Bill Text: VA HB931 | 2024 | Regular Session | Prefiled
Bill Title: Public high school students; economics education and financial literacy, benchmark assessment.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-13 - Left in Education [HB931 Detail]
Download: Virginia-2024-HB931-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §22.1-200.03 of the Code of Virginia is amended and reenacted as follows:
§22.1-200.03. Economics education and financial literacy; objectives; guidelines; benchmark assessment.
A. Instruction in the principles of the American economic system shall be required in the public middle and high schools of the Commonwealth to promote economics education and financial literacy of students and to further the development of knowledge, skills, and attitudes needed for responsible citizenship in a constitutional democracy.
B. The Board of Education
shall develop and approve objectives for economics education and financial
literacy at the middle and high school levels, that shall be required of all
students, and shall provide for the systematic infusion of economic principles
in the relevant Standards of Learning, and in career and technical education
programs. The objectives shall include personal living and finances; personal
and business money management skills; opening an account in a financial
institution and judging the quality of a financial institution's services;
balancing a checkbook; completing a loan application; the implications of and
differences between various employment arrangements with regard to benefits,
protections, and long-term financial sustainability; the implications of an
inheritance; the basics of personal insurance policies; consumer rights and
responsibilities; dealing with salesmen and merchants; debt management;
managing retail and credit card debt; evaluating the economic value of
postsecondary studies, including the net cost of attendance, potential student
loan debt, and potential earnings; state and federal tax computation; local tax
assessments; computation of interest rates by various mechanisms; understanding
simple contracts; and learning how to contest an incorrect bill.
C. To facilitate the objectives of economics education and financial literacy through practical experiences, the Department shall confer with the State Corporation Commission's Bureau of Financial Institutions, and financial and relevant professional organizations in the development of guidelines for such literacy objectives. The guidelines shall include (i) rules and policies governing the establishment, operation, and dissolution of school banks and school credit unions; (ii) written agreements between partnering public schools and financial institutions, including the disposition of funds donated or other financial contributions provided by the partnering financial institution; and (iii) such other matters as the Department may deem appropriate.
D. The Board shall not be required to evaluate student achievement concerning economics education and financial literacy objectives in the Standards of Learning assessments required by §22.1-253.13:3. However, the Board shall develop and make available to each school board an economics education and financial literacy benchmark assessment and each school board shall require each public high school student enrolled in the local school division, except in the case of a public high school student whose individualized education program indicates otherwise, to take such assessment at least once during grades nine through 12. The Board shall annually report to the Governor and the General Assembly the state-level and school division-level student results on such benchmark assessment in order to aid decision-making regarding any policy changes that may be necessary to improve student learning in the relevant subject matter areas.
E. For the purposes of this section:
"At-risk and
disadvantaged students" means students having socioeconomic or cultural
risk factors that research indicates may negatively influence academic
achievement or may hinder an individual in reaching his life goals.
"Employment arrangements" means full-time employment, part-time employment, independent contract work, gig work, piece work, contingent work, day labor work, freelance work, and 1099 work.
"Financial institution" means a bank, savings and loan association, savings bank, or credit union authorized to conduct business in the Commonwealth.
"High school" includes grades nine through 12.
"Middle school" includes grades six through eight.
