PRIOR PRINTER'S NOS. 133, 980                 PRINTER'S NO. 1268

THE GENERAL ASSEMBLY OF PENNSYLVANIA


HOUSE BILL

No. 111 Session of 2007


        INTRODUCED BY STAIRS, ROEBUCK, BEYER, BOYD, CALTAGIRONE, COHEN,
           DALLY, FAIRCHILD, FRANKEL, GILLESPIE, HENNESSEY, HORNAMAN,
           JAMES, MACKERETH, MANN, MELIO, R. MILLER, MOYER, PICKETT,
           RUBLEY, SANTONI, SIPTROTH, SONNEY, STERN, STURLA, WALKO,
           WHEATLEY, YOUNGBLOOD, YUDICHAK, PAYTON, MENSCH, GEIST,
           DENLINGER, LONGIETTI AND MURT, JANUARY 30, 2007

        AS AMENDED ON SECOND CONSIDERATION, HOUSE OF REPRESENTATIVES,
           APRIL 17, 2007

                                     AN ACT

     1  Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
     2     act relating to the public school system, including certain
     3     provisions applicable as well to private and parochial
     4     schools; amending, revising, consolidating and changing the
     5     laws relating thereto," providing for development of economic
     6     education and personal financial literacy programs; and
     7     establishing the Economic Education and Personal Financial
     8     Literacy Fund.

     9     The General Assembly of the Commonwealth of Pennsylvania
    10  hereby enacts as follows:
    11     Section 1.  The act of March 10, 1949 (P.L.30, No.14), known
    12  as the Public School Code of 1949, is amended by adding a
    13  section to read:
    14     Section 1551.  Economic Education and Personal Financial
    15  Literacy Programs.--(a)  The General Assembly declares it is the
    16  purpose of this section to require the department to gather and
    17  disseminate curriculum materials for school entities or private,
    18  nonpublic, elementary or secondary schools in this Commonwealth


     1  related to teaching economics and personal finance curriculum as
     2  identified in the Pennsylvania Academic Standards for Economics,
     3  Family and Consumer Science, and Career Education and Work. The
     4  materials shall incorporate concepts of economics and personal
     5  financial literacy into the K-12 school curricula and shall be
     6  designed to educate the general student population who need to
     7  understand our economic system and the role the individual
     8  citizen, consumer and saver plays within that system. In
     9  gathering materials for use in schools, the department shall
    10  consider materials and resources currently available through
    11  international, national, Statewide and local economic and
    12  personal finance education organizations.
    13     (b)  The department shall have the power and its duty shall
    14  be to:
    15     (1)  Provide resource information on economics, economic
    16  education and personal financial literacy to educators and
    17  public and private schools and organizations.
    18     (2)  Provide for the distribution, upon request, to school
    19  entities or private, nonpublic, elementary or secondary schools
    20  in this Commonwealth, teacher curriculum materials and other
    21  available resources, including economic education partnership
    22  programs, on economic education and personal finance concepts.
    23  In distributing materials and resources for use in schools, the
    24  department shall consider those currently available through
    25  international, national, Statewide and local economic, BANKING    <--
    26  TRADE and personal finance education organizations. Such
    27  materials may include curriculum on issues related to our
    28  economic system, including, but not limited to, the concepts
    29  identified in the Pennsylvania Academic Standards for Economics,
    30  Family and Consumer Science, and Career Education and Work.
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     1     (3)  Identify, recognize and establish awards for
     2  Commonwealth schools that implement exemplary economic and
     3  economic education and personal financial literacy curricula at
     4  each benchmark identified by the Pennsylvania Academic Standards
     5  for Economics, Family and Consumer Science, and Career Education
     6  and Work.
     7     (4)  Maintain an inventory of economic education and personal
     8  financial literacy materials, programs and resources available
     9  in Commonwealth agencies.
    10     (c)  The secretary shall prepare and submit an annual report
    11  to the Governor and the General Assembly on the status of
    12  economic education and personal financial literacy programs in
    13  this Commonwealth. The report shall outline economic education
    14  and personal financial literacy programs and achievements,
    15  highlight new initiatives and recommend future program needs.
    16     (d)  (1)  The secretary shall consult, at least annually,
    17  with a representative cross section of the economic, personal
    18  financial literacy, BANKING and education communities of this     <--
    19  Commonwealth. The cross section shall include, but not be
    20  limited to:
    21     (i)  Statewide and local economic and personal finance
    22  education organizations.
    23     (ii)  Faculty and staff members of this Commonwealth's higher
    24  education community, each of whom must have a background in or
    25  knowledge of economics and personal financial literacy.
    26     (iii)  Teachers involved in economic education or personal
    27  financial literacy.
    28     (iv)  Administrators of school entities who conduct an
    29  economic or personal financial literacy education program.
    30     (2)  The consultation process shall:
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     1     (i)  Assess the trends and needs in economic education and
     2  personal financial literacy.
     3     (ii)  Consider the manner in which any funds are used to
     4  support economic education and personal financial literacy
     5  activities.
     6     (iii)  Make recommendations to the Governor and the General
     7  Assembly regarding legislative or regulatory changes to improve
     8  economic education and personal financial literacy, pursuant to
     9  the preparation and submittal of the report required by
    10  subsection (c).
    11     (e)  There is hereby established a separate fund in the State
    12  Treasury to be known as the Economic Education and Personal
    13  Financial Literacy Fund. The fund shall be administered by the
    14  department, and all moneys in the fund are appropriated to the
    15  department on a continuing basis. The moneys in the fund shall
    16  be used solely for the purpose of implementing and continuing
    17  the provisions of this section, including program
    18  administration.
    19     (1)  The department is authorized, for purposes of
    20  IMPLEMENTING AND ADMINISTERING this section:                      <--
    21     (i)  To accept, on behalf of the Commonwealth, gifts,          <--
    22  donations, legacies and usages of money from individuals,
    23  organizations, public or private corporations and other similar
    24  entities.
    25     (ii)  To solicit and raise money from public and private
    26  sources.
    27     (iii)  To accept and expend any appropriations from the
    28  General Assembly and Federal Government.
    29     (I)  TO ACCEPT AND EXPEND, ON BEHALF OF THE COMMONWEALTH, ANY  <--
    30  APPROPRIATIONS FROM THE GENERAL ASSEMBLY OR FEDERAL GOVERNMENT,
    20070H0111B1268                  - 4 -     

     1  GIFTS, DONATIONS, LEGACIES AND USAGES OF MONEY FROM INDIVIDUALS,
     2  ORGANIZATIONS, PUBLIC OR PRIVATE CORPORATIONS AND SIMILAR
     3  ENTITIES.
     4     (II)  TO APPLY FOR, ACCEPT AND EXPEND ANY AND ALL FEDERAL,
     5  STATE OR OTHER GRANTS THAT MAY BE AVAILABLE FOR THE PURPOSES OF
     6  THIS SECTION.
     7     (III)  TO PURSUE AND ESTABLISH PARTNERSHIPS WITH
     8  ORGANIZATIONS, PUBLIC AND PRIVATE CORPORATIONS AND SIMILAR
     9  ENTITIES THROUGH WHICH IT MAY RAISE MONEY FOR THE PURPOSES OF
    10  THIS SECTION.
    11     (2)  All money received or raised under this subsection shall
    12  be paid into the State Treasury and credited to the fund.
    13     (f)  The following words and phrases when used in this
    14  section shall have the meanings given to them in this
    15  subsection:
    16     "Department."  The Department of Education of the
    17  Commonwealth.
    18     "Fund."  The Economic Education and Personal Financial
    19  Literacy Fund.
    20     "Personal financial literacy."  The integration of various
    21  factors relating to personal financial management, including
    22  understanding financial institutions, using money, learning to
    23  manage personal assets and liabilities, creating budgets and any
    24  other factors that may assist an individual in this Commonwealth
    25  to be financially responsible.
    26     "School entity."  A public school district, intermediate unit
    27  or area vocational-technical school.
    28     "Secretary."  The Secretary of Education of the Commonwealth.
    29     Section 2.  This act shall take effect immediately.

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