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| 2 | 2 | | HOUSE DOCKET, NO. 2345 FILED ON: 1/19/2023 |
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| 3 | 3 | | HOUSE . . . . . . . . . . . . . . . No. 473 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Peter J. Durant |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act establishing a personal financial literacy curriculum in schools. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :DATE ADDED:Peter J. Durant6th Worcester1/17/2023Michael J. Soter8th Worcester1/30/2023Angelo L. D'Emilia8th Plymouth1/30/2023Kelly W. Pease4th Hampden1/31/2023Vanna Howard17th Middlesex1/31/2023Patrick Joseph Kearney4th Plymouth2/16/2023F. Jay Barrows1st Bristol2/22/2023 1 of 3 |
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| 16 | 16 | | HOUSE DOCKET, NO. 2345 FILED ON: 1/19/2023 |
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| 17 | 17 | | HOUSE . . . . . . . . . . . . . . . No. 473 |
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| 18 | 18 | | By Representative Durant of Spencer, a petition (accompanied by bill, House, No. 473) of Peter |
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| 19 | 19 | | J. Durant and others relative to establishing a personal financial literacy curriculum in schools. |
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| 20 | 20 | | Education. |
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| 21 | 21 | | The Commonwealth of Massachusetts |
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| 22 | 22 | | _______________ |
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| 23 | 23 | | In the One Hundred and Ninety-Third General Court |
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| 24 | 24 | | (2023-2024) |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | An Act establishing a personal financial literacy curriculum in schools. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 28 | 28 | | of the same, as follows: |
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| 29 | 29 | | 1 SECTION 1. Chapter 69 of the General Laws, as amended by section 2 of chapter 240 of |
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| 30 | 30 | | 2the acts of 2020, is hereby further amended by inserting after section 1O the following section:- |
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| 31 | 31 | | 3 Section 1P. To equip students with the knowledge and skills they need to become self- |
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| 32 | 32 | | 4supporting and to enable students to make critical decisions regarding personal finances, the |
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| 33 | 33 | | 5department of elementary and secondary education shall authorize and assist in the |
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| 34 | 34 | | 6implementation of a curriculum on personal financial literacy. The components of personal |
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| 35 | 35 | | 7financial literacy covered in the curriculum shall include the following: understanding loans, |
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| 36 | 36 | | 8borrowing money, interest, credit card debt, and online commerce; rights and responsibilities of |
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| 37 | 37 | | 9renting or buying a home; saving, investing and planning for retirement; banking and financial |
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| 38 | 38 | | 10services; balancing a checkbook; state and federal taxes; and charitable giving. |
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| 39 | 39 | | 11 The department shall develop standards and objectives on personal financial literacy, for |
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| 40 | 40 | | 12grades pre-kindergarten to 12, inclusive, within the existing mathematics curriculum. The 2 of 3 |
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| 41 | 41 | | 13department shall make available to school districts, charter schools, approved private day or |
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| 42 | 42 | | 14residential schools and education collaboratives a list of resources to aid in the selection of |
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| 43 | 43 | | 15materials and curriculum on personal financial literacy. The department shall identify and offer |
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| 44 | 44 | | 16information on cost-effective methods for fulfilling the professional development activities |
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| 45 | 45 | | 17needed to implement these standards and objectives. The department may consult with private, |
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| 46 | 46 | | 18nonprofit or other government institutions in order to identify and offer the information. The |
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| 47 | 47 | | 19department may apply for any federal, state or other funding, including funding available |
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| 48 | 48 | | 20through the Financial Literacy Trust Fund, as established by chapter 10 and as amended by |
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| 49 | 49 | | 21chapter 14 of the acts of 2011. |
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| 50 | 50 | | 22 SECTION 2. The department shall establish an advisory committee to consist of 11 |
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| 51 | 51 | | 23members: the commissioner of the department of elementary and secondary education, or a |
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| 52 | 52 | | 24designee, who shall serve as co-chair; the state treasurer, or a designee, who shall serve as co- |
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| 53 | 53 | | 25chair; 2 public high school educators who have taught programs on financial literacy, 1 of whom |
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| 54 | 54 | | 26shall be appointed by the Massachusetts Teachers Association and 1 of whom shall be appointed |
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| 55 | 55 | | 27by American Federation of Teachers Massachusetts; 1 superintendent of a public high school, |
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| 56 | 56 | | 28appointed by the Massachusetts Association of School Superintendents; the undersecretary of the |
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| 57 | 57 | | 29Massachusetts office of consumer affairs and business regulation, or a designee; 1 member |
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| 58 | 58 | | 30appointed by the Massachusetts Bankers Association; 1 member appointed by the Massachusetts |
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| 59 | 59 | | 31Credit Union League; 1 member appointed by the Massachusetts Council on Economic |
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| 60 | 60 | | 32Education; and 2 Massachusetts community college or state university professors who teach |
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| 61 | 61 | | 33financial literacy or personal finance, to be appointed by the commissioner of higher education. |
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| 62 | 62 | | 34 The advisory committee shall meet no less than 3 times annually for the first 4 years |
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| 63 | 63 | | 35within the effective date of this section. The advisory committee shall conduct a study on current 3 of 3 |
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| 64 | 64 | | 36programs on financial literacy being offered in the Commonwealth for grades pre-kindergarten to |
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| 65 | 65 | | 3712, inclusive, and the cost to individual schools and school districts of offering these programs. |
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| 66 | 66 | | 38The advisory committee shall submit the results of its investigation to the clerks of the senate and |
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| 67 | 67 | | 39the house who shall forward the same to the chairs of the joint committee on education on or |
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| 68 | 68 | | 40before August 31, 2024. |
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| 69 | 69 | | 41 The advisory committee shall also advise and oversee the development and |
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| 70 | 70 | | 42implementation of standards and objectives on personal financial literacy. After the submission |
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| 71 | 71 | | 43of the first report on or before August 31, 2022, the advisory committee shall submit a report on |
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| 72 | 72 | | 44best practices and recommended improvement annually thereafter for 3 subsequent years to the |
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| 73 | 73 | | 45clerks of the senate and the house who shall forward the same to the chairs of the joint committee |
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| 74 | 74 | | 46on education on or before December 31. The advisory committee shall consult with individuals |
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| 75 | 75 | | 47with relevant experiences including: representatives from insurance and investment firms, real |
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| 76 | 76 | | 48estate firms, and bankruptcy attorneys. |
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| 77 | 77 | | 49 SECTION 3. The department of elementary and secondary education shall conduct a |
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| 78 | 78 | | 50study concerning the feasibility of including personal financial literacy in the Massachusetts |
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| 79 | 79 | | 51Comprehensive Assessment System and in the Massachusetts Curriculum Frameworks. The |
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| 80 | 80 | | 52department shall submit a report with its conclusions and recommendations, including a |
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| 81 | 81 | | 53timetable for implementation, to the chairs of the house and senate committees on ways and |
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| 82 | 82 | | 54means and the chairs of the joint committee on education on or before December 31, 2024. |
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