Amends title VI (Flexibility and Accountability) of the Elementary and Secondary Education Act of 1965 (ESEA) to create a new Part D: Promoting Youth Financial Literacy.
Allows the Secretary of Education to provide grants to states to: (1) assist local educational agencies and public schools provide financial education programs to students in kindergarten through grade 12; and (2) implement financial education professional development programs for teachers and administrators. Requires a specified amount of the grant funds to be awarded competitively each fiscal year, with the remainder provided to each state on the basis of its share of students in kindergarten through grade 12.
Directs the Secretary to make a grant to or contract with an institution of higher education or nonprofit organization that has substantial financial education experience to establish and operate a national clearinghouse of instructional materials and information on model financial education programs and best practices.
Amends title V of the ESEA to direct the Secretary to set aside 2% of the funds appropriated for the Fund for the Improvement of Education program each fiscal year for financial literacy activities under such program.