S 3053 ISCommentsClose CommentsPermalink

To amend title XI of the Social Security Act to provide grants for eligible entities to provide services to improve financial literacy among older individuals.CommentsClose CommentsPermalink

May 22, 2008

Mr. SMITH (for himself and Ms. CANTWELL) introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink

To amend title XI of the Social Security Act to provide grants for eligible entities to provide services to improve financial literacy among older individuals.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. FINANCIAL LITERACY SERVICES.

Part A of title XI of the Social Security Act (42 U.S.C. 1301 et seq.) is amended by adding at the end the following new section:CommentsClose CommentsPermalink

`FINANCIAL LITERACY SERVICES

`Sec. 1150A. (a) Definitions- In this section:CommentsClose CommentsPermalink





`(1) AREA AGENCY ON AGING- The term `area agency on aging' has the meaning given that term in section 102 of the Older Americans Act of 1965 (42 U.S.C. 3002).CommentsClose CommentsPermalink





`(2) FINANCIAL LITERACY SERVICES- The term `financial literacy services' means the services described in subsection (b)(1).CommentsClose CommentsPermalink





`(3) OLDER INDIVIDUAL- The term `older individual' has the meaning given that term in such section 102.CommentsClose CommentsPermalink





`(b) Grants for Services-CommentsClose CommentsPermalink





`(1) IN GENERAL- The Secretary shall make grants to eligible entities and other entities determined appropriate by the Secretary to enable the entities to provide services to improve financial literacy among older individuals, including older individuals who are women, and the family members and legal representatives of such individuals. The Secretary shall make the grants on a competitive basis, and nationwide.CommentsClose CommentsPermalink





`(2) ELIGIBLE ENTITIES- To be eligible to receive a grant under this subsection, an entity shall be an area agency on aging or another entity that meets such requirements as the Secretary may specify.CommentsClose CommentsPermalink





`(3) APPLICATION- To be eligible to receive a grant under this subsection, an entity shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. In the case of an entity who intends to provide the financial literacy services jointly with other services as described in paragraph (4)(C), the application shall include information demonstrating that the entity has the capacity to provide the services jointly.CommentsClose CommentsPermalink





`(4) USE OF FUNDS-CommentsClose CommentsPermalink





`(A) IN GENERAL- An entity that receives a grant under this subsection shall use the funds made available through the grant to provide financial literacy services, such as financial literacy education, training, and assistance.CommentsClose CommentsPermalink





`(B) PROVISION THROUGH CONTRACTS- The entity may provide the services directly or by entering into a contract with an organization that provides counseling, advice, or representation to older individuals and the family members and legal representatives of such individuals in a community served by the entity.CommentsClose CommentsPermalink





`(C) PROVISION WITH OTHER SERVICES- The entity may provide the services alone or jointly with other services provided by or funded by the eligible entity, such as--CommentsClose CommentsPermalink





`(i) services provided through State Health Insurance Assistance Programs;CommentsClose CommentsPermalink





`(ii) services provided through a Long-Term Care Ombudsman program under section 307(a)(9) or 712 of the Older Americans Act of 1965 (42 U.S.C. 3027, 3058g);CommentsClose CommentsPermalink





`(iii) information and assistance services provided under the Older Americans Act of 1965 (42 U.S.C. 3001 et seq.);CommentsClose CommentsPermalink





`(iv) legal assistance services provided under the Older Americans Act of 1965 (42 U.S.C. 3001 et seq.);CommentsClose CommentsPermalink





`(v) services provided through Senior Medicare Patrol Projects conducted by the Administration on Aging;CommentsClose CommentsPermalink





`(vi) case management services; andCommentsClose CommentsPermalink





`(vii) services provided through Aging and Disability Resource Centers.CommentsClose CommentsPermalink





`(5) REPORT- The Secretary shall submit to Congress an annual report on the activities carried out by entities under a grant under this subsection.CommentsClose CommentsPermalink





`(c) National Support Center for Financial Literacy Grant-CommentsClose CommentsPermalink





`(1) IN GENERAL- The Secretary may make a grant to an eligible center to coordinate the services provided through, and support the grant recipients under, the grant program carried out under subsection (b).CommentsClose CommentsPermalink





`(2) ELIGIBLE CENTER- To be eligible to receive a grant under this subsection, a center shall--CommentsClose CommentsPermalink





`(A) be an entity that is housed within an organization described in section 501(c) of the Internal Revenue Code of 1986 that is exempt from taxation under section 501(a) of such Code;CommentsClose CommentsPermalink





`(B) have a minimum of 10 years experience operating a national program and support center with a focus on financial literacy; andCommentsClose CommentsPermalink





`(C) be primarily engaged in outreach and training activities designed to provide financial education and retirement planning for low- and moderate-income individuals, particularly with respect to women; andCommentsClose CommentsPermalink





`(D) have a demonstrated record of collaboration with organizations that focus on the needs of low- and moderate-income individuals and with national organizations serving the elderly, including those working with area agencies on aging and women, as well as organizations with expertise in financial services and related fields.CommentsClose CommentsPermalink





`(3) USE OF FUNDS- A center that receives a grant under this subsection shall use the funds made available through the grant to--CommentsClose CommentsPermalink





`(A) design and conduct training (which may include providing training for trainers) related to financial literacy services;CommentsClose CommentsPermalink





`(B) provide curricula for financial literacy services;CommentsClose CommentsPermalink





`(C) develop and disseminate relevant information about financial literacy services;CommentsClose CommentsPermalink





`(D) conduct outreach to national, State, and community organizations through a series of strategic partnerships in order to improve financial literacy among older individuals and the family members and legal representatives of such individuals;CommentsClose CommentsPermalink





`(E) provide technical assistance to the grant recipients under subsection (b) with respect to the program; andCommentsClose CommentsPermalink





`(F) collect data from such grant recipients about the services provided under this section, and the impact of those services.CommentsClose CommentsPermalink





`(4) ADDRESSING CHALLENGES TO WOMEN IN SECURING ADEQUATE RETIREMENT INCOME- In addition to the activities described in paragraph (3), a center that receives a grant under this subsection shall use the funds made available through the grant to conduct activities that are focused on addressing the challenges faced by older women, women of color, single women, and women who are heads of households to securing an adequate retirement income.CommentsClose CommentsPermalink





`(d) Coordination- The Secretary shall ensure that the activities carried out under the grant program under subsection (b) and under a grant made under subsection (c) are coordinated with the activities carried out by--CommentsClose CommentsPermalink





`(1) the Office of Financial Education of the Department of the Treasury; andCommentsClose CommentsPermalink





`(2) the Financial Literacy and Education Commission established under section 513 of the Financial Literacy and Education Improvement Act (20 U.S.C. 9702).CommentsClose CommentsPermalink





`(e) Funding- The Secretary of the Treasury shall transfer to the Secretary of Health and Human Services from the Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund established under section 201 such funds as are necessary for making grants under this section.'.CommentsClose CommentsPermalink