H.R. 4394 (112th): National Financial Literacy Act of 2012

Introduced:
Apr 18, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Eddie Johnson [D-TX30]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 1538 on Apr 12, 2013. See H.R. 1538 for current action on this subject.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 18, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 18, 2012
Referred to Committee Apr 18, 2012
Cosponsors
none
Committees

House Financial Services

House Small Business

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To provide incentives to encourage financial institutions and small businesses to provide continuing financial education to customers, borrowers, and employees, and for other purposes.

Summary

No summaries available.

Text

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Last updated Apr 18, 2012.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/18/2012--Introduced.
National Financial Literacy Act of 2012 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing:
(1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program;
(2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and
(3) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods.
Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs.
Amends the Internal Revenue Code to allow a tax credit to small businesses for 35% of the expenses paid or incurred for providing qualified continuing financial education to their employees.
Requires that preference in federal contracts, loans, and other financial or nonfinancial assistance for small businesses and corporations be given to those providing continuing financial education to their employees.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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