S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8733
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2025
                                ___________
 
 Introduced  by M. of A. SMULLEN -- read once and referred to the Commit-
   tee on Education
 
 AN ACT to amend the education law, in  relation  to  financial  literacy
   instruction
 
   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.  FINANCIAL  LITERACY  INSTRUCTION  IN  ELEMENTARY AND MIDDLE
 SCHOOLS. 1. THE STATE BOARD OF REGENTS SHALL  DEVELOP  OR  ADOPT  GRADE-
 BASED  FINANCIAL LITERACY LEARNING STANDARDS FOR STUDENTS IN GRADES FOUR
 THROUGH EIGHT, WHICH SHALL BE INTEGRATED INTO THE EXISTING STATE  LEARN-
 ING  STANDARDS FOR MATHEMATICS. SUCH STANDARDS SHALL ADDRESS, AT A MINI-
 MUM, THE FOLLOWING COMPETENCIES IN AN AGE-APPROPRIATE MANNER:
   A. BASIC SAVING, GOAL SETTING, AND BUDGETING;
   B. UNDERSTANDING INCOME, WAGES, AND TAXES;
   C. INTRODUCTION TO BANKS, CREDIT UNIONS, AND  OTHER  FINANCIAL  INSTI-
 TUTIONS; AND
   D. THE CONCEPT OF INVESTMENTS AND INTEREST.
   2.  THE COMMISSIONER MAY PROVIDE TECHNICAL ASSISTANCE TO ASSIST IN THE
 DEVELOPMENT OF AGE-APPROPRIATE CURRICULA FOR SUCH COURSES OF STUDY WHICH
 SHALL BE DEVELOPED ACCORDING TO THE NEEDS AND  ABILITIES  OF  PUPILS  AT
 SUCCESSIVE GRADE LEVELS TO PROVIDE AWARENESS, SKILLS AND A COMPREHENSIVE
 UNDERSTANDING OF FINANCIAL LITERACY PRINCIPLES.
   §  2.  The  education  law is amended by adding a new section 803-d to
 read as follows:
   § 803-D. FINANCIAL  LITERACY  INSTRUCTION  IN  SECONDARY  SCHOOLS.  1.
 COMMENCING WITH STUDENTS ENTERING NINTH GRADE IN THE FIRST ACADEMIC YEAR
 FOLLOWING  THE  EFFECTIVE DATE OF THIS ACT AND THEREAFTER, EVERY PUBLIC,
 CHARTER, AND NONPUBLIC HIGH SCHOOL SHALL OFFER AND  EVERY  SUCH  STUDENT
 SHALL  SUCCESSFULLY COMPLETE A ONE-SEMESTER COURSE IN FINANCIAL LITERACY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13231-01-5
              

 A. 8733                             2
 
 EARNING ONE-HALF UNIT OF CREDIT AS A CONDITION OF GRADUATION. THE  STATE
 BOARD OF REGENTS SHALL DEVELOP AGE-APPROPRIATE MODEL CURRICULUM THAT MAY
 BE ADOPTED BY SCHOOLS PURSUANT TO THIS SECTION THAT INCLUDES, AT A MINI-
 MUM:
   A. PERSONAL BUDGETING AND CASH-FLOW MANAGEMENT;
   B. BANKING SERVICES AND DEBIT PRODUCTS;
   C. INTEREST, CREDIT CARD DEBT, AND ONLINE COMMERCE;
   D. CREDIT, LOANS, AND CONSUMER DEBT (INCLUDING STUDENT LOANS);
   E. BANKRUPTCY;
   F. INVESTMENT FUNDAMENTALS, INCLUDING RETIREMENT AND EMERGENCY FUNDS;
   G. INSURANCE AND RISK MANAGEMENT;
   H.  RIGHTS AND OBLIGATIONS UNDER STATE AND FEDERAL CONSUMER-PROTECTION
 LAWS;
   I. UNDERSTANDING STATE AND FEDERAL TAXES; AND
   J. THE FINANCIAL IMPACT AND CONSEQUENCES OF GAMBLING.
   § 3. The education law is amended by adding a  new  section  355-f  to
 read as follows:
   §  355-F.  FINANCIAL  LITERACY  PROGRAM.  1. NOTWITHSTANDING ANY OTHER
 PROVISION OF LAW, THE TRUSTEES OF  THE  STATE  UNIVERSITY  OF  NEW  YORK
 SHALL,  IN  CONSULTATION  WITH  FACULTY,  STUDENT  REPRESENTATIVES,  AND
 SUBJECT MATTER  EXPERTS,  DEVELOP  A  COMPREHENSIVE  FINANCIAL  LITERACY
 COURSE.
   2.  SUCH  COMPREHENSIVE FINANCIAL LITERACY COURSE SHALL BE DESIGNED TO
 BE ACCESSIBLE AND RELEVANT TO ALL STUDENTS, INCLUDING THOSE AT COMMUNITY
 COLLEGES AND THOSE ENROLLED IN  ASSOCIATE,  BACHELORS,  AND  CERTIFICATE
 PROGRAMS.
   3.  SUCH COMPREHENSIVE FINANCIAL LITERACY COURSE SHALL BE DEVELOPED TO
 OFFER STUDENTS AN ELECTIVE CREDIT-BEARING COURSE OR MODULE THAT PROVIDES
 INSTRUCTION TO STUDENTS IN PERSONAL FINANCIAL MANAGEMENT, INCLUDING  BUT
 NOT LIMITED TO, DEVELOPING A PERSONAL FINANCIAL PLAN AND MONTHLY OPERAT-
 ING  BUDGET, EXAMINING CONCEPTS ASSOCIATED WITH CONSUMER CREDIT, VARIOUS
 FORMS OF INSURANCE, LONG-TERM FINANCIAL PLANNING, INVESTMENT MANAGEMENT,
 EXAMINING IMPACTS OF PRIVATE AND  GOVERNMENTAL  FINANCIAL  DECISIONS  ON
 SOCIETY, AND STUDENT LOANS.
   4.  BEGINNING WITH THE FIRST ACADEMIC YEAR AFTER THE EFFECTIVE DATE OF
 THIS ACT, SUCCESSFUL COMPLETION OF THE COMPREHENSIVE FINANCIAL  LITERACY
 COURSE  SHALL BE A GRADUATION REQUIREMENT FOR ALL UNDERGRADUATE STUDENTS
 ATTENDING A STATE UNIVERSITY OF NEW YORK INSTITUTION, INCLUDING COMMUNI-
 TY COLLEGES. SUCH COURSE MAY BE OFFERED AS PART OF THE GENERAL EDUCATION
 CURRICULUM, AS A STANDALONE COURSE, OR AS AN INTEGRATED MODULE WITHIN AN
 EXISTING  REQUIRED  COURSE,  PROVIDED  THAT  ALL  REQUIRED  TOPICS   ARE
 ADDRESSED.
   5. EACH STATE UNIVERSITY OF NEW YORK INSTITUTION SHALL ENSURE THAT THE
 FINANCIAL LITERACY COURSE IS AVAILABLE TO ALL STUDENTS NO LATER THAN THE
 BEGINNING  OF  THE  FIRST ACADEMIC YEAR AFTER THE EFFECTIVE DATE OF THIS
 ACT.
   6. THE TRUSTEES OF THE STATE UNIVERSITY OF NEW YORK SHALL, WITHIN  TWO
 YEARS  FROM  THE EFFECTIVE DATE OF THIS SECTION AND ANNUALLY THEREAFTER,
 SUBMIT A REPORT TO THE GOVERNOR, THE COMMISSIONER, THE CHANCELLOR OF THE
 STATE UNIVERSITY OF NEW YORK, THE TEMPORARY PRESIDENT OF THE SENATE, THE
 SPEAKER OF THE ASSEMBLY, THE CHAIR AND RANKING MINORITY  MEMBER  OF  THE
 SENATE  FINANCE  COMMITTEE, THE CHAIR AND RANKING MINORITY MEMBER OF THE
 ASSEMBLY WAYS AND MEANS COMMITTEE, AND THE CHAIRS AND  RANKING  MINORITY
 MEMBERS  OF  THE  SENATE  AND ASSEMBLY HIGHER EDUCATION COMMITTEES. SUCH
 REPORT SHALL INCLUDE, BUT NOT BE LIMITED TO, OUTCOMES ON THE IMPLEMENTA-
 A. 8733                             3
 
 TION OF THE COMPREHENSIVE FINANCIAL LITERACY  COURSE,  INCLUDING  COURSE
 ENROLLMENT AND COMPLETION RATES, AND STUDENT FEEDBACK.
   § 4. The education law is amended by adding a new section 6235 to read
 as follows:
   §  6235.  FINANCIAL  LITERACY  PROGRAM.  1.  NOTWITHSTANDING ANY OTHER
 PROVISION OF LAW, THE TRUSTEES OF THE CITY UNIVERSITY OF NEW YORK SHALL,
 IN CONSULTATION  WITH  FACULTY,  STUDENT  REPRESENTATIVES,  AND  SUBJECT
 MATTER EXPERTS, DEVELOP A COMPREHENSIVE FINANCIAL LITERACY COURSE.
   2.  SUCH  COMPREHENSIVE FINANCIAL LITERACY COURSE SHALL BE DESIGNED TO
 BE ACCESSIBLE AND RELEVANT TO ALL STUDENTS, INCLUDING THOSE AT COMMUNITY
 COLLEGES AND THOSE ENROLLED IN  ASSOCIATE,  BACHELORS,  AND  CERTIFICATE
 PROGRAMS.
   3.  SUCH COMPREHENSIVE FINANCIAL LITERACY COURSE SHALL BE DEVELOPED TO
 OFFER STUDENTS AN ELECTIVE CREDIT-BEARING COURSE OR MODULE THAT PROVIDES
 INSTRUCTION TO STUDENTS IN PERSONAL FINANCIAL MANAGEMENT, INCLUDING  BUT
 NOT LIMITED TO, DEVELOPING A PERSONAL FINANCIAL PLAN AND MONTHLY OPERAT-
 ING  BUDGET, EXAMINING CONCEPTS ASSOCIATED WITH CONSUMER CREDIT, VARIOUS
 FORMS OF INSURANCE, LONG-TERM FINANCIAL PLANNING, INVESTMENT MANAGEMENT,
 EXAMINING IMPACTS OF PRIVATE AND  GOVERNMENTAL  FINANCIAL  DECISIONS  ON
 SOCIETY, AND STUDENT LOANS.
   4.  BEGINNING WITH THE FIRST ACADEMIC YEAR AFTER THE EFFECTIVE DATE OF
 THIS ACT, SUCCESSFUL COMPLETION OF THE COMPREHENSIVE FINANCIAL  LITERACY
 COURSE  SHALL BE A GRADUATION REQUIREMENT FOR ALL UNDERGRADUATE STUDENTS
 ATTENDING A CITY UNIVERSITY OF NEW YORK INSTITUTION, INCLUDING COMMUNITY
 COLLEGES. SUCH COURSE MAY BE OFFERED AS PART OF  THE  GENERAL  EDUCATION
 CURRICULUM, AS A STANDALONE COURSE, OR AS AN INTEGRATED MODULE WITHIN AN
 EXISTING   REQUIRED  COURSE,  PROVIDED  THAT  ALL  REQUIRED  TOPICS  ARE
 ADDRESSED.
   5. EACH CITY UNIVERSITY OF NEW YORK INSTITUTION SHALL ENSURE THAT  THE
 FINANCIAL LITERACY COURSE IS AVAILABLE TO ALL STUDENTS NO LATER THAN THE
 BEGINNING  OF  THE  FIRST ACADEMIC YEAR AFTER THE EFFECTIVE DATE OF THIS
 ACT.
   6. THE TRUSTEES OF THE CITY UNIVERSITY OF NEW YORK SHALL,  WITHIN  TWO
 YEARS  FROM  THE EFFECTIVE DATE OF THIS SECTION AND ANNUALLY THEREAFTER,
 SUBMIT A REPORT TO THE GOVERNOR, THE COMMISSIONER, THE CHANCELLOR OF THE
 CITY UNIVERSITY OF NEW YORK, THE TEMPORARY PRESIDENT OF THE SENATE,  THE
 SPEAKER  OF  THE  ASSEMBLY, THE CHAIR AND RANKING MINORITY MEMBER OF THE
 SENATE FINANCE COMMITTEE, THE CHAIR AND RANKING MINORITY MEMBER  OF  THE
 ASSEMBLY  WAYS  AND MEANS COMMITTEE, AND THE CHAIRS AND RANKING MINORITY
 MEMBERS OF THE SENATE AND ASSEMBLY  HIGHER  EDUCATION  COMMITTEES.  SUCH
 REPORT SHALL INCLUDE, BUT NOT BE LIMITED TO, OUTCOMES ON THE IMPLEMENTA-
 TION  OF  THE  COMPREHENSIVE FINANCIAL LITERACY COURSE, INCLUDING COURSE
 ENROLLMENT AND COMPLETION RATES, AND STUDENT FEEDBACK.
   § 5. This act shall take effect on the first of July  next  succeeding
 the date on which it shall have become a law. Effective immediately, the
 addition,  amendment  and/or  repeal of any rule or regulation necessary
 for the implementation of this act on its effective date are  authorized
 to be made and completed on or before such effective date.