NY State Senate Bill 2023-S9378

Senate Bill S9378

2023-2024 Legislative Session

Relates to instruction in financial and insurance literacy for students in grades nine through twelve

download bill text pdf

Current 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
May 14, 2024	referred to education

2023-S9378 (ACTIVE) - Details

Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §819, Ed L

2023-S9378 (ACTIVE) - Summary

Requires the commissioner of education to develop and adopt instruction in financial and insurance literacy for students in grades nine through twelve.

2023-S9378 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9378

SPONSOR: MARTINEZ
 
TITLE OF BILL:

An act to amend the education law, in relation to establishing instruc-
tion in financial and insurance literacy

 
PURPOSE:

The purpose of this legislation is to ensure all high school students
are taught a curriculum that includes instruction in financial and
insurance literacy.

 
SUMMARY OF PROVISIONS:

Section 1. The education law is amended by adding a new section 819
authorizing the commissioner of education to develop and adopt a curric-
ulum for financial and insurance literacy. This section further clari-
fies that each local board of education shall require all students
grades nine through twelve to complete a half-credit course of financial
and insurance literacy prior to graduation and allows flexibility to

each local school system to meet this requirement.

Section 2. Establishes the enacting clause.

 
JUSTIFICATION:

Educating students on financial and insurance literacy is crucial to
better equip them for the many circumstances in life in which such know-
ledge is necessary. Through a curriculum containing financial and insur-
ance literacy, students will be provided with the necessary tools to
navigate complex insurance policies and financial decisions.  Comprehen-
sion of key concepts such as budgeting, investing, personal insurance
policies, and retirement saving will enable our youth to effectively
manage their money, avoid debt traps and scams, and plan for future
financial security. Education in financial and insurance literacy has
been proven to empower our young population to make more informed deci-
sions about insurance coverage and protect themselves and their assets
from unforeseen risks.

Experts and researchers have seen positive outcomes of financial litera-
cy education in other states that have implemented such including Geor-
gia, Idaho, and Texas, with those states reporting relatively higher
credit scores and lower relative delinquency rates for students who took
a course compared to those who did not. New York State Comptroller Tom
DiNapoli and Education Commissioner Betty Rosa have expressed their
strong support for financial and insurance literacy education highlight-
ing that "financial literacy can be a great equalizer for students and
New York cannot afford to wait."'

The intent of this legislation is to ensure financial and insurance
literacy is standardized and integrated into school instruction in a
meaningful way to benefit our students without putting an undue finan-
cial burden on school districts through an unfunded mandate.  School
districts will have the option to incorporate financial and insurance
literacy into existing coursework based on the content determined by the
Commissioner. Should state funding be appropriated for this need in the
future, school districts can then choose to offer a separate course of
study. This legislation will help New York foster an educational commu-
nity which stresses the importance of financial independence and resili-
ence in the face of economic challenges.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.
1 New York State Education Department Commissioner Rosa Op-Ed: We Should
Be Teaching Financial Literacy in New York's High Schools, Betty A. Rosa
and Thomas P. DiNapoli. Retrieved from:
https://www.nysed.govinews/2024/commissioner-rosa-op-ed-we-should-be-
teaching-financial-literacy-newyorks-high-schools

2023-S9378 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9378
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 Introduced  by Sen. MARTINEZ -- 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  instruc-
   tion in financial and insurance literacy
 
   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 819 to
 read as follows:
   § 819. INSTRUCTION IN FINANCIAL AND INSURANCE LITERACY. 1. THE COMMIS-
 SIONER SHALL DEVELOP AND ADOPT CURRICULUM STANDARDS FOR  INSTRUCTION  IN
 FINANCIAL AND INSURANCE LITERACY TO BE COMPLETED BY STUDENTS ENROLLED IN
 SECONDARY  SCHOOL.  UPON  THE EFFECTIVE DATE OF THIS SECTION, EACH LOCAL
 BOARD OF EDUCATION SHALL REQUIRE ALL STUDENTS  IN  GRADES  NINE  THROUGH
 TWELVE, AS A CONDITION OF GRADUATION, TO COMPLETE AT LEAST A HALF-CREDIT
 COURSE  IN FINANCIAL AND INSURANCE LITERACY WHICH IMPLEMENTS THE MINIMUM
 COURSE OF INSTRUCTION STANDARDS ESTABLISHED PURSUANT TO THIS SECTION.
   2. SUCH STANDARDS SHALL INCLUDE BUT NOT BE LIMITED TO  INSTRUCTION  IN
 CORE  COMPETENCIES  OF MONEY MANAGEMENT AND INVESTMENT AND BASIC PRINCI-
 PLES OF  PERSONAL  INSURANCE  POLICIES  AND  RETIREMENT  PLANNING.  SUCH
 INSTRUCTION  MAY  BE  PROVIDED  IN  THE  CONTEXT  OF EXISTING COURSEWORK
 OFFERED BY A LOCAL SCHOOL SYSTEM AND SHALL BE ELIGIBLE TO COUNT TOWARD A
 MATHEMATICS, SOCIAL STUDIES OR ELECTIVE UNIT OF CREDIT  REQUIREMENT  FOR
 GRADUATION.  SUBJECT  TO STATE-APPROPRIATED FUNDING, LOCAL SCHOOL BOARDS
 MAY PROVIDE A UNIT OF STUDY RELATED TO FINANCIAL AND INSURANCE  LITERACY
 SEPARATE FROM EXISTING COURSEWORK.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15531-01-4

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