Promote Responsibility by Improving Development Education Act of 2006

Promote Responsibility by Improving Development Education Act of 2006 - Character Education Act of 2006 - Amends the Elementary and Secondary Education Act of 1965 to increase the amount authorized to be appropriated in FY2007 for the Fund for the Improvement of Education. Reserves a specified amount of such Fund's appropriations in FY2007 and FY2008 for the Partnerships in Character Education program. Directs the Comptroller General to develop a model state character education curriculum.

Childhood Adoption Act of 2006 - Amends the Internal Revenue Code to increase the tax credit for adoption expenses and make it refundable. Increases the tax exclusion for employer-paid adoption expenses.

Amends title IV, part E (Federal Payments for Foster Care and Adoption Assistance) of the Social Security Act to increase the levels of adoption incentive payments to states and the FY2006-FY2008 authorization of appropriations for such payments.

Borrower's Bill of Rights Act - Creates the position of Assistant Secretary for Financial Education in the Department of the Treasury.

Amends the Financial Literacy and Education Improvement Act to direct such Secretary to establish a financial literacy pilot program for middle and high school students.

Amends the Truth in Lending Act to: (1) require that mandatory disclosures governing loan transactions be easy for consumers to comprehend; (2) prohibit loan flipping and mandatory arbitration; (3) lower the interest rate threshold for high-cost mortgages; (4) require creditors to ensure that consumers receive counseling before extending credit to them under high-cost mortgages; and (5) limit the rollover or refinancing of payday loans with the same creditor.

Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to repeal the preemption of state mortgage usury laws.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to provide that a state's laws or constitution which expressly limit loan interest, rates, or other charges apply to all depository institutions and credit unions doing business in the state with customers who reside in or are located in the state.

Amends the federal bankruptcy code to set an employee's claim to a debtor's equity securities held in a pension fund within the fourth order of priority and exempts such benefits from subordination agreement constraints. Increases the amount of an employee's earnings and benefits within such priority order.