SEC. 5531. SHORT TITLE.

This subpart may be cited as the 'Excellence in Economic Education Act of 2001'.

SEC. 5532. PURPOSE AND GOALS.

(a) PURPOSE- The purpose of this subpart is to promote economic and financial literacy among all students in kindergarten through grade 12 by awarding a competitive grant to a national nonprofit educational organization that has as its primary purpose the improvement of the quality of student understanding of personal finance and economics.

(b) OBJECTIVES- The objectives of this subpart are the following:

(1) To increase students' knowledge of, and achievement in, economics to enable the students to become more productive and informed citizens.

(2) To strengthen teachers' understanding of, and competency in, economics to enable the teachers to increase student mastery of economic principles and the practical application of those principles.

(3) To encourage economic education research and development, to disseminate effective instructional materials, and to promote replication of best practices and exemplary programs that foster economic literacy.

(4) To assist States in measuring the impact of education in economics.

(5) To leverage and expand private and public support for economic education partnerships at national, State, and local levels.

SEC. 5533. GRANT PROGRAM AUTHORIZED.

(a) AUTHORIZATION- The Secretary is authorized to award a competitive grant to a national nonprofit educational organization that has as its primary purpose the improvement of the quality of student understanding of personal finance and economics through effective teaching of economics in the Nation's classrooms (referred to in this subpart as the grantee').

(b) USES OF FUNDS-

(1) DIRECT ACTIVITIES- The grantee shall use 25 percent of the funds made available through the grant for a fiscal year —

(A) to strengthen and expand the grantee's relationships with State and local personal finance, entrepreneurial, and economic education organizations;

(B) to support and promote training of teachers who teach a grade from kindergarten through grade 12 regarding economics, including the dissemination of information on effective practices and research findings regarding the teaching of economics;

(C) to support research on effective teaching practices and the development of assessment instruments to document student understanding of personal finance and economics; and

(D) to develop and disseminate appropriate materials to foster economic literacy.

(2) SUBGRANTS- The grantee shall use 75 percent of the funds made available through the grant for a fiscal year to award subgrants to State educational agencies or local educational agencies, and State or local economic, personal finance, or entrepreneurial education organizations (referred to in this section as the recipient'). The grantee shall award such a subgrant to pay for the Federal share of the cost of enabling the recipient to work in partnership with one or more of the entities described in paragraph (3) for one or more of the following purposes:

(A) Collaboratively establishing and conducting teacher training programs that use effective and innovative approaches to the teaching of economics, personal finance, and entrepreneurship.

(B) Providing resources to school districts that desire to incorporate economics and personal finance into the curricula of the schools in the districts.

(C) Conducting evaluations of the impact of economic and financial literacy education on students.

(D) Conducting economic and financial literacy education research.

(E) Creating and conducting school-based student activities to promote consumer, economic, and personal finance education (such as saving, investing, and entrepreneurial education) and to encourage awareness and student academic achievement in economics.

(F) Encouraging replication of best practices to promote economic and financial literacy.

(3) PARTNERSHIP ENTITIES- The entities described in this paragraph are the following:

(A) A private sector entity.

(B) A State educational agency.

(C) A local educational agency.

(D) An institution of higher education.

(E) An organization promoting economic development.

(F) An organization promoting educational excellence.

(G) An organization promoting personal finance or entrepreneurial education.

SEC. 5534. APPLICATIONS.

(a) GRANTEE APPLICATIONS- To be eligible to receive a grant under this subpart, the grantee shall submit to the Secretary an application at such time, in such manner, and accompanied by such information as the Secretary may require.

(b) RECIPIENT APPLICATIONS-

(1) SUBMISSION- To be eligible to receive a subgrant under this section, a recipient shall submit an application to the grantee at such time, in such manner, and accompanied by such information as the grantee may require.

(2) REVIEW- The grantee shall invite the individuals described in paragraph (3) to review all applications from recipients for a subgrant under this section and to make recommendations to the grantee regarding the approval of the applications.

(3) REVIEWERS- The individuals described in this paragraph are the following:

(i) Leaders in the fields of economics and education.

(ii) Such other individuals as the grantee determines to be necessary, especially members of the State and local business, banking, and finance communities.

SEC. 5535. REQUIREMENTS.

(a) ADMINISTRATIVE COSTS- The grantee and each recipient receiving a subgrant under this subpart for a fiscal year may use not more than 5 percent of the funds made available through the grant or subgrant for administrative costs.

(b) TEACHER TRAINING PROGRAMS- In carrying out the teacher training programs described in section 5533(b)(2)(A), a recipient shall —

(1) train teachers who teach a grade from kindergarten through grade 12; and

(2) encourage teachers from disciplines other than economics and financial literacy to participate in such teacher training programs, if the training will promote the economic and financial literacy of those teachers' students.

(c) INVOLVEMENT OF BUSINESS COMMUNITY- In carrying out the activities assisted under this subpart, the grantee and recipients are strongly encouraged to —

(1) include interactions with the local business community to the fullest extent possible to reinforce the connection between economic and financial literacy and economic development; and

(2) work with private businesses to obtain matching contributions for Federal funds and assist recipients in working toward self-sufficiency.

(d) ADDITIONAL REQUIREMENTS AND TECHNICAL ASSISTANCE- The grantee shall —

(1) meet such other requirements as the Secretary determines to be necessary to assure compliance with this section; and

(2) receive from the Secretary such technical assistance as may be necessary to carry out this section.

SEC. 5536. ADMINISTRATIVE PROVISIONS.

(a) FEDERAL SHARE- The Federal share of the cost described in section 5533(b)(2) shall be 50 percent.

(b) PAYMENT OF NON-FEDERAL SHARE- The non-Federal share may be paid in cash or in kind (fairly evaluated, including plant, equipment, or services).

(c) REPORTS TO CONGRESS- Not later than 2 years after the date funds are first made available to carry out this subpart, and every 2 years thereafter, the Secretary shall submit to the appropriate committees of Congress a report regarding activities assisted under this subpart.

SEC. 5537. SUPPLEMENT, NOT SUPPLANT.

Funds made available to carry out this subpart shall be used to supplement, and not supplant, other Federal, State, and local funds expended for the purpose described in section 5532(a).

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