and families aged 8 to 24 years old.

The main goal of this bill is to improve financial literacy among young individuals and families, helping them make informed decisions about their finances and ultimately improve their financial well-being. The centers of excellence funded by this grant program will work towards developing and implementing programs that will educate young people on important financial topics such as budgeting, saving, investing, and managing debt.

In addition to financial literacy education, the bill also aims to support research and evaluation of these programs to ensure their effectiveness. The ultimate goal is to empower young individuals and families to make sound financial decisions that will benefit them in the long run. Overall, Bill 119 HR 486 seeks to address the need for improved financial literacy education among young people and families, with the hope of promoting financial stability and success in the future.

Congressional Summary of HR 486

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;
developing and supporting the delivery of professional development programs in financial literacy education;
developing educational programs to reduce student loan default rates; and
conducting ongoing research and evaluation of financial literacy education programs.

The grant program shall terminate after FY2029.

Current Status of Bill HR 486

Bill HR 486 is currently in the status of Bill Introduced since January 16, 2025. Bill HR 486 was introduced during Congress 119 and was introduced to the House on January 16, 2025. Bill HR 486's most recent activity was 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. as of January 16, 2025