Washington, DC – Congresswoman Eddie Bernice Johnson today introduced the Financial Education for Teachers and Students Act, which will authorize the Secretary of Education to award grants to states for financial education in public middle and high schools.  The grants will fund financial literacy programs for students and their parents, as well as professional development for the teachers of the programs.

“A basic understanding of personal finance is crucial to navigating today’s economy,” Congresswoman Johnson said.  “When money is tight, as it is for many during a recession, it is particularly important to understand how to make a budget, manage credit, save for retirement and avoid predatory loans.

“Currently, only 21 states require that schools implement financial education programs,” she continued.  “This legislation will ensure that young people throughout the entire country have access to financial education and develop good personal finance habits early.”

Congresswoman Johnson has introduced three other financial literacy bills in the 111th Congress.  The National Financial Literacy Act of 2009 will provide incentives to financial institutions, small businesses and corporations to provide financial education to their customers and employees.  The Naturalized Citizens Assistance Act will make financial education more available to newly-naturalized American citizens.  Finally, the Expanding Tax Assistance Act of 2009 will ensure that there is at least one official Internal Revenue Service tax assistance center located in each Congressional district.

The Financial Education for Teachers and Students Act is a companion bill to S. 1339, the Financial Literacy for Students Act of 2009, which Senator Kay Hagan introduced in June.

###

U.S. Representative Eddie Bernice Johnson is the highest-ranking Texan on the House Committee on Transportation & Infrastructure and a senior member of the Science Committee. She represents the 30th Congressional District of Texas, which, includes Downtown Dallas, Fair Park, Oak Lawn, Old East Dallas, Pleasant Grove, & South Oak Cliff; all of Balch Springs, DeSoto, Hutchins, Lancaster & Wilmer and parts of Cedar Hill, Duncanville, Ferris, Glenn Heights and Ovilla.