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SENATE DOCKET, NO. 1451 FILED ON: 1/19/2023
SENATE . . . . . . . . . . . . . . No. 327
The Commonwealth of Massachusetts
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PRESENTED BY:
Patrick M. O'Connor
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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 requiring financial education in schools.
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PETITION OF:
NAME:DISTRICT/ADDRESS :Patrick M. O'ConnorFirst Plymouth and NorfolkDeborah B. Goldberg, Treasurer and
Receiver General
Treasurer 1 of 2
SENATE DOCKET, NO. 1451 FILED ON: 1/19/2023
SENATE . . . . . . . . . . . . . . No. 327
By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 327) of Patrick M. O'Connor and
Deborah B. Goldberg, Treasurer and Receiver General for legislation to require financial
education in schools. Education.
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 381 OF 2021-2022.]
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 requiring financial education 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 29 of the General Laws is hereby amended by inserting after
2section 2QQQQQ the following section:-
3 Section RRRRR. There shall be established and set up on the books of the
4commonwealth a separate fund to be known as the Financial Literacy Trust Fund. The fund shall
5be administered by the commissioner of elementary and secondary education. The fund shall be
6credited with: (i) revenue from appropriations or other money authorized by the general court
7and specifically designated to be credited to the fund; (ii) interest earned on such revenues; and
8(iii) funds from public and private sources such as gifts, grants and donations to further financial
9education and professional development. Amounts credited to the fund shall not be subject to 2 of 2
10further appropriation and any money remaining in the fund at the end of a fiscal year shall not
11revert to the General Fund.
12 (b) Annually, not later than October 1, the commissioner shall report to the clerks of the
13house of representatives and senate, the joint committee on education and the house and senate
14committees on ways and means on the fund's activity. The report shall include, but not be limited
15to: (i) the source and amount of funds received; (ii) the amounts distributed and the purpose of
16expenditures from the fund, including but not limited to, funds expended to assist school districts
17in implementing financial literacy (iii) any grants provided to institutions of higher education and
18other stakeholder organizations; and (iv) anticipated revenue and expenditure projections for the
19next year.
20 SECTION 2. Section 1R of chapter 69 of the General Laws, as appearing in the 2020
21Official Edition, is hereby amended in subparagraph (b) by striking out the word “may” and
22inserting in place thereof the following word:- shall.
23 SECTION 3. Section 1 and section 2 of this act shall take effect one full academic year
24from enactment.