Section 1 Short title
This Act may be cited as the “Financial Literacy Improvement for Professionals Act of 2020” or the “FLIP Act”.
Financial Literacy Improvement for Professionals Act of 2020
A BILL
To amend the Elementary and Secondary Education Act of 1965 to provide classes on financial literacy to elementary and secondary students, and for other purposes.
Sec. 2 Use of grant funds to improve financial literacy
Educator development regarding financial literacy— Section 2242(a) of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6672(a)) is amended—
in paragraph (4), by striking “or” at the end;
in paragraph (5), by striking the period at the end and inserting “; or”; and
by adding at the end the following new paragraph:
“(6) providing teachers with professional development activities that enhance or enable the provision of financial literacy coursework covering topics that include personal finances, responsible borrowing, managing interest on debt, credit scores, and setting up a bank account, across a local educational agency.”
Specifying scope of financial literacy— Section 4107(a)(3)(A) of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7117(a)(3)(A)) is amended—
in clause (ii), by striking “and” at the end;
in clause (iii), by striking “and Federal financial aid awareness activities;” and inserting the following: “courses providing instruction on debt management, managing interest on debt, credit scores, setting a personal budget, opening a checking and savings account at a bank, and alternative banking methods; and”; and
by adding at the end the following new clause:
“(iv) Federal financial aid awareness activities;”
Sec. 3 Effective date
The amendments made by section 2 shall apply on December 1, 2020.