Today's Law As Amended

PDF |Add To My Favorites | print page

SB-583 Pupil curriculum: model curriculum: financial literacy.(2017-2018)



SECTION 1.
 (a) The Legislature finds and declares all of the following:
(1) The financial crisis that began in the United States in July 2007, and which led to a global recession, indicates the dangers of a society with many citizens who do not understand basic financial principles.
(2) A survey released in February 2008 by Dartmouth College and Harvard University researchers found that only 35 percent of respondents were able to correctly estimate how interest compounds over time; more than one-half of respondents did not understand how minimum payments are calculated and applied to a principal balance; and almost none of the respondents understood the financial difference between paying in monthly installments versus one lump sum at the end of a certain time period.
(3) Pupils need instruction in financial literacy so that they are prepared for the economic realities and responsibilities of adults in our society.
(b) It is the intent of the Legislature to require the development of a model curriculum for a course in financial literacy that can be offered to pupils in grades 9 to 12, inclusive.
(c) It is further the intent of the Legislature to encourage local educational agencies and charter schools to adopt financial literacy courses as local graduation requirements, and to use the model curriculum in financial literacy as the basis for these courses.

SEC. 2.

 Section 51226.10 is added to the Education Code, to read:

51226.10.
 (a) The Instructional Quality Commission shall develop, and the state board shall adopt, reject, or modify, a model curriculum designed for pupils in grades 9 to 12, inclusive, in financial literacy, for voluntary use by educators as an elective course.
(b) The model curriculum shall address, but not be limited to, the instruction of pupils on:
(1) Principles of personal finance.
(2) Fundamentals of banking for personal use, including, but not limited to, savings and checking.
(3) Budgeting and saving.
(4) Employment and understanding factors that affect net income.
(5) Uses and costs of credit, including the relation of debt and interest to credit.
(6) Uses and costs of loans, including student loans.
(7) Types and costs of insurance.
(8) Forms of governmental taxation.
(9) Consumer guides to purchasing.
(10) Principles of investing and building wealth.
(11) Identity theft and security of financial information.
(12) Planning and paying for postsecondary education.
(13) Paying for housing, including renting and homeownership.
(14) Saving for retirement.
(15) Charitable giving.
(c) The model curriculum shall provide model lessons and activities for each grade level and identify supporting instructional materials for use in its implementation.
(d) The model curriculum shall identify the ways in which the model curriculum aligns with, and is supportive of, the Common Core State Standards.
(e) In developing the model curriculum, the Instructional Quality Commission shall convene an advisory group comprised of experts in financial literacy education. A majority of this group shall be current public school elementary or secondary classroom teachers who have a professional teaching credential that is valid under state law and who have experience or expertise in financial literacy education.
(f) The Instructional Quality Commission shall hold a minimum of two public hearings for the public to provide input on the model curriculum. The public hearings required by this subdivision shall be held pursuant to the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code).
(g) On or before December 31, 2020, the Instructional Quality Commission shall submit to the state board the model curriculum.
(h) On or before March 31, 2021, the state board shall adopt, reject, or modify the model curriculum submitted by the Instructional Quality Commission, at a subsequent public meeting.
(i) If the state board modifies the model curriculum submitted by the Instructional Quality Commission, the state board shall explain, in writing, the reasons for the modifications to the Governor and the appropriate fiscal and policy committees of the Legislature.
(j) If the state board modifies the model curriculum, the state board shall, in a meeting conducted pursuant to the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code), provide written reasons for its revisions. The state board shall not adopt the model curriculum at the same meeting it provides its written reasons, but, instead, shall adopt these revisions at a subsequent meeting conducted no later than July 31, 2021.
(k) If the state board rejects the model curriculum, the state board shall transmit to the Superintendent, the Governor, and the appropriate policy and fiscal committees of the Legislature a specific written explanation of the reasons for the rejection of the model curriculum presented by the Instructional Quality Commission.
(l) Following the adoption of the model curriculum in financial literacy, the Superintendent shall post the model curriculum on the department’s Internet Web site for use on a voluntary basis by educators.
(m) It is the intent of the Legislature that local educational agencies submit course outlines for financial literacy courses based on the model curriculum for approval as meeting the subject matter requirements for purposes of recognition for college admission pursuant to Section 66205.5.
(n) It is the intent of the Legislature that, beginning in the school year following the adoption of the model curriculum in financial literacy, local educational agencies and charter schools are encouraged to use the model curriculum to provide financial literacy courses. Local educational agencies and charter schools are encouraged to use the model curriculum as the basis of local graduation requirements in financial literacy.