2019 -- H 5033 SUBSTITUTE A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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A N   A C T

RELATING TO EDUCATION -- FINANCIAL LITERACY

     Introduced By: Representatives McNamara, Ackerman, Amore, Diaz, and Lyle

     Date Introduced: January 04, 2019

     Referred To: House Health, Education & Welfare

     (General Treasurer)

It is enacted by the General Assembly as follows:

     SECTION 1. Title 16 of the General Laws entitled "EDUCATION" is hereby amended

by adding thereto the following chapter:

CHAPTER 110

SECURING THE FINANCIAL FUTURE FOR ALL STUDENTS ACT

     16-110-1. Legislative findings.

     The general assembly finds and declares the following:

     (1) Rhode Island's economic future relies on the financial security of its residents.

     (2) Responsible and informed use of financial services can help Rhode Islanders attain

higher education, home ownership and retirement security.

     (3) Strong financial literacy can also help Rhode Islanders avoid financial pitfalls that are,

unfortunately, all too common.

     (4) Rhode Island's college graduates have the second highest student debt burden in the

country.

     (5) Rhode Island's rate of seriously delinquent mortgage loans is ninth highest in the

United States.

     (6) Rhode Island lags the nation and region in retirement savings.

     (7) Rhode Island has the second highest percentage of unbanked households in New

England.

     (8) Thirty-six (36) states guarantee access to personal finance education in their public

school curricula, Rhode Island does not.

     (9) Rhode Island has an obligation to secure the financial future for all students.

     (10) Expanding the instruction of personal finance in public schools will help ensure that

all Rhode Island students are put on a path to success.

     16-110-2. Definitions.

     (a) "Council" means the council on elementary and secondary education established

pursuant to § 16-60-1.

     (b) "Personal finance" means the financial literacy standards adopted by the council.

     16-110-3. Resources.

     The council on elementary and secondary education is encouraged to maintain, publish

and update as necessary:

     (1) Statewide standards for the instruction of personal finance in public high schools. The

council shall also identify at last one example of a high quality curriculum to support the

standards that public high schools may adopt or incorporate into their program of studies. The

curriculum shall include, but not be limited to, budgeting, maintaining credit, saving, investing,

and protecting and insuring assets.

     (2) A list of micro-credentialing programs that train educators in the skills necessary to

deliver personal finance lessons in accordance with council standards.

     (3) Resources and instructional materials including, but not limited to, lesson plans,

assessments, and activities that align with the personal finance standards adopted by the council.

     16-110-4. Instructional course.

     (a) Beginning in the 2019-2020 school year, all public high schools may offer a course

that includes instruction on personal finance in accordance with council standards established

pursuant to this chapter.

     (b) This section shall not apply to private schools, mayoral academies, or charter schools.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO EDUCATION -- FINANCIAL LITERACY

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     This act would provide that the council on elementary and secondary education be

encouraged to maintain, publish and update statewide standards for instruction of personal

finance in public high schools.

     This act would take effect upon passage.

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