Bill Text: NY A02928 | 2023-2024 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Moderate Partisan Bill (Republican 11-2)

Status: (Introduced) 2024-03-28 - print number 2928a [A02928 Detail]

Download: New_York-2023-A02928-Amended.html

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                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.