NY State Senate Bill 2021-S7257

Senate Bill S7257

2021-2022 Legislative Session

Requires all public and private schools to provide financial literacy education to certain pupils

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to education
Jun 16, 2021	referred to rules

co-Sponsors

2021-S7257 (ACTIVE) - Details

See Assembly Version of this Bill:: A6234
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §817, Ed L
Versions Introduced in 2023-2024 Legislative Session:: S918, A2928

2021-S7257 (ACTIVE) - Summary

Requires all public and private schools to provide financial literacy education to pupils in grade eleven; directs that certain topics be covered in such educational program.

2021-S7257 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7257

SPONSOR: COONEY
 
TITLE OF BILL:

An act to amend the education law, in relation to requiring all public
and private schools to provide financial literacy education to certain
pupils

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to create a comprehensive financial literacy
program for students who are in grade eleven who plan to graduate with a
regents, local or advanced regents diploma, which would include educat-
ing students on: taxes, student loans, car loans and leases, mortgages
and rent, debt, interest rates, credit cards, building credit, bank
accounts and debit cards, specialized bank accounts, online banking,
budgeting, stocks, bonds and investing, long term savings and retirement
accounts, and foreclosure, bankruptcy and eviction.

 
SUMMARY OF PROVISIONS:

Section 1. Adds a new section 817 to the education law that would allow
the education department and the board of regents to require that all
public and private schools incorporate a course or full unit of instruc-
tion in financial literacy for all pupils who intend to graduate with a
regents, local or advanced regents diploma in grade eleven. It outlines
a list of topics that the course instruction should include and allows
schools to retain the ability to structure the curriculum beyond the
required topics. The education commissioner will provide all pupils in
grade eleven with sample materials and resources to support the imple-
mentation of the financial literacy instruction.

Section 2. Sets the effective date.

 
JUSTIFICATION:

As Common Core has made the curriculum for schools in New York State,
many important subjects have been added and classes created to prepare
our state's students. More and more our students are prepared for higher
education and to hit the ground running. However, where the educational
system is failing is preparing students for the world in which they live
in it as an adult, especially in terms of personal finance. Increasing
high schoolers financial literacy is a necessity to increase their
potential for financial independence and success in adulthood. This
legislation would have schools create a curriculum and/or class offering
to ensure that their students are getting insight into common financial
decisions and the financial decision-making process they will need for
their rest of their lives.

 
PRIOR LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

Unknown.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after 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.

2021-S7257 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7257
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 16, 2021
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the education law, in relation to requiring  all  public
   and private schools to provide financial literacy education to certain
   pupils

   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 817 to
 read as follows:
   § 817. INSTRUCTION RELATING TO FINANCIAL LITERACY. 1.  THE  DEPARTMENT
 AND  BOARD  OF REGENTS SHALL REQUIRE THAT ALL PUBLIC AND PRIVATE SCHOOLS
 IN THE STATE INCORPORATE A COURSE OR FULL UNIT OF INSTRUCTION IN  FINAN-
 CIAL  EDUCATION DELIVERED BY MEANS OF A COMPREHENSIVE FINANCIAL LITERACY
 PROGRAM FOR ALL PUPILS IN GRADE ELEVEN WHO INTEND  TO  GRADUATE  WITH  A
 REGENTS, LOCAL, OR ADVANCED DESIGNATION REGENTS DIPLOMA.
   2.  THE  REQUIREMENTS  OF  THIS  SECTION  MAY BE FULFILLED THROUGH (A)
 INCORPORATING FINANCIAL LITERACY COURSEWORK  INTO  AN  EXISTING  COURSE,
 PROVIDED  THAT  SUCH  COURSEWORK  SHALL  BE  APPORTIONED APPROPRIATE AND
 SUBSTANTIAL TIME TO ENSURE THAT THE  ENUMERATED  TOPICS  ARE  ADEQUATELY
 COVERED;  OR (B) ESTABLISHING A NEW COURSE SOLELY DEDICATED TO FINANCIAL
 LITERACY.
   3. THE BOARD OF EDUCATION OR TRUSTEES OF EACH SCHOOL IS  CHARGED  WITH
 DEVELOPING  AND  MAINTAINING  A FINANCIAL LITERACY PROGRAM FOR PUPILS IN
 GRADE ELEVEN THAT SHALL INCLUDE, BUT NOT BE LIMITED TO,  INSTRUCTION  IN
 THE FOLLOWING TOPICS:
   (A) TAXES;
   (B) STUDENT LOANS;
   (C) CAR LOANS AND LEASES;
   (D) MORTGAGES AND RENT;
   (E) DEBT;
   (F) INTEREST RATES;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10325-01-1

 S. 7257                             2
 
   (G) CREDIT CARDS;
   (H) BUILDING CREDIT;
   (I) BANK ACCOUNTS AND DEBIT CARDS;
   (J) SPECIALIZED BANK ACCOUNTS, IRAS, 504 PLANS AND CDS;
   (K) ONLINE BANKING;
   (L) BUDGETING;
   (M) STOCKS, BONDS AND INVESTING;
   (N) LONG TERM SAVING AND RETIREMENT ACCOUNTS; AND
   (O) FORECLOSURE, BANKRUPTCY, AND EVICTION.
   4.  EACH  SCHOOL SHALL RETAIN THE ABILITY TO DETERMINE THE APPROPRIATE
 ORDER, METHOD, AND STRUCTURE  OF  THE  CURRICULUM  BEYOND  THE  REQUIRED
 TOPICS.
   5.  THE COMMISSIONER SHALL PROVIDE ALL PUBLIC AND PRIVATE SCHOOLS WITH
 PUPILS IN GRADE ELEVEN WITH SAMPLE INSTRUCTIONAL MATERIALS AND RESOURCES
 THAT MAY BE USED TO SUPPORT THE IMPLEMENTATION OF THE FINANCIAL LITERACY
 INSTRUCTION REQUIREMENT.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law. Effective immediately, the addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such effective date.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Senate Bill S7257

Share this bill

Sponsored By

Jeremy A. Cooney