Rep. David Valadao (R-Calif.) and Rep. Wiley Nickel (D-North Carolina) introduced a bill Tuesday to promote financial literacy education in high schools.
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This bill, the Promoting Financial Literacy in Secondary Schools Act (HR 8126), would make financial literacy education more widely available to high school students. The legislation was introduced during Financial Literacy Month.
“Too many people graduate high school with limited knowledge of the real world of money, such as how to file taxes, budget, and take out loans,” Valadao said. “The Promoting Financial Literacy in Secondary Schools Act seeks to address this knowledge gap by making financial literacy education more widely available to high school students. This will reduce the burden on students, empower them to make more informed decisions, and set them on a path to future success.”
Currently, the Financial Literacy and Education Committee within the U.S. Department of the Treasury is developing best practices for teaching financial literacy, but only guidance for higher education institutions. Valadao's office said more students are lacking basic financial literacy programs as they seek alternatives to college.
The proposed bill would require FLEC to include high schools in developing best practices for students regarding budgeting, financial securities, credit, financial product evaluation, and student loan borrowing. However, there is nothing in the bill that would require schools to adopt FLEC best practices, the lawmaker's office said.
“I am proud to join Congressman Valadao in introducing the Promoting Financial Literacy in Secondary Schools Act, which will help students make informed decisions about budgets, credits, and more. “You will be equipped with the tools to be on the path to lasting financial success,'' Nickel said. “Improving financial literacy is not just common sense, it is essential in an increasingly complex economic landscape.”
