This bill creates a grant program run by the Consumer Financial Protection Bureau to help teach young people and families about managing money. Organizations that want to apply for these grants need to be partnerships between at least two different types of institutions—like colleges, nonprofits, government agencies, banks, or community organizations working together. The grants can be used to create financial education programs for young people, train teachers and professionals in financial literacy, develop programs to help students avoid defaulting on loans, and study what financial education methods actually work. The program will run through 2029 and then end, unless Congress decides to extend it. Essentially, this bill puts federal money toward making sure young Americans get better education about budgeting, saving, borrowing, and other financial skills before they're on their own.

Young Americans Financial Literacy Act

Carson, André

Young Americans Financial Literacy ActThis bill requires the Consumer Financial Protection Bureau to award competitive grants to eligible&nbsp;institutions for the establishment of financial literacy education programs for young people and families.An&nbsp;eligible institution is a partnership among two or more of the following:<ul><li>an institution of higher education;</li><li>a state or local government agency specializing in financial education;</li><li>a nonprofit agency, organization, or association;</li><li>a financial institution; or</li><li>another small organization.</li></ul>Authorized grant funded activities shall include<ul><li>developing and implementing comprehensive, research based, financial-literacy education programs for young people;</li><li>developing and supporting the delivery of professional development programs in financial literacy education;</li><li>developing educational programs to reduce student loan default rates; and</li><li>conducting ongoing research and evaluation of financial literacy education programs.</li></ul>The&nbsp;grant program&nbsp;shall terminate&nbsp;after FY2029.