Massachusetts 2023-2024 Regular Session

Massachusetts Senate Bill S327 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 1451 FILED ON: 1/19/2023
3	3	SENATE . . . . . . . . . . . . . . No. 327
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Patrick M. O'Connor
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act requiring financial education in schools.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :Patrick M. O'ConnorFirst Plymouth and NorfolkDeborah B. Goldberg, Treasurer and
16	16	Receiver General
17	17	Treasurer 1 of 2
18	18	SENATE DOCKET, NO. 1451 FILED ON: 1/19/2023
19	19	SENATE . . . . . . . . . . . . . . No. 327
20	20	By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 327) of Patrick M. O'Connor and
21	21	Deborah B. Goldberg, Treasurer and Receiver General for legislation to require financial
22	22	education in schools. Education.
23	23	[SIMILAR MATTER FILED IN PREVIOUS SESSION
24	24	SEE SENATE, NO. 381 OF 2021-2022.]
25	25	The Commonwealth of Massachusetts
26	26	_______________
27	27	In the One Hundred and Ninety-Third General Court
28	28	(2023-2024)
29	29	_______________
30	30	An Act requiring financial education in schools.
31	31	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
32	32	of the same, as follows:
33	33	1 SECTION 1. Chapter 29 of the General Laws is hereby amended by inserting after
34	34	2section 2QQQQQ the following section:-
35	35	3 Section RRRRR. There shall be established and set up on the books of the
36	36	4commonwealth a separate fund to be known as the Financial Literacy Trust Fund. The fund shall
37	37	5be administered by the commissioner of elementary and secondary education. The fund shall be
38	38	6credited with: (i) revenue from appropriations or other money authorized by the general court
39	39	7and specifically designated to be credited to the fund; (ii) interest earned on such revenues; and
40	40	8(iii) funds from public and private sources such as gifts, grants and donations to further financial
41	41	9education and professional development. Amounts credited to the fund shall not be subject to 2 of 2
42	42	10further appropriation and any money remaining in the fund at the end of a fiscal year shall not
43	43	11revert to the General Fund.
44	44	12 (b) Annually, not later than October 1, the commissioner shall report to the clerks of the
45	45	13house of representatives and senate, the joint committee on education and the house and senate
46	46	14committees on ways and means on the fund's activity. The report shall include, but not be limited
47	47	15to: (i) the source and amount of funds received; (ii) the amounts distributed and the purpose of
48	48	16expenditures from the fund, including but not limited to, funds expended to assist school districts
49	49	17in implementing financial literacy (iii) any grants provided to institutions of higher education and
50	50	18other stakeholder organizations; and (iv) anticipated revenue and expenditure projections for the
51	51	19next year.
52	52	20 SECTION 2. Section 1R of chapter 69 of the General Laws, as appearing in the 2020
53	53	21Official Edition, is hereby amended in subparagraph (b) by striking out the word “may” and
54	54	22inserting in place thereof the following word:- shall.
55	55	23 SECTION 3. Section 1 and section 2 of this act shall take effect one full academic year
56	56	24from enactment.