Rep. Eddie Bernice Johnson wants the government to reward financial institutions, small businesses and corporations for providing financial education for customers and employees.
Johnson, D-Texas, has introduced H.R. 767, the National Financial Literacy Act, a bill that would amend the Community Reinvestment Act to allow banking institutions to receive credit for offering community-based financial literacy programs.
The bill would provide tax breaks for small businesses that offer free financial education, and it would provide preferential treatment in government contracting for corporations that work to increase financial literacy.
Qualified community-based financial literacy programs could cover topics such as retirement planning, estate planning and long term care planning, according to the bill text.