Higher education financial literacy bill introduced in Congress

It is with great pleasure that I am happy to announce a higher education financial literacy bill has been introduced to Congress by Congresswoman Sheila Jackson Lee (TX-D). The widely supported bill will require every college student receiving a guaranteed student loan, and every college and university receiving federal funds, to require a four-hour course on financial literacy. Today, we are a step closer to providing the financial education to our children to is necessary for their prolonged success and financial health. Here is a letter from the Office of the Vice President of the President’s Advisory Council on this exciting announcement:

Greetings to Members of the U.S. President’s Advisory Council on Financial Literacy, With great pleasure, I would like to inform you that the financial literacy higher education bill was submitted by U.S. Congresswoman Sheila Jackson Lee on March 5th. HR1325, informed by the President’s Council on Financial Literacy federal policy report to the President, and inspired directly by the new Operation HOPE 5-year partnership with the White House Initiative on HBCU’s,  Congresswoman Sheila Jackson Lee (TX-D), also chairwoman of the House Children’s Caucus, introduced a widely supported bill that will require every college student receiving a guaranteed student loan, and every college or university receiving federal funds (most of them) to require a 4-hour course in financial literacy.  There is also a companion piece that will reasonably compensate non-profit organizations for doing this work.

The 2nd Congressional Briefing to discuss the bill is being planned for April 28th. It is expected to convene at 12 Noon to 1:30 PM, in the Rayburn House Office Building. As the vice chairman of the Council, John Bryant will represent the Council’s interest in presenting its first issued Annual Report to the President to an audience of congressional legislative staff members. A critically important discussion will focus on the financial literacy bill HR1325 and the Council’s recommendations that promote financial literacy among students at the level of post-secondary education. In addition, Michelle Greene, from President Obama’s Administration, is planning to make an appearance. This truly is an exciting moment for all of us and a big step forward. However, much more work needs to be done to ensure that high school students also receive a course in financial education. Hopefully, we can introduce this measure in the hearing.