NY State Senate Bill 2019-S2542

Senate Bill S2542

2019-2020 Legislative Session

Establishes that instruction in financial education be provided to pupils in grades nine, ten, eleven or twelve

download bill text pdf

Archive: Last Bill Status - In Senate Committee Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to education
Jan 28, 2019	referred to education

2019-S2542 (ACTIVE) - Details

See Assembly Version of this Bill:: A1357
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §803-b, Ed L
Versions Introduced in Other Legislative Sessions:: 2009-2010: A1282
2011-2012: A2272
2013-2014: A3533
2015-2016: A27
2017-2018: S8198, A1174, A9752
2021-2022: S5820, A731
2023-2024: S4601, A5430, A8216

2019-S2542 (ACTIVE) - Summary

Establishes that instruction in financial education be provided to pupils in grades nine through twelve; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc.

2019-S2542 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S2542

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the education law, in relation to establishing a
requirement that instruction in financial education be provided to all
pupils in grades nine, ten, eleven or twelve

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would require that high school students have financial educa-
tion integrated into their curricula for high school students, including
personal financial planning and budgeting, understanding Of the income
and property tax systems, and understanding state and federal laws
concerning personal and commercial finance.

 
SUMMARY OF SPECIFIC PROVISIONS:

Adds a new section 803-b to the education law which would establishing a
requirement that instruction in financial education be provided to all

pupils in grades nine, ten, eleven or twelve.

 
JUSTIFICATION:

The present times have shown that young adults, more and more, are being
required to be more financially independent in their daily lives. By the
time they leave high school and go to college, many teens already have a
job, pay taxes, have a checking account, a credit card, and some level
of debt. At the same time of this expanding responsibility, there has
not been an increase in the knowledge about finance issues among these
young adults. They may have a checking account and credit card, but do
not fully understand the implications of using both, or even the process
that these financing mechanisms involve. Often times, when asked what a
credit card does, many teens respond that the card offers free money
with which to make purchases, not realizing that it is actually a loan
at a high level of interest. By integrating a more detailed financial
education into the high school curricula (either in existing classes or
by creating new ones), students will be better equipped to understand
how to maintain a personal budget, manage debt, and realize the mechan-
ics and implications of collection and uses of various kinds of taxes.

 
PRIOR LEGISLATIVE HISTORY:

S 8198 COMRIE Same as A9752 Rosenthal D

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred twentieth day after it
shall have become a law.

2019-S2542 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2542
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2019
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Education
 
 AN ACT to amend  the  education  law,  in  relation  to  establishing  a
   requirement that instruction in financial education be provided to all
   pupils in grades nine, ten, eleven or twelve

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  803-b
 to read as follows:
   § 803-B. INSTRUCTION RELATING TO FINANCIAL EDUCATION. 1. ALL PUPILS IN
 GRADES  NINE,  TEN,  ELEVEN OR TWELVE IN ALL PUBLIC SCHOOLS IN THE STATE
 SHALL RECEIVE A COURSE OR FULL UNIT OF INSTRUCTION IN  FINANCIAL  EDUCA-
 TION DELIVERED BY MEANS OF A COMPREHENSIVE FINANCIAL LITERACY PROGRAM.
   2.  THE  REQUIREMENTS  OF  THIS  SECTION  MAY BE FULFILLED THROUGH THE
 FINANCE UNIT OF THE REQUIRED HIGH SCHOOL ECONOMICS COURSE OR THE CONTIN-
 UATION OF FINANCIAL MANAGEMENT COURSES CURRENTLY BEING TAUGHT IN  PUBLIC
 SECONDARY SCHOOLS. ADDITIONAL COURSES ARE ENCOURAGED TO BE DEVELOPED AND
 APPROVED AT THE LOCAL LEVEL.
   3.  THE  BOARD  OF  EDUCATION  OR  TRUSTEES  OF THE SCHOOL DISTRICT IS
 CHARGED WITH DEVELOPING AND MAINTAINING A FINANCIAL LITERACY PROGRAM FOR
 SECONDARY SCHOOL PUPILS THAT SHALL  INCLUDE,  BUT  NOT  BE  LIMITED  TO,
 INSTRUCTION IN THE FOLLOWING:
   A. RECOGNIZING THE RELATIONSHIP BETWEEN FINANCIAL PLANNING AND ATTAIN-
 ING FINANCIAL GOALS;
   B. OPENING AND MAINTAINING BANKING AND CHECKING ACCOUNTS AND ASSESSING
 THE QUALITY OF BANKING SERVICES;
   C. DEVELOPING A PERSONAL BUDGET;
   D. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
 DEBT, INCLUDING RETAIL AND CREDIT CARD DEBT;
   E. CALCULATING INTEREST RATES BY VARIOUS METHODS;
   F. EVALUATING BORROWING OPTIONS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD01033-01-9

 S. 2542                             2
 
   G. ASSESSING THE IMPLICATIONS OF AN INHERITANCE;
   H.  COMPUTING STATE AND FEDERAL INCOME TAXES, UNDERSTANDING NET VERSUS
 GROSS INCOME AND REQUIRED TAX DEDUCTIONS;
   I. ANALYZING LOCAL TAX ASSESSMENTS;
   J. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
 TO ACHIEVE PERSONAL GOALS;
   K.  RECOGNIZING  HOW  INVESTMENTS  HELP  TO  ACHIEVE  FINANCIAL  GOALS
 THROUGHOUT THE STAGES OF AN INDIVIDUAL'S LIFE;
   L. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   M. RECOGNIZING THE BASIC PRINCIPLES OF PERSONAL INSURANCE POLICIES;
   N. ANALYZING REGULATORY AGENCIES AND THEIR ROLE; AND
   O. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS.
   4. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
 IN THE DEVELOPMENT OF CURRICULA FOR COURSES OF STUDY WHICH SHALL BE  AGE
 APPROPRIATE AND DEVELOPED ACCORDING TO THE NEEDS AND ABILITIES OF PUPILS
 IN GRADES NINE, TEN, ELEVEN OR TWELVE.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law.

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