Requires high schools in grades nine through twelve to provide a course in financial literacy; requires students to complete such course as a condition of graduation.
STATE OF NEW YORK
________________________________________________________________________
4860--A
2023-2024 Regular Sessions
IN SENATE
February 16, 2023
___________
Introduced by Sens. COMRIE, COONEY, GALLIVAN, KENNEDY, MYRIE, SEPULVEDA,
THOMAS -- read twice and ordered printed, and when printed to be
committed to the Committee on Education -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the education law, in relation to requiring high schools
to provide a course in financial literacy and requiring students to
complete such course as a condition of graduation
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new section 802-b
2 to read as follows:
3 § 802-b. Instruction relating to financial literacy. 1. The commis-
4 sioner is hereby directed to provide and prescribe a course of instruc-
5 tion on financial literacy for high school students in grades nine
6 through twelve which shall include, but not be limited to the teaching
7 of personal budgeting, wages and taxes, self-employment, savings and
8 investments (stocks, bonds and mutual funds), debt management, checking
9 accounts, credit cards, credit scores, saving for education and retire-
10 ment, insurance, rights and obligations as a tenant, basic concepts on
11 borrowing including the purchasing of automobiles and homes, benefits
12 and drawbacks of leasing and/or purchasing of automobiles, and the bene-
13 fits and drawbacks of renting and/or purchasing a home. The course shall
14 be taught on a pass/fail basis and shall not affect the student's grade
15 point average.
16 2. School authorities shall provide the needed facilities, time and
17 place for the instruction set forth in this section and shall provide
18 learning aids and curriculum resource materials which contribute to
19 effective teaching methods and learning.
20 3. As a condition of graduation from high school, a student shall
21 attend and pass the course on financial literacy; provided, however,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02171-02-3
S. 4860--A 2
1 that with respect to students who have individual education plans, the
2 completion of such course shall not be a requirement for graduation if
3 it is not specifically included as a requirement in the student's indi-
4 vidual education plan recommended by the school district committee on
5 the handicapped and such student is a student with a disability, as
6 defined in section forty-four hundred one of this chapter.
7 § 2. This act shall take effect on the first of July next succeeding
8 the date on which it shall have become a law.
