Bill Text: NY A00027 | 2015-2016 | General Assembly | Introduced


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: Bipartisan Bill

Status: (Introduced - Dead) 2016-01-06 - referred to education [A00027 Detail]

Download: New_York-2015-A00027-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          27
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by  M. of A. SIMANOWITZ, MILLER -- read once and referred to
         the Committee on Education
       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-b
    2  to read as follows:
    3    S 803-B. 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;
   21    D. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
   22  DEBT, INCLUDING RETAIL AND CREDIT CARD DEBT;
   23    E. CALCULATING INTEREST RATES BY VARIOUS METHODS;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00474-01-5
       A. 27                               2
    1    F. EVALUATING BORROWING OPTIONS;
    2    G. ASSESSING THE IMPLICATIONS OF AN INHERITANCE;
    3    H.  COMPUTING STATE AND FEDERAL INCOME TAXES, UNDERSTANDING NET VERSUS
    4  GROSS INCOME AND REQUIRED TAX DEDUCTIONS;
    5    I. ANALYZING LOCAL TAX ASSESSMENTS;
    6    J. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
    7  TO ACHIEVE PERSONAL GOALS;
    8    K.  RECOGNIZING  HOW  INVESTMENTS  HELP  TO  ACHIEVE  FINANCIAL  GOALS
    9  THROUGHOUT THE STAGES OF AN INDIVIDUAL'S LIFE;
   10    L. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   11    M. RECOGNIZING THE BASIC PRINCIPLES OF PERSONAL INSURANCE POLICIES;
   12    N. ANALYZING REGULATORY AGENCIES AND THEIR ROLE; AND
   13    O. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
   14  RETIREMENT PLANNING OPTIONS.
   15    4. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
   16  IN THE DEVELOPMENT OF CURRICULA FOR COURSES OF STUDY WHICH SHALL BE  AGE
   17  APPROPRIATE AND DEVELOPED ACCORDING TO THE NEEDS AND ABILITIES OF PUPILS
   18  IN GRADES NINE, TEN, ELEVEN OR TWELVE.
   19    S 2. This act shall take effect on the one hundred twentieth day after
   20  it shall have become a law.
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