20 USC CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT 01/03/2007

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-CITE- 20 USC CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -MISC1- Sec. 9701. Definitions. 9702. Establishment of Financial Literacy and Education Commission. 9703. Duties of the Commission. 9704. Powers of the Commission. 9705. Commission personnel matters. 9706. Studies by the Comptroller General. 9707. The national public service multimedia campaign to enhance the state of financial literacy. 9708. Authorization of appropriations. -End- -CITE- 20 USC Sec. 9701 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9701. Definitions -STATUTE- As used in this chapter - (1) the term "Chairperson" means the Chairperson of the Financial Literacy and Education Commission; and (2) the term "Commission" means the Financial Literacy and Education Commission established under section 9702 of this title. -SOURCE- (Pub. L. 108-159, title V, Sec. 512, Dec. 4, 2003, 117 Stat. 2003.) -MISC1- EFFECTIVE DATE Chapter subject to joint regulations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108-159, set out as an Effective Date of 2003 Amendment note under section 1681 of Title 15, Commerce and Trade. SHORT TITLE Pub. L. 108-159, title V, Sec. 511, Dec. 4, 2003, 117 Stat. 2003, provided that: "This title [enacting this chapter] may be cited as the 'Financial Literacy and Education Improvement Act'." -End- -CITE- 20 USC Sec. 9702 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9702. Establishment of Financial Literacy and Education Commission -STATUTE- (a) In general There is established a commission to be known as the "Financial Literacy and Education Commission". (b) Purpose The Commission shall serve to improve the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education. (c) Membership (1) Composition The Commission shall be composed of - (A) the Secretary of the Treasury; (B) the respective head of each of the Federal banking agencies (as defined in section 1813 of title 12), the National Credit Union Administration, the Securities and Exchange Commission, each of the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading Commission, and the Office of Personnel Management; and (C) at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, departments, or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education. (2) Alternates Each member of the Commission may designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate shall be an individual who exercises significant decisionmaking authority. (d) Chairperson The Secretary of the Treasury shall serve as the Chairperson. (e) Meetings The Commission shall hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings shall be open to the public. The Commission may hold, at the call of the Chairperson, such other meetings as the Chairperson sees fit to carry out this chapter. (f) Quorum A majority of the members of the Commission shall constitute a quorum, but a lesser number of members may hold hearings. (g) Initial meeting The Commission shall hold its first meeting not later than 60 days after December 4, 2003. -SOURCE- (Pub. L. 108-159, title V, Sec. 513, Dec. 4, 2003, 117 Stat. 2003.) -End- -CITE- 20 USC Sec. 9703 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9703. Duties of the Commission -STATUTE- (a) Duties (1) In general The Commission, through the authority of the members referred to in section 9702(c) of this title, shall take such actions as it deems necessary to streamline, improve, or augment the financial literacy and education programs, grants, and materials of the Federal Government, including curricula for all Americans. (2) Areas of emphasis To improve financial literacy and education, the Commission shall emphasize, among other elements, basic personal income and household money management and planning skills, including how to - (A) create household budgets, initiate savings plans, and make strategic investment decisions for education, retirement, home ownership, wealth building, or other savings goals; (B) manage spending, credit, and debt, including credit card debt, effectively; (C) increase awareness of the availability and significance of credit reports and credit scores in obtaining credit, the importance of their accuracy (and how to correct inaccuracies), their effect on credit terms, and the effect common financial decisions may have on credit scores; (D) ascertain fair and favorable credit terms; (E) avoid abusive, predatory, or deceptive credit offers and financial products; (F) understand, evaluate, and compare financial products, services, and opportunities; (G) understand resources that ought to be easily accessible and affordable, and that inform and educate investors as to their rights and avenues of recourse when an investor believes his or her rights have been violated by unprofessional conduct of market intermediaries; (H) increase awareness of the particular financial needs and financial transactions (such as the sending of remittances) of consumers who are targeted in multilingual financial literacy and education programs and improve the development and distribution of multilingual financial literacy and education materials; (I) promote bringing individuals who lack basic banking services into the financial mainstream by opening and maintaining an account with a financial institution; and (J) improve financial literacy and education through all other related skills, including personal finance and related economic education, with the primary goal of programs not simply to improve knowledge, but rather to improve consumers' financial choices and outcomes. (b) Website (1) In general The Commission shall establish and maintain a website, such as the domain name "FinancialLiteracy.gov", or a similar domain name. (2) Purposes The website established under paragraph (1) shall - (A) serve as a clearinghouse of information about Federal financial literacy and education programs; (B) provide a coordinated entry point for accessing information about all Federal publications, grants, and materials promoting enhanced financial literacy and education; (C) offer information on all Federal grants to promote financial literacy and education, and on how to target, apply for, and receive a grant that is most appropriate under the circumstances; (D) as the Commission considers appropriate, feature website links to efforts that have no commercial content and that feature information about financial literacy and education programs, materials, or campaigns; and (E) offer such other information as the Commission finds appropriate to share with the public in the fulfillment of its purpose. (c) Toll-free hotline The Commission shall establish a toll-free telephone number that shall be made available to members of the public seeking information about issues pertaining to financial literacy and education. (d) Development and dissemination of materials The Commission shall - (1) develop materials to promote financial literacy and education; and (2) disseminate such materials to the general public. (e) Coordination of efforts The Commission shall take such steps as are necessary to coordinate and promote financial literacy and education efforts at the State and local level, including promoting partnerships among Federal, State, and local governments, nonprofit organizations, and private enterprises. (f) National strategy (1) In general The Commission shall - (A) not later than 18 months after December 4, 2003, develop a national strategy to promote basic financial literacy and education among all American consumers; and (B) coordinate Federal efforts to implement the strategy developed under subparagraph (A). (2) Strategy The strategy to promote basic financial literacy and education required to be developed under paragraph (1) shall provide for - (A) participation by State and local governments and private, nonprofit, and public institutions in the creation and implementation of such strategy; (B) the development of methods - (i) to increase the general financial education level of current and future consumers of financial services and products; and (ii) to enhance the general understanding of financial services and products; (C) review of Federal activities designed to promote financial literacy and education, and development of a plan to improve coordination of such activities; and (D) the identification of areas of overlap and duplication among Federal financial literacy and education activities and proposed means of eliminating any such overlap and duplication. (3) National strategy review The Commission shall, not less than annually, review the national strategy developed under this subsection and make such changes and recommendations as it deems necessary. (g) Consultation The Commission shall actively consult with a variety of representatives from private and nonprofit organizations and State and local agencies, as determined appropriate by the Commission. (h) Reports (1) In general Not later than 18 months after the date of the first meeting of the Commission, and annually thereafter, the Commission shall issue a report, the Strategy for Assuring Financial Empowerment ("SAFE Strategy"), to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the progress of the Commission in carrying out this chapter. (2) Contents The report required under paragraph (1) shall include - (A) the national strategy for financial literacy and education, as described under subsection (f); (B) information concerning the implementation of the duties of the Commission under subsections (a) through (g); (C) an assessment of the success of the Commission in implementing the national strategy developed under subsection (f); (D) an assessment of the availability, utilization, and impact of Federal financial literacy and education materials; (E) information concerning the content and public use of - (i) the website established under subsection (b); and (ii) the toll-free telephone number established under subsection (c); (F) a brief survey of the financial literacy and education materials developed under subsection (d), and data regarding the dissemination and impact of such materials, as measured by improved financial decisionmaking; (G) a brief summary of any hearings conducted by the Commission, including a list of witnesses who testified at such hearings; (H) information about the activities of the Commission planned for the next fiscal year; (I) a summary of all Federal financial literacy and education activities targeted to communities that have historically lacked access to financial literacy materials and education, and have been underserved by the mainstream financial systems; and (J) such other materials relating to the duties of the Commission as the Commission deems appropriate. (3) Initial report The initial report under paragraph (1) shall include information regarding all Federal programs, materials, and grants which seek to improve financial literacy, and assess the effectiveness of such programs. (i) Testimony The Commission shall annually provide testimony by the Chairperson to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. -SOURCE- (Pub. L. 108-159, title V, Sec. 514, Dec. 4, 2003, 117 Stat. 2004.) -CROSS- DEFINITIONS For definitions of terms used in this section, see section 2 of Pub. L. 108-159, set out as a note under section 1681 of Title 15, Commerce and Trade. -End- -CITE- 20 USC Sec. 9704 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9704. Powers of the Commission -STATUTE- (a) Hearings (1) In general The Commission shall hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence as the Commission deems appropriate to carry out this chapter. (2) Participation In hearings held under this subsection, the Commission shall consider inviting witnesses from, among other groups - (A) other Federal Government officials; (B) State and local government officials; (C) consumer and community groups; (D) nonprofit financial literacy and education groups (such as those involved in personal finance and economic education); and (E) the financial services industry. (b) Information from Federal agencies The Commission may secure directly from any Federal department or agency such information as the Commission considers necessary to carry out this chapter. Upon request of the Chairperson, the head of such department or agency shall furnish such information to the Commission. (c) Periodic studies The Commission may conduct periodic studies regarding the state of financial literacy and education in the United States, as the Commission determines appropriate. (d) Multilingual The Commission may take any action to develop and promote financial literacy and education materials in languages other than English, as the Commission deems appropriate, including for the website established under section 9703(b) of this title, at the toll-free number established under section 9703(c) of this title, and in the materials developed and disseminated under section 9703(d) of this title. -SOURCE- (Pub. L. 108-159, title V, Sec. 515, Dec. 4, 2003, 117 Stat. 2007.) -CROSS- DEFINITIONS For definitions of terms used in this section, see section 2 of Pub. L. 108-159, set out as a note under section 1681 of Title 15, Commerce and Trade. -End- -CITE- 20 USC Sec. 9705 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9705. Commission personnel matters -STATUTE- (a) Compensation of members Each member of the Commission shall serve without compensation in addition to that received for their service as an officer or employee of the United States. (b) Travel expenses The members of the Commission shall be allowed travel expenses, including per diem in lieu of subsistence, at rates authorized for employees of agencies under subchapter I of chapter 57 of title 5, while away from their homes or regular places of business in the performance of services for the Commission. (c) Assistance (1) In general The Director of the Office of Financial Education of the Department of the Treasury shall provide assistance to the Commission, upon request of the Commission, without reimbursement. (2) Detail of Government employees Any Federal Government employee may be detailed to the Commission without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. -SOURCE- (Pub. L. 108-159, title V, Sec. 516, Dec. 4, 2003, 117 Stat. 2008.) -End- -CITE- 20 USC Sec. 9706 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9706. Studies by the Comptroller General -STATUTE- (a) Effectiveness study Not later than 3 years after December 4, 2003, the Comptroller General of the United States shall submit a report to Congress assessing the effectiveness of the Commission in promoting financial literacy and education. (b) Study and report on the need and means for improving financial literacy among consumers (1) Study required The Comptroller General of the United States shall conduct a study to assess the extent of consumers' knowledge and awareness of credit reports, credit scores, and the dispute resolution process, and on methods for improving financial literacy among consumers. (2) Factors to be included The study required under paragraph (1) shall include the following issues: (A) The number of consumers who view their credit reports. (B) Under what conditions and for what purposes do consumers primarily obtain a copy of their consumer report (such as for the purpose of ensuring the completeness and accuracy of the contents, to protect against fraud, in response to an adverse action based on the report, or in response to suspected identity theft) and approximately what percentage of the total number of consumers who obtain a copy of their consumer report do so for each such primary purpose. (C) The extent of consumers' knowledge of the data collection process. (D) The extent to which consumers know how to get a copy of a consumer report. (E) The extent to which consumers know and understand the factors that positively or negatively impact credit scores. (3) Report required Before the end of the 12-month period beginning on December 4, 2003, the Comptroller General shall submit a report to Congress on the findings and conclusions of the Comptroller General pursuant to the study conducted under this subsection, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate, including recommendations on methods for improving financial literacy among consumers. -SOURCE- (Pub. L. 108-159, title V, Sec. 517, Dec. 4, 2003, 117 Stat. 2008.) -CROSS- DEFINITIONS For definitions of terms used in this section, see section 2 of Pub. L. 108-159, set out as a note under section 1681 of Title 15, Commerce and Trade. -End- -CITE- 20 USC Sec. 9707 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9707. The national public service multimedia campaign to enhance the state of financial literacy -STATUTE- (a) In general The Secretary of the Treasury (in this section referred to as the "Secretary"), after review of the recommendations of the Commission, as part of the national strategy, shall develop, implement, and conduct a pilot national public service multimedia campaign to enhance the state of financial literacy and education in the United States. (b) Program requirements (1) Public service campaign The Secretary, after review of the recommendations of the Commission, shall select and work with a nonprofit organization or organizations that are especially well-qualified in the distribution of public service campaigns, and have secured private sector funds to produce the pilot national public service multimedia campaign. (2) Development of multimedia campaign The Secretary, after review of the recommendations of the Commission, shall develop, in consultation with nonprofit, public, or private organizations, especially those that are well qualified by virtue of their experience in the field of financial literacy and education, to develop the financial literacy national public service multimedia campaign. (3) Focus of campaign The pilot national public service multimedia campaign shall be consistent with the national strategy, and shall promote the toll- free telephone number and the website developed under this chapter. (c) Multilingual The Secretary may develop the multimedia campaign in languages other than English, as the Secretary deems appropriate. (d) Performance measures The Secretary shall develop measures to evaluate the effectiveness of the pilot national public service multimedia campaign, as measured by improved financial decision making among individuals. (e) Report For each fiscal year for which there are appropriations pursuant to the authorization in subsection (e),(!1) the Secretary shall submit a report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate and the Committee on Financial Services and the Committee on Appropriations of the House of Representatives, describing the status and implementation of the provisions of this section and the state of financial literacy and education in the United States. (f) Authorization of appropriations There are authorized to be appropriated to the Secretary, not to exceed $3,000,000 for fiscal years 2004, 2005, and 2006, for the development, production, and distribution of a pilot national public service multimedia campaign under this section. -SOURCE- (Pub. L. 108-159, title V, Sec. 518, Dec. 4, 2003, 117 Stat. 2009.) -FOOTNOTE- (!1) So in original. Probably should be subsection "(f),". -End- -CITE- 20 USC Sec. 9708 01/03/2007 -EXPCITE- TITLE 20 - EDUCATION CHAPTER 77 - FINANCIAL LITERACY AND EDUCATION IMPROVEMENT -HEAD- Sec. 9708. Authorization of appropriations -STATUTE- There are authorized to be appropriated to the Commission such sums as may be necessary to carry out this chapter, including administrative expenses of the Commission. -SOURCE- (Pub. L. 108-159, title V, Sec. 519, Dec. 4, 2003, 117 Stat. 2010.) -End-

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