Reps. Ted Budd, Dan Bishop Introduce FLIP Act of 2020
Statement
U.S. Representative Ted Budd (R-NC) released the following statement after introducing the Financial Literacy Improvement for Professionals (FLIP) Act of 2020 along with Representative Dan Bishop (R-NC):
"It is very concerning to me that a majority of students graduate from high school without knowing how to balance a checkbook, open a checking account, or manage interest. Without this basic knowledge, it will be difficult for them to navigate the financial process and responsibly manage their college loans or other more complex financial situations later in life. I believe we can do more to empower teachers and help our kids learn financial literacy. That's why we introduced the FLIP Act today."
"Our bill would allow teachers to use federal professional development funds to take courses and gain skills related to personal finance, responsible borrowing, managing interest on debt, credit scores, and setting up a bank account. They would then be able to better educate the next generation on these concepts."
"Fundamentally, our students should not graduate from high school with a lack of knowledge of basic financial skills and strategies. The FLIP Act represents a simple, straightforward fix that will flip the script on financial literacy so that our kids are better prepared to go out into the world."
Rep. Bishop said in a statement:
"Far too many students are not equipped with the basic skills needed to make day-to-day financial decisions. I am proud to cosponsor this commonsense legislation to help ensure that all students are equipped with the ability to manage their personal finances in a responsible and productive way."
FreedomWorks has endorsed the bill, saying:
"Rep. Budd is right to notice that students graduate from elementary and secondary school and even from higher education without a real grasp of how to manage finances, whether that be to pursue further education or to buy a home, or just to even pay bills. Working within the existing infrastructure of education in our country, Rep. Budd's leadership in addressing this problem is laudable."
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