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AB-423 Pupil instruction: financial literacy.(2021-2022)

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Date Published: 02/04/2021 09:00 PM
AB423:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 423

Introduced by Assembly Member Voepel

February 04, 2021

An act to add and repeal Section 51226.8 of the Education Code, relating to pupil instruction.


LEGISLATIVE COUNSEL'S DIGEST


AB 423, as introduced, Voepel. Pupil instruction: financial literacy.
Existing law requires each pupil completing grade 12 to satisfy certain requirements as a condition of receiving a diploma of graduation from high school. These requirements include the completion of designated coursework in grades 9 to 12, inclusive, including completion of a one-semester course in economics.
This bill would require the State Department of Education to implement, commencing with the 2022–23 school year, a financial literacy pilot program. The bill, under the pilot program, would authorize a school district or charter school to voluntarily incorporate a financial literacy program into a course, for pupils in grade 11 or 12, offered by the local educational agency. The bill would require the department to submit a report with findings on the pilot program to the Legislature on or before January 1, 2026.
This bill would make these provisions inoperative on June 30, 2026, and would repeal it as of January 1, 2028.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 51226.8 is added to the Education Code, to read:

51226.8.
 (a) As used in this section, “local educational agency” means a school district or charter school.
(b) Commencing with the 2022–23 school year, the department shall implement a financial literacy pilot program. Under the pilot program, a local educational agency may incorporate a financial literacy program into an appropriate course, for pupils in grade 11 or 12, that satisfies a requirement in paragraph (1) of subdivision (a) of Section 51225.3. The financial literacy program shall include classroom instruction that highlights budgeting, savings, debt, investments, and appropriate materials determined by the department. A local educational agency’s participation in the pilot program is voluntary.
(c) (1) On or before January 1, 2026, the department shall submit a report to the Legislature with findings on the pilot program.
(2) The report submitted pursuant to paragraph (1) shall be submitted in compliance with Section 9795 of the Government Code.
(d) This section does not supersede the requirements of Section 51225.3.
(e) This section shall become inoperative on June 30, 2026, and, as of January 1, 2028, is repealed.