S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8216--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             November 6, 2023
                                ___________
 
 Introduced  by M. of A. BERGER, SHIMSKY, LUPARDO, MAHER, BEEPHAN -- read
   once and referred to the Committee on Education -- recommitted to  the
   Committee  on  Education in accordance with Assembly Rule 3, sec. 2 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 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-c
 to read as follows:
   § 803-C. 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;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04617-04-4
 A. 8216--A                          2
              

 
   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;
   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;
   O. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS; AND
   P. RECOGNIZING THE IMPORTANCE OF INSURANCE AS AN ESSENTIAL ELEMENT  OF
 FINANCIAL SECURITY.
   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.