A pair of lawmakers recently introduced a measure designed to provide higher education institutions tools and information to help students make informed financial decisions.
Reps. Joyce Beatty (D-OH) and Steve Stivers (R-OH) said the Financial Literacy College Education Act would advance financial literacy and to ensure students become more financially independent and self-sufficient.
“I have been a long-time champion of financial literacy and am committed to making sure that all Americans have access to financial education and related tools and skills to build an even brighter financial future,” Beatty said. “At a time when U.S college-aged students’ financial literacy rates lag behind those of their peers from a whole host of other countries, I am proud to join forces with Congressman Stivers to introduce the Financial Literacy College Education Act to help instill the financial knowledge and know-how so that more college students can effectively manage their future financial obligations.”
Officials said the bill would require the Financial Literacy and Education Commission to establish best practices for institutions of higher education regarding teaching financial literacy skills and providing useful and necessary information to assist students when making financial decisions related to student borrowing.
“We are all responsible for our own fiscal futures, and so it is essential to ensure that our students have the necessary tools to plan and make sound financial decisions,” Stivers said. “I am proud to work with Congresswoman Beatty to empower young people across the country and further promote financial literacy.”