Bill Text: NY S04601 | 2023-2024 | General Assembly | Amended

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Bill Title: Establishes that instruction in financial education be provided to pupils in grades nine through twelve; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-05-20 - PRINT NUMBER 4601A [S04601 Detail]

Download: New_York-2023-S04601-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4601--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 13, 2023
                                       ___________

        Introduced  by Sens. COMRIE, HARCKHAM -- read twice and ordered printed,
          and when printed to be committed to  the  Committee  on  Education  --
          recommitted  to  the  Committee on Education in accordance with Senate
          Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee

        AN  ACT  to  amend  the  education  law,  in  relation to establishing a
          requirement that instruction in financial education be provided to all
          pupils in grades nine, ten, eleven or twelve

          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 803-c
     2  to read as follows:
     3    § 803-c. Instruction relating to financial education. 1. All pupils in
     4  grades nine, ten, eleven or twelve in all public schools  in  the  state
     5  shall  receive  a course or full unit of instruction in financial educa-
     6  tion delivered by means of a comprehensive financial literacy program.
     7    2. The requirements of this  section  may  be  fulfilled  through  the
     8  finance unit of the required high school economics course or the contin-
     9  uation  of financial management courses currently being taught in public
    10  secondary schools. Additional courses are encouraged to be developed and
    11  approved at the local level.
    12    3. The board of education  or  trustees  of  the  school  district  is
    13  charged with developing and maintaining a financial literacy program for
    14  secondary  school  pupils  that  shall  include,  but not be limited to,
    15  instruction in the following:
    16    a. recognizing the relationship between financial planning and attain-
    17  ing financial goals;
    18    b. opening and maintaining banking and checking accounts and assessing
    19  the quality of banking services;
    20    c. developing a personal budget;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04617-05-4
        S. 4601--A                          2

     1    d. analyzing spending, credit purchasing, credit scoring, and managing
     2  debt, including retail and credit card debt;
     3    e. calculating interest rates by various methods;
     4    f. evaluating borrowing options;
     5    g. assessing the implications of an inheritance;
     6    h.  computing state and federal income taxes, understanding net versus
     7  gross income and required tax deductions;
     8    i. analyzing local tax assessments;
     9    j. assessing different types of investments and how  investments  help
    10  to achieve personal goals;
    11    k.  recognizing  how  investments  help  to  achieve  financial  goals
    12  throughout the stages of an individual's life;
    13    l. analyzing state and federal laws concerning finance;
    14    m. recognizing the basic principles of personal insurance policies;
    15    n. analyzing regulatory agencies and their role;
    16    o. recognizing the importance of planning for retirement and analyzing
    17  retirement planning options; and
    18    p. recognizing the importance of insurance as an essential element  of
    19  financial security.
    20    4. The commissioner shall provide assistance at the local level to aid
    21  in  the development of curricula for courses of study which shall be age
    22  appropriate and developed according to the needs and abilities of pupils
    23  in grades nine, ten, eleven or twelve.
    24    § 2. This act shall take effect on the one hundred twentieth day after
    25  it shall have become a law.