CFDA Number: 84.215B
Program Type: Discretionary/Competitive Grants

President Obama declares April 2012 as National Financial Literacy Month.

This program promotes economic and financial literacy among all students in kindergarten through grade 12 through the award of one grant to a national nonprofit education organization that has as its primary purpose the improvement of the quality of student understanding of personal finance and economics.

In FY 2005, a five-year grant was awarded to the Council for Economic Education (CEE) formerly known as the National Council on Economic Education. With the funds from this grant, CEE will expand its current programs and develop new programs as it continues to work through its network of state councils and over 200 university-based centers. CEE has reached out to state education agencies (SEAs), local education agencies (LEAs), and other organizations that promote economic and financial literacy to encourage them to apply as subgrantees and is expanding and strengthening its relationship with state and local personal finance, entrepreneurial, and economic education organizations by offering a variety of programs designed to advance the cause of economic and financial literacy. Additionally, CEE is funding grants to other organizations involved in teacher training; the distribution of curriculum materials to the schools; student and school-based activities; and replication of best practices; and for research that measures student learning.

The Excellence in Economic Education Program promotes economic and financial literacy among all K-12 students. The Department is authorized to make one competitive award to a national nonprofit educational organization whose primary mission is to improve the quality of student understanding of personal finance and economics. The objectives of this program are to: (1) increase students' knowledge of and achievement in economics; (2) strengthen teachers' understanding of economics; (3) encourage economic education research and development, disseminate effective instructional materials, and promote the replication of best practices and exemplary programs that foster economic literacy; (4) assist States in measuring the impact of education in economics; and (5) leverage and expand increased private and public support for economic education partnerships at the national, State, and local levels.

The statute requires the grantee to subgrant 75 percent of its grant funds to State or local educational agencies, and State or local economic, personal finance, or entrepreneurial education organizations. The subgrantees will work in partnership with other organizations that promote personal finance and economic development.

The grantee will use the remaining funds to: (1) strengthen and expand its relationships with State and local personal finance, entrepreneurial, and economic education organizations; (2) support K-12 teacher training programs; (3) support research on effective teaching practices and the development of assessment instruments to document student understanding of personal finance and economics; and (4) develop and disseminate appropriate materials to foster economic literacy.