text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Financial Literacy and Education 
  Coordinating Act of 2003''.
  
  SEC. 2. FINDINGS.
  
      Congress finds that--
              (1) there is substantial evidence that many Americans do 
          not have an adequate basis for making sound decisions about 
          personal and household finances;
              (2) financial education could play a critical role in 
          equipping consumers with the knowledge to make wise decisions, 
          especially for lower income consumers and those underserved by 
          the mainstream financial system;
              (3) an increased awareness of the availability of credit 
          scores and credit reports, the process of accessing them, their 
          significance in obtaining credit, and their effects on credit 
          terms, are of paramount importance to consumers;
              (4) easily accessible and affordable resources which inform 
          and educate investors as to their rights and avenues of 
          recourse should be provided when an investor believes his or 
          her rights have been violated by unprofessional conduct of 
          market intermediaries;
              (5) a basic understanding of the operation of the financial 
          services industry would help consumers and their families to 
          make more informed choices about how best to progress 
          economically, avoid harmful personal debt, avoid discriminatory 
          and predatory practices, invest wisely, develop financial 
          planning skills necessary for maximizing short- and long-term 
          financial well being, and better prepare for retirement;
              (6) comprehensive financial education would help to provide 
          individuals with the necessary tools to create household 
          budgets, initiate savings plans, manage debt, and make 
          strategic investment decisions for education, retirement, home 
          ownership, or other savings goals; and
              (7) improved financial decision making, not simply more 
          knowledge, should be the primary financial education goal.
  
  SEC. 3. FINANCIAL LITERACY AND EDUCATION COORDINATING COMMITTEE.
  
      (a) Establishment.--The Secretary of the Treasury shall establish 
  within the Office of Financial Education of the Department of the 
  Treasury, the Financial Literacy and Education Coordinating Committee 
  (in this Act referred to as the ``Committee'').
      (b) Purposes.--The purposes of the Committee shall be--
              (1) to coordinate financial literacy and education efforts 
          among Federal departments and agencies;
              (2) to develop and implement a national strategy to promote 
          basic financial literacy and education among all Americans;
              (3) to reduce overlap and duplication in Federal financial 
          literacy and education activities;
              (4) to identify the most effective types of public sector 
          financial literacy programs and techniques, as measured by 
          improved consumer decision making;
              (5) to coordinate and promote financial literacy efforts at 
          the State and local level, including partnerships among 
          Federal, State, and local governments, nonprofit organizations, 
          and private enterprises; and
              (6) to carry out such other duties as are deemed to be 
          appropriate, consistent with this Act.
  
  SEC. 4. COMMITTEE DUTIES.
  
      (a) In General.--The Committee shall--
              (1) not later than 1 year after the date of enactment of 
          this Act, develop a national strategy to promote basic 
          financial literacy among all American consumers;
              (2) coordinate Federal efforts to implement the strategy 
          developed under paragraph (1);
              (3) not later than 1 year after the date of enactment of 
          this Act, and annually thereafter, submit a report to the 
  Committee on Banking, Housing, and Urban Affairs of the Senate and the 
  Committee on Financial Services of the House of Representatives 
  regarding actions taken and progress made by the Committee in carrying 
  out this Act during the reporting period, and any challenges remaining 
  to implementation of such purposes; and
              (4) provide testimony by the chairperson of the Committee 
          to either Committee referred to in paragraph (3), upon request.
      (b) Strategy.--The strategy to promote basic financial literacy 
  required to be developed under subsection (a)(1) shall provide for--
              (1) participation by State and local governments and 
          private, nonprofit, and public institutions in the creation and 
          implementation of such strategy;
              (2) the development of methods--
                      (A) to increase the general financial education 
                  level of current and future consumers of financial 
                  services and products; and
                      (B) to enhance the general understanding of 
                  financial services and products;
              (3) review of Federal activities designed to promote 
          financial literacy and education and development of a plan to 
          improve coordination of such activities;
              (4) the identification of areas of overlap and duplication 
          among Federal financial literacy and education activities and 
          proposed means of eliminating any such overlap and duplication; 
          and
              (5) a proposal to the President of a Federal financial 
          literacy and education budget that supports such strategy and 
          eliminates funding for such areas of overlap and duplication.
  
  SEC. 5. COMMITTEE MEMBERSHIP.
  
      (a) Composition.--The Committee shall be comprised of--
              (1) the Secretary of the Treasury, who shall serve as the 
          chairperson of the Committee; and
              (2) a representative from--
                      (A) each Federal banking agency (as defined in 
                  section 3 of the Federal Deposit Insurance Act), the 
                  National Credit Union Administration, the Securities 
                  and Exchange Commission, each of the Departments of 
                  Education, Agriculture, Defense, Health and Human 
                  Services, Labor, and Veterans Affairs, the Social 
                  Security Administration, the Federal Trade Commission, 
                  the Commodity Futures Trading Commission, and the 
                  Office of Personnel Management; and
                      (B) a representative from any other department or 
                  agency that the Secretary determines to be engaged in a 
                  serious effort to improve financial literacy and 
                  education.
      (b) Assistance.--The Director of the Office of Financial Education 
  of the Department of the Treasury shall provide to the Committee, upon 
  request, such assistance as may be necessary.
      (c) Member Qualifications.--Members of the Committee shall be 
  appointed by the heads of their respective departments or agencies. 
  Each member and each alternate designated by any member unable to 
  attend a meeting of the Committee, shall be an individual who exercises 
  significant decisionmaking authority.
      (d) Meetings.--Meetings of the Committee shall occur not less 
  frequently than quarterly, and at the call of the chairperson.
      (e) Consultation.--The Committee shall consult with private and 
  nonprofit organizations and State and local agencies, as determined 
  appropriate by the chairperson and the Committee.
target: Financial Literacy and Education Coordinating Act of 2003 - Directs the Secretary of the Treasury to establish within the Office of Financial Education of the Department of the Treasury, the Financial Literacy and Education Coordinating Committee to: (1) coordinate Federal financial literacy and education efforts; (2) develop and implement a national strategy to promote basic financial literacy and education among all Americans; (3) reduce overlap and duplication in Federal financial literacy and education activities; (4) identify the most effective types of public sector financial literacy programs and techniques, as measured by improved consumer decision making; and (5) coordinate and promote financial literacy efforts at the State and local level, including partnerships among Federal, State, and local governments, nonprofit organizations, and private enterprises.
feat_title: A bill to establish the Financial Literacy and Education Coordinating Committee within the Department of the Treasury to improve the state of financial literacy and education among American consumers.