Norris, DeStefano, Brown E, Bendett, Blumencranz, Tague, Gallahan, Manktelow, Angelino,
Brook-Krasny
MLTSPNSR
Add §818, Ed L
Requires all public and private schools to provide financial literacy education to pupils in grade eleven; directs that certain topics be covered in such educational program.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2928A
SPONSOR: Jensen TITLE OF BILL:
An act to amend the education law, in relation to requiring all public
and private schools to provide financial literacy education to certain
pupils
PURPOSE OR GENERAL IDEA OF BILL::
The purpose of this bill is to create a comprehensive financial literacy
program for students who are in grade eleven who plan to graduate with a
regents, local or advanced regents diploma, which would include educat-
ing students on: taxes, student loans, car loans and leases, mortgages
and rent, debt, interest rates, credit cards, building credit, bank
accounts and debit cards, specialized bank accounts, online banking,
budgeting, stocks, bonds and investing, long term savings and retirement
accounts, and foreclosure, bankruptcy and eviction.
SUMMARY OF PROVISIONS::
Section 1. Adds a new section 817 to the education law that would allow
the education department and the board of regents to require that all
public and private schools incorporate a course or full unit of instruc-
tion in financial literacy for all pupils who intend to graduate with a
regents, local or advanced regents diploma in grade eleven. It outlines
a list of topics that the course instruction should include and allows
schools to retain the ability to structure the curriculum beyond the
required topics. The education commissioner will provide all pupils in
grade eleven with sample materials and resources to support the imple-
mentation of the financial literacy instruction.
Section 2. Sets the effective date.
JUSTIFICATION::
As Common Core has made the curriculum for schools in New York State,
many important subjects have been added and classes created to prepare
our state's students. More and more our students are prepared for higher
education and to hit the ground running. However, where the educational
system is failing is preparing students for the world in which they live
in it as an adult, especially in terms of personal finance. Increasing
high schoolers financial literacy is a necessity to increase their
potential for financial independence and success in adulthood. This
legislation would have schools create a curriculum and/or class offering
to ensure that their students are getting insight into common financial
decisions and the financial decision-making process they will need for
their rest of their lives.
PRIOR LEGISLATIVE HISTORY::
A6234 of 2021/22
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS::
Unknown.
EFFECTIVE DATE::
This act shall take effect on the one hundred eightieth day after it
shall have become a law. Effective immediately, the addition, amendment,
and/or repeal of any rule or regulation necessary for the implementation
of this act on its effective date are authorized to be made and
completed on or before such effective date.
STATE OF NEW YORK
________________________________________________________________________
2928--A
2023-2024 Regular Sessions
IN ASSEMBLY
February 1, 2023
___________
Introduced by M. of A. JENSEN, NORRIS, DeSTEFANO, E. BROWN, BENDETT,
BLUMENCRANZ, TAGUE, GALLAHAN, MANKTELOW, ANGELINO, BROOK-KRASNY --
read once and referred to the Committee on Education -- recommitted to
the Committee on Education in accordance with Assembly Rule 3, sec. 2
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT to amend the education law, in relation to requiring all public
and private schools to provide financial literacy education to certain
pupils
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new section 818 to
2 read as follows:
3 § 818. Instruction relating to financial literacy. 1. The department
4 and board of regents shall require that all public and private schools
5 in the state incorporate a course or full unit of instruction in finan-
6 cial education delivered by means of a comprehensive financial literacy
7 program for all pupils in grade eleven who intend to graduate with a
8 regents, local, or advanced designation regents diploma.
9 2. The requirements of this section may be fulfilled through (a)
10 incorporating financial literacy coursework into an existing course,
11 provided that such coursework shall be apportioned appropriate and
12 substantial time to ensure that the enumerated topics are adequately
13 covered; or (b) establishing a new course solely dedicated to financial
14 literacy.
15 3. The board of education or trustees of each school is charged with
16 developing and maintaining a financial literacy program for pupils in
17 grade eleven that shall include, but not be limited to, instruction in
18 the following topics:
19 (a) Taxes;
20 (b) Student loans;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02606-02-4
A. 2928--A 2
1 (c) Car loans and leases;
2 (d) Mortgages and rent;
3 (e) Debt;
4 (f) Interest rates;
5 (g) Credit cards;
6 (h) Building credit;
7 (i) Bank accounts and debit cards;
8 (j) Specialized bank accounts, IRAs, 504 Plans and CDs;
9 (k) Online banking;
10 (l) Budgeting;
11 (m) Stocks, bonds and investing;
12 (n) Long term saving and retirement accounts;
13 (o) Foreclosure, bankruptcy, and eviction; and
14 (p) Insurance.
15 4. Each school shall retain the ability to determine the appropriate
16 order, method, and structure of the curriculum beyond the required
17 topics.
18 5. The commissioner shall provide all public and private schools with
19 pupils in grade eleven with sample instructional materials and resources
20 that may be used to support the implementation of the financial literacy
21 instruction requirement.
22 § 2. This act shall take effect on the one hundred eightieth day after
23 it shall have become a law. Effective immediately, the addition, amend-
24 ment and/or repeal of any rule or regulation necessary for the implemen-
25 tation of this act on its effective date are authorized to be made and
26 completed on or before such effective date.
