S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8306
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             November 27, 2023
                                ___________
 
 Introduced  by M. of A. SIMPSON -- read once and referred to the Commit-
   tee on Education
 
 AN ACT to amend the education law, in relation to establishing  a  class
   in financial literacy as a requirement of graduation for all pupils in
   grade 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-c
 to read as follows:
   § 803-C. INSTRUCTION RELATING TO FINANCIAL LITERACY. 1. ALL PUPILS, AT
 LEAST  ONCE  DURING  GRADES  NINE,  TEN, ELEVEN OR TWELVE, IN ALL PUBLIC
 SCHOOLS IN THE STATE SHALL BE REQUIRED TO RECEIVE A HALF CREDIT OR  UNIT
 COURSE OF INSTRUCTION IN FINANCIAL LITERACY.
   2.   PUPILS SHALL PASS THIS COURSE TO RECEIVE THEIR DIPLOMA AND GRADU-
 ATE WITH EXCEPTION TO THOSE  DEEMED  DISABLED,  IMPAIRED,  OR  OTHERWISE
 MENTALLY HANDICAPPED. THIS SUBDIVISION SHALL NOT APPLY TO PUPILS ALREADY
 ENROLLED  IN NINTH, TENTH, ELEVENTH, AND TWELFTH GRADES ON THE EFFECTIVE
 DATE OF THIS SECTION AND SHALL ONLY APPLY TO PUPILS ENROLLING  IN  NINTH
 GRADE AFTER THE EFFECTIVE DATE OF THIS SECTION.
   3.    THE  REQUIREMENTS  OF  THIS SECTION MAY BE FULFILLED THROUGH THE
 CONTINUATION OF A FINANCIAL MANAGEMENT COURSE CURRENTLY BEING TAUGHT  IN
 PUBLIC  SECONDARY  SCHOOLS  AS  LONG AS THE CURRENT COURSE IS UPDATED TO
 MEET THE STANDARDS SET BY THE DEPARTMENT AND THE CURRICULUM SET  BY  THE
 LOCAL  SCHOOL BOARD.   ADDITIONAL COURSES ARE ENCOURAGED TO BE DEVELOPED
 AND APPROVED AT THE LOCAL LEVEL.
   4. THIS COURSE SHALL BE GRADED ON AN A+ TO F SCALE AND SHALL BE ADMIN-
 ISTERED AS AN INDEPENDENT ELECTIVE.
   5. THIS COURSE SHALL BE INCLUDED IN THE TWENTY-TWO TOTAL CREDITS NEED-
 ED TO GRADUATE.
   6. THE BOARD OF EDUCATION  OR  TRUSTEES  OF  THE  SCHOOL  DISTRICT  IS
 CHARGED  WITH DEVELOPING AND MAINTAINING A FINANCIAL LITERACY CURRICULUM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13611-01-3
              

 A. 8306                             2
 
 FOR SECONDARY SCHOOL PUPILS THAT SHALL INCLUDE, BUT NOT BE  LIMITED  TO,
 INSTRUCTION IN THE FOLLOWING:
   A. OPENING AND MAINTAINING SAVINGS AND CHECKING ACCOUNTS AND ASSESSING
 THE QUALITY OF BANKING SERVICES;
   B. DEVELOPING A PERSONAL BUDGET AND UNDERSTANDING SAVING METHODS;
   C. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
 DEBT, INCLUDING CREDIT CARD DEBT;
   D. CALCULATING INTEREST RATES;
   E.  EVALUATING  BORROWING OPTIONS, INCLUDING THE RISKS AND BENEFITS OF
 STUDENT LOANS;
   F. COMMON TYPES OF INSURANCE;
   G. COMPUTING STATE AND FEDERAL  INCOME  TAXES,  TYPES  OF  TAXES,  AND
 UNDERSTANDING NET VERSUS GROSS INCOME;
   H.  EVALUATING RENTING COMPARED TO BUYING A HOME OR PROPERTY AND LEAS-
 ING COMPARED TO PURCHASING A CAR;
   I. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
 TO ACHIEVE PERSONAL GOALS;
   J. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   K. ANALYZING REGULATORY AGENCIES AND THEIR ROLE; AND
   L. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS.
   7. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
 SCHOOL  BOARDS  IN  THE  DEVELOPMENT  AND MAINTENANCE OF CURRICULA FOR A
 FINANCIAL LITERACY COURSE WHETHER IT IS A SINGLE COURSE OR MORE  COMPRE-
 HENSIVE  FINANCE  PROGRAM,  INCLUDING PROVIDING EDUCATIONAL RESOURCES TO
 SCHOOLS.
   § 2. This act shall take effect on the first of July  after  it  shall
 have become a law.