Regular Session 2021-2022 Senate Bill 1243 P.N. 1800

PRIOR PRINTER'S NO. 1663

PRINTER'S NO. 1800

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

1243

Session of

2022

INTRODUCED BY GEBHARD, COLLETT, SCAVELLO, REGAN, ARGALL, MENSCH,

CAPPELLETTI, GORDNER, J. WARD, MUTH, HAYWOOD, COSTA, PITTMAN,

DiSANTO, AUMENT, MARTIN AND ROBINSON, MAY 23, 2022

SENATOR MARTIN, EDUCATION, AS AMENDED, JUNE 21, 2022

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 economics and personal finance course

graduation requirement and further providing for economic

education and personal financial literacy programs; and

abrogating regulations.

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 1529. Economics and Personal Finance Course

Graduation Requirement.--(a) Notwithstanding any other

provision of law, there shall be a high school graduation

requirement for students to complete an individual economics and

personal finance course in addition to the high school

graduation requirements provided under SECTION 121 AND 22 Pa.

Code § 4.24 (relating to high school graduation requirements).

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(b) A student who completes the economics and personal

finance course under subsection (a) may apply the successful

completion of the course to satisfy the student's social

studies, family and consumer science or mathematics or business

education credit requirement for graduation. The governing body

of the student's high school may determine the graduation credit

requirement to which the credit earned by the student is

applied.

entities shall train existing teachers in the school entity to

teach the economics and personal finance course under subsection

(a).

(d) (C) Teachers of economics, economic education and

personal financial literacy shall include the following

curriculum when teaching the economics and personal finance

course under subsection (a):

(1) The true cost of credit.

(2) Choosing and managing a credit card, including, but not

limited to, the calculation of the annual percentage rate and

compounding interest.

(3) Borrowing money for an automobile or other large

purchase.

(4) Home mortgages.

(5) Credit scoring and credit reports.

(6) Planning and paying for postsecondary education.

(7) Basic principles of personal insurance policies.

(8) Basic principles of how to prepare and file Federal,

State and local tax returns.

(e) The department shall require that teachers of economics,

economic education and personal financial literacy attain the

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personal development and certification requirements as the

department deems necessary to ensure that the intent and

provisions of this section are carried out. (D) The department

shall require a school entity to make available a course in

related professional development for teachers and potential

teachers of economics, economic education and personal financial

literacy . TO ENSURE THAT THE INTENT AND PROVISIONS OF THIS

SECTION ARE CARRIED OUT.

(f) (E) As used in this section, the following words and

phrases shall have the meanings given to them in this subsection

unless the context clearly indicates otherwise:

"Department" means the Department of Education of the

Commonwealth.

"School entity" means a local education provider that

includes all public school districts, charter schools, public

charter schools, public regional charter schools, cyber charter

schools, public cyber charter schools, approved private schools

or intermediate units. SCHOOL DISTRICT, CHARTER SCHOOL, CYBER

CHARTER SCHOOL OR REGIONAL CHARTER SCHOOL.

Section 2. Section 1551(a) of the act is amended to read:

Section 1551. Economic Education and Personal Financial

Literacy Programs.--(a) 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, including through the

department's Internet website, to school entities or private,

nonpublic, elementary or secondary schools in this Commonwealth,

teacher curriculum materials and other available resources,

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including materials or other resources necessary to teach the

curriculum specified under section 1529(d) 1529(C) and materials

or other resources for economic education partnership programs,

on economic education and personal financial literacy, including

the basic principle involved with earning, spending, saving and

investing money. The materials shall align with and complement

existing State standards for Economics, Family and Consumer

Science, and Career Education and Work as set forth in 22 Pa.

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

(3) Identify and recognize Commonwealth schools that

implement exemplary economic and economic education and personal

financial literacy curricula at each benchmark as set forth in

existing State standards for Economics, Family and Consumer

Science, and Career Education and Work as set forth in 22 Pa.

Code Ch. 4.

(4) Maintain an inventory of economic education and personal

financial literacy materials, programs and resources available

in Commonwealth agencies.

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Section 3. The provisions of 22 Pa. Code are abrogated

insofar as they are inconsistent with this act.

Section 4. This act shall take effect July 1, 2023.

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