THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

INTRODUCED BY FARNESE, FONTANA, COSTA, HUGHES, FERLO, LOGAN, WASHINGTON, STACK, DINNIMAN, LEACH, TARTAGLIONE, BROWNE, O'PAKE AND WOZNIAK, FEBRUARY 26, 2010

REFERRED TO EDUCATION, FEBRUARY 26, 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," in terms and courses of study,

providing for financial education.

The General Assembly finds that:

(1)  Financial illiteracy among Pennsylvania's students

has reached record proportions and the average high school

student lacks even a basic knowledge of personal finance.

(2)  Pennsylvania schools require reading, writing and

arithmetic to ensure that our children have the necessary

foundation to earn a paycheck, but they do not teach the

financial skills necessary to survive on this paycheck.

(3)  In light of the national economic crisis, it is even

more important that Pennsylvania's students are properly

prepared to plan for a bright financial future, as well as

being able to deal with and even avoid the financial

obstacles of modern life, including bankruptcy, poor

retirement planning and mounting consumer debt, that may

befall them.

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.  Financial Education.--(a)  The Department of

Education shall develop and disseminate comprehensive financial

education materials for school entities or private or nonpublic

kindergartens, elementary and secondary schools in this

Commonwealth. The materials shall:

(1)  Incorporate financial concepts into the basic school

curricula and be designed to educate the general student

population about the importance of financial literacy and the

role of finance in students' lives.

(2)  Assist students in achieving financial literacy and

gaining personal financial management skills by teaching the

basic principles involved with earning, spending, saving and

investing money.

(3)  Align with and complement existing State academic

standards for family and consumer sciences as specified in 22

Pa. Code Ch. 4 (relating to academic standards and assessment).

(b)  In preparing the financial education materials, the

department may consider any preexisting financial literacy

curricula or information the department deems appropriate.

(c)  (1)  The department shall convene a task force on

financial education within ninety (90) days of the effective

date of this section.

(2)  The task force shall consist of nine (9) members

appointed by the Secretary of Education from among groups

representing school administrators, finance teachers, school

boards, students, business leaders and other groups with

expertise in financial education. The task force shall elect one

(1) of its members to serve as chairperson.

(3)  The task force shall study and make recommendations

about how to increase and improve financial education in

kindergarten through grade twelve.

(4)  The department shall provide staff support to the task

force.

(d)  The Secretary of Education shall prepare and submit, in

conjunction with the task force, an annual report to the

Governor and the General Assembly on the status of financial

education in this Commonwealth. The report shall outline

financial education programs and achievements, highlight new

initiatives and recommend future program needs.

(e)  The Secretary of Education shall consult, at least

annually, with the Secretary of Banking and a cross section of

the finance and education communities to:

(1)  Assess the trends and needs in financial education.

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

support financial education activities.

(3)  Make recommendations to the Governor and the General

Assembly regarding legislative or regulatory changes to improve

financial education, pursuant to the preparation and submittal

of the report required by subsection (d).

(f)  To the extent that Federal funds are available for

financial education, the department shall use those funds for

grants to school entities and other measures to encourage

implementation of financial education programs.

(g)  As used in this section, "school entity" shall mean a

public school district, intermediate unit or area vocational-

technical school.

Section 1.  This act shall take effect in 60 days.