U.S. Senator Murray Introduces Financial Literacy Legislation for National K-12 and College Programs

U.S. Senator Patty Murray (D-WA) introduced legislation designed to improve the financial literacy of Americans by providing states with funding to implement the teaching of financial education in K-12 schools and colleges.  The Financial and Economic Literacy Improvement Act of 2013 seeks to enhance the availability of financial and economic courses for young students, but also for adults through the provisions focused on higher education, including 2-year and 4-year colleges.

Financial literacy proponents have long held that Americans of all ages need to be better prepared in their abilities to make informed financial decisions that impact their lives and those of their families.  Senator Murray’s proposed legislation spending of $250 million annually to be provided to states over the next five years.  Half of the annual funding would be for K-12 financial literacy initiatives, while the other half would support financial education programs at 2-year and 4-year colleges.  The bill also provides for a robust, central resource to be developed to include information, tools and best practices for financial education.

“One lesson we learned from the financial crisis is that Americans need to have stronger financial literacy skills so they can understand the fine print and not fall prey to predatory lending or scams,” said Senator Patty Murray, who is a senior member of the Health, Education, Labor and Pensions (HELP) committee that oversees education, as well as a member of the Labor, Health and Human Services and Education (LHHS) Appropriations Committee that oversees Education funding. “This bill will make sure the federal government steps up to the plate and becomes a real partner in educating Americans to manage their finances and make good decisions about housing, employment, and education.”

More information on the bill is available here: http://www.murray.senate.gov/public/index.cfm/newsreleases?ContentRecord_id=e4284136-1d15-4738-bffd-f84604b550f2