Newsroom

April 25, 2013 – A bill to create incentive grants for states to incorporate financial education into elementary and secondary school curricula will be reintroduced this week by Sen. Kay Hagan, D-N.C., the senator said during a hearing she chaired Wednesday on financial literacy education.

Hagan's Financial Literacy for All Students Act will also provide professional development for teachers so they can provide financial literacy education in the classroom.

Cathy Pace of Allegacy FCU in Winston Salem, N.C., a witness at the hearing, testified about her credit union's involvement in financial literacy efforts. The credit union has seven student run branches located in high schools. The students that participate are identified by their teachers and put through a rigorous three-day training program. She said the credit union also established the Center for Smart Financial Choices that provides financial information and training to people of all ages.

NAFCU Vice President of Legislative Affairs Brad Thaler, in a letter Tuesday supporting the scheduling of Wednesday's subcommittee hearing, pointed out that credit unions are committed to helping to provide financial literacy education through all of life's stages, including during the early learning years. He said NAFCU was looking forward to working with the panel to develop initiatives for financial literacy education.

Wednesday's hearing was held by the Senate Health, Education, Labor and Pensions Subcommittee on Children and Families, which Hagan chairs. Sen. Michael Enzi, R-Wyo., is the panel's ranking member.