1. Short title This Act may be cited as the PIGGY BANK Act or the Program to Inspire Growth and Guarantee Youth Budgeting Advice and Necessary Knowledge Act . 2. Pilot youth savings match grant program (a) Definitions In this Act: (1) ESEA terms The terms local educational agency and parent have the meaning given those terms in section 8101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). (2) Secretary The term Secretary means the Secretary of Education. (b) Program authorized (1) In General The Secretary, in collaboration with the Financial Literacy and Education Commission of the Department of the Treasury and the Division of Consumer and Community Affairs of the Board of Governors of the Federal Reserve System, shall establish a pilot program to award grants to States, on a competitive basis, to enable those States to select participating eligible local educational agencies in the State to carry out a youth savings match program, as described in subsection (d). (2) Duration Grants awarded under this section shall be for a period of 6 years. (c) Application Each State desiring a grant under this section shall submit to the Secretary an application at such time, in such manner, and accompanied by such information as the Secretary may require, which shall include, at a minimum— (1) a comprehensive plan of administration of the youth savings match program, including how parents will be encouraged to participate; (2) the identification of a single account trustee, which shall be a State agency, such as a State Department of Treasury, Office of the Governor, Lieutenant Governor, State financial regulator, Comptroller, a tax-exempt nonprofit organization or foundation, or a for-profit organization or business with demonstrated expertise and experience in successfully managing financial services; (3) an assurance that the State and participating eligible local educational agencies in the State will participate in an evaluation of the program