Multilingual Financial Literacy Act

HR 2835, the Multilingual Financial Literacy Act, requires the Financial Literacy and Education Commission to study how language barriers affect financial health - including access to education, credit scores, and homebuying for people with limited English proficiency. The bill mandates that the Commission’s website and toll-free phone line provide resources and assistance in the 8 most commonly spoken U.S. languages (per Census data), with the Treasury Department covering translation costs. Within 12 months, the Commission must issue a report with policy recommendations to improve language access in financial services and detail costs for implementing these changes. The law also requires annual reports analyzing financial literacy needs and disparities across demographics like language preference, race, and income.