PRIOR PRINTER'S NOS. 1663, 1800
PRINTER'S NO. 1979
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1243
Session of
2022
INTRODUCED BY GEBHARD, SCAVELLO, REGAN, ARGALL, MENSCH, GORDNER,
J. WARD, PITTMAN, DiSANTO, AUMENT, MARTIN, ROBINSON AND
DILLON, MAY 23, 2022
SENATOR BROWNE, APPROPRIATIONS, RE-REPORTED AS AMENDED,
OCTOBER 18, 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.
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Code ยง 4.24 (relating to high school graduation requirements).
(b) A student who completes the economics and personal
finance course under subsection (a) may apply ONE-HALF CREDIT
EARNED FOR 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 ONE-
HALF credit earned by the student is applied.
(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.
(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.
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(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 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,
including materials or other resources necessary to teach the
curriculum specified under section 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
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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.
* * *
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 2024.
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