U.S. Rep. David Valadao (R-CA-22) on Tuesday sponsored bipartisan legislation to make financial literacy more widely accessible to America’s secondary school students.
“Making this curriculum available will ease the burden on educators and help students make more informed decisions that could set them on a path to future success,” Rep. Valadao said.
The congressman introduced the Promoting Financial Literacy in Secondary Schools Act, H.R. 8126, with lead original cosponsor U.S. Rep. Wiley Nickel (D-NC) to amend the Financial Literacy and Education Improvement Act to include secondary schools in best practices for teaching financial literacy. It would be voluntary for schools to adopt the best practices created under H.R. 8126.
“Too many people graduate high school with limited knowledge on real-life money skills, like how to file taxes, make a budget, or take out a loan,” said Rep. Valadao. “The Promoting Financial Literacy in Secondary Schools Act attempts to fix this knowledge gap by making financial literacy education more widely available to high school students.”
Specifically, H.R. 8126 would require the Financial Literacy and Education Commission (FLEC) — the U.S. Treasury Department office tasked with creating best practices for teaching financial literacy — to include high schools when creating best practices for students about budgeting, financial securities, credit, evaluating financial products, and student loan borrowing.
Currently, FLEC only creates guidance for institutions of higher education, according to a bill summary provided by Rep. Valadao’s office.
“Improving financial literacy is not just common sense, but a necessity in an increasingly complex economic landscape,” said Rep. Nickel.