NY State Senate Bill 2023-S918A

Senate Bill S918A

2023-2024 Legislative Session

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

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
Mar 22, 2024	print number 918a
Mar 22, 2024	amend and recommit to education
Jan 03, 2024	referred to education
Jan 09, 2023	referred to education

Bill Amendments

Original

A (Active)

co-Sponsors

2023-S918 - Details

See Assembly Version of this Bill:: A2928
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §818, Ed L
Versions Introduced in 2021-2022 Legislative Session:: S7257, A6234

2023-S918 - 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.

2023-S918 - Sponsor Memo

                                 
BILL NUMBER: S918

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:

2021-22: S.7257

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
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.

2023-S918 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    918
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced  by  Sen.  COONEY -- 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 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.
                                                            LBD02606-01-3

 S. 918                              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.

co-Sponsors

2023-S918A (ACTIVE) - Details

See Assembly Version of this Bill:: A2928
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §818, Ed L
Versions Introduced in 2021-2022 Legislative Session:: S7257, A6234

2023-S918A (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.

2023-S918A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S918A

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, foreclosure, bankruptcy and eviction, and insurance.

 
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:

2021-22: S.7257

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
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.

2023-S918A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  918--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced  by  Sens. COONEY, HELMING -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Education  --
   recommitted  to  the  Committee on Education in accordance with Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 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 818 to
 read as follows:
   §  818.  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;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02606-03-4

 S. 918--A                           2
 
   (D) MORTGAGES AND RENT;
   (E) DEBT;
   (F) INTEREST RATES;
   (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;
   (O) FORECLOSURE, BANKRUPTCY, AND EVICTION; AND
   (P) INSURANCE.
   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.

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Senate Bill S918A

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Sponsored By

Jeremy A. Cooney

Current Bill Status - In Senate Committee Education Committee

Bill Amendments

co-Sponsors

Pamela Helming

2023-S918 - Details

2023-S918 - Summary

2023-S918 - Sponsor Memo

2023-S918 - Bill Text download pdf

co-Sponsors

Pamela Helming

2023-S918A (ACTIVE) - Details

2023-S918A (ACTIVE) - Summary

2023-S918A (ACTIVE) - Sponsor Memo

2023-S918A (ACTIVE) - Bill Text download pdf

Comments