NY State Senate Bill 2025-S677

Senate Bill S677

2025-2026 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
Jan 08, 2025	referred to education

2025-S677 (ACTIVE) - Details

See Assembly Version of this Bill:: A809
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §819, Ed L
Versions Introduced in 2023-2024 Legislative Session:: S9378

2025-S677 (ACTIVE) - Summary

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

2025-S677 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S677

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  in  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."' This legislation will  help  New  York
foster  an educational community which stresses the importance of finan-
cial independence and resilience 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.     Di     Napoli.     Retrieved     from:
https://www.nysed.gov/news/2024/commissioner-rosa-op-ed-we-should-
be-teaching-financial-literacy-new-yorks-high-schools

2025-S677 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    677
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 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.
                                                            LBD00337-01-5

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