1. Short title This Act may be cited as the Youth Financial Learning Act . 2. Statewide incentive grants for financial literacy education (a) Definitions In this Act, the terms community-based organization , local educational agency , professional development , secondary school , Secretary , State educational agency , and well-rounded education have the meanings given those terms in section 8101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). (b) Grants authorized (1) In general From amounts appropriated under subsection (f), the Secretary shall award grants, on a competitive basis, to State educational agencies to enable those State educational agencies to integrate financial literacy education into public secondary schools by carrying out the activities described in paragraph (4). (2) Duration A grant awarded under this section shall be for a period of not more than 4 years. (3) Application Each State educational agency desiring a grant under this section shall submit an application to the Secretary at such time and in such manner as the Secretary may require, including— (A) a description of how the State educational agency will award subgrants to local educational agencies; (B) a description of how the State educational agency will ensure sustainability of the grant activities after the grant program; (C) an assertion that teachers, principals, parents, and students have been consulted in the process of developing the application; and (D) a description of how the State educational agency will ensure geographic diversity so that grant activities benefit students in urban, rural, and suburban locations. (4) Uses of State funds (A) State activities Each State educational agency receiving grant funds under this section shall not use more than 10 percent of such grant funds— (i) for technical assistance; (ii) for curriculum development; (iii) to provide guidance to local educational agencies