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