Congresswoman Eddie Bernice Johnson introduces the National Financial Literacy Act of 2009MortgagePress.comEddie Bernice Johnson, National Financial Literacy Act of 2009, consumer education, Community Reinvestment Act
Congresswoman Eddie Bernice Johnson has introduced the National
Financial Literacy Act of 2009, which will provide incentives to
financial institutions, small businesses and corporations to
provide financial education to their customers and employees.
Original co-sponsors of the bill include Reps. Steve Cohen, Elijah
Cummings, Bob Filner, Phil Hare and Jim McGovern.
The National Financial Literacy Act of 2009 amends the Community
Reinvestment Act to allow banking institutions to receive credit
for offering community-based financial literacy programs. It
provides for small businesses and corporations that offer free
financial education to receive preferential treatment for
government contracts, and for those small businesses to receive tax
breaks.
"Our economy is in a recession, and every day, Americans make
financial missteps due to their lack of financial knowledge,"
Congresswoman Johnson said. "We must begin to see financial
literacy as a necessity, and I hope to make financial education
more accessible with the National Financial Literacy Act."
Under the bill, qualified community-based financial literacy
programs would include the topics of saving for retirement,
managing credit, long-term care, estate planning, predatory
lending, identity theft and financial abuse schemes.
In the 110th Congress, Congresswoman Johnson introduced the
National Financial Literacy Act of 2007 and the Employers Financial
Literacy Act. The National Financial Literacy Act of 2009
incorporates both.
