THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE BILL

INTRODUCED BY LONGIETTI, BAKER, BARRAR, BEAR, BOYD, BRENNAN, CALTAGIRONE, CARROLL, CAUSER, COHEN, CREIGHTON, DENLINGER, FABRIZIO, FAIRCHILD, FLECK, FRANKEL, FREEMAN, GEIST, GIBBONS, GRUCELA, HALUSKA, HENNESSEY, HESS, HORNAMAN, W. KELLER, KIRKLAND, KORTZ, KOTIK, MANN, McILVAINE SMITH, MELIO, MENSCH, MICCARELLI, MILLER, M. O'BRIEN, PASHINSKI, PICKETT, READSHAW, SANTONI, SEIP, SIPTROTH, STERN, STEVENSON, STURLA, VULAKOVICH, WALKO, WHEATLEY, YUDICHAK, WANSACZ, PAYTON, REED, K. SMITH, MURT, DALLY, BENNINGHOFF, BROOKS, PEIFER, BRIGGS, MATZIE AND M. SMITH, JANUARY 28, 2009

AS RE-REPORTED FROM COMMITTEE ON APPROPRIATIONS, HOUSE OF REPRESENTATIVES, AS AMENDED, JANUARY 25, 2010   

AN ACT

Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An

act relating to the public school system, including certain

provisions applicable as well to private and parochial

schools; amending, revising, consolidating and changing the

laws relating thereto," providing for development of economic

education and personal financial literacy programs; and

establishing the Economic Education and Personal Financial

Literacy Fund.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1.  The act of March 10, 1949 (P.L.30, No.14), known

as the Public School Code of 1949, is amended by adding a

section to read:

Section 1551.  Economic Education and Personal Financial

Literacy Programs.--(a)  The General Assembly declares it is the

purpose of this section to require the department to gather and

disseminate curriculum materials for school entities or private,

nonpublic, elementary or secondary schools in this Commonwealth

related to teaching economics and personal finance curriculum as

identified in the Pennsylvania Academic Standards for Economics,

Family and Consumer Science, and Career Education and Work. The

materials shall incorporate concepts of economics and personal

financial literacy into the K-12 school curricula and shall be

designed to educate the general student population who need to

understand our economic system and the role the individual

citizen, consumer and saver plays within that system. In

gathering materials for use in schools, the department shall

consider materials and resources currently available through

international, national, Statewide and local economic and

personal finance education organizations.

(b)  The department shall have the power and its duty shall

be to:

(1)  Provide resource information on economics, economic

education and personal financial literacy to educators and

public and private schools and organizations.

(2)  Provide for the distribution through the department's

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Internet website to school entities or private, nonpublic,

elementary or secondary schools in this Commonwealth, teacher

curriculum materials and other available resources, including

economic education partnership programs, on economic education

and personal finance concepts. In distributing materials and

resources for use in schools, the department shall consider

those currently available through international, national,

Statewide and local economic, banking trade and personal finance

education organizations. Such materials may include curriculum

on issues related to our economic system, including, but not

limited to, the concepts identified in the Pennsylvania Academic

Standards for Economics, Family and Consumer Science, and Career

Education and Work.

(3)  Identify and recognize Commonwealth schools that

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implement exemplary economic and economic education and personal

financial literacy curricula at each benchmark identified by the

Pennsylvania Academic Standards for Economics, Family and

Consumer Science, and Career Education and Work.

(4)  Maintain an inventory of economic education and personal

financial literacy materials, programs and resources available

in Commonwealth agencies.

(c)  The secretary shall prepare and submit an annual report

to the Governor and the General Assembly on the status of

economic education and personal financial literacy programs in

this Commonwealth. The report shall outline economic education

and personal financial literacy programs and achievements,

highlight new initiatives and recommend future program needs.

(d)  (1)  The secretary shall consult, at least annually,

with a representative cross section of the economic, personal

financial literacy, banking and education communities of this

Commonwealth. The cross section shall include, but not be

limited to:

(i)  Statewide and local economic and personal finance

education organizations.

(ii)  Faculty and staff members of this Commonwealth's higher

education community, each of whom must have a background in or

knowledge of economics and personal financial literacy.

(iii)  Teachers involved in economic education or personal

financial literacy.

(iv)  Administrators of school entities who conduct an

economic or personal financial literacy education program.

(2)  The consultation process shall:

(i)  Assess the trends and needs in economic education and

personal financial literacy.

(ii)  Consider the manner in which any funds are used to

support economic education and personal financial literacy

activities.

(iii)  Make recommendations to the Governor and the General

Assembly regarding legislative or regulatory changes to improve

economic education and personal financial literacy, pursuant to

the preparation and submittal of the report required by

subsection (c).

(e)  There is hereby established a separate fund in the State

Treasury to be known as the Economic Education and Personal

Financial Literacy Fund. The fund shall be administered by the

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department, and all All non-State moneys in the fund are

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appropriated to the department on a continuing basis. At the end

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of each fiscal year, unencumbered State moneys shall lapse to

the General Fund. The moneys in the fund shall be used solely

for the purpose of implementing and continuing the provisions of

this section, including program administration.

(1)  The department is authorized, for purposes of

implementing and administering this section:

(i)  To accept and expend, on behalf of the Commonwealth, any

appropriations from the General Assembly or Federal Government,

gifts, donations, legacies and usages of money from individuals,

organizations, public or private corporations and similar

entities.

(ii)  To apply for, accept and expend any and all Federal,

State or other grants that may be available for the purposes of

this section.

(iii)  To pursue and establish partnerships with

organizations, public and private corporations and similar

entities through which it may raise money for the purposes of

this section.

(2)  All money received or raised under this subsection shall

be paid into the State Treasury and credited to the fund.

(f)  The following words and phrases when used in this

section shall have the meanings given to them in this

subsection:

"Department."  The Department of Education of the

Commonwealth.

"Fund."  The Economic Education and Personal Financial

Literacy Fund.

"Personal financial literacy."  The integration of various

factors relating to personal financial management, including

understanding financial institutions, using money, learning to

manage personal assets and liabilities, creating budgets and any

other factors that may assist an individual in this Commonwealth

to be financially responsible.

"School entity."  A public school district, intermediate unit

or area vocational-technical school.

"Secretary."  The Secretary of Education of the Commonwealth.

Section 2.  This act shall take effect immediately.