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First Substitute S.B. 43

Senator Patricia W. Jones proposes the following substitute bill:





Chief Sponsor: Patricia W. Jones

House Sponsor: Patrice M. Arent

             8      LONG TITLE
             9      General Description:
             10          This bill modifies provisions relating to financial and economic literacy education.
             11      Highlighted Provisions:
             12          This bill:
             13          .    requires the State Board of Education to establish a task force to study and make
             14      recommendations to the board on how to improve financial and economic literacy
             15      education in the public school system;
             16          .    requires the task force to study certain issues relating to financial and economic
             17      literacy education; and
             18          .    requires the State Board of Education to report to the Education Interim Committee.
             19      Money Appropriated in this Bill:
             20          None
             21      Other Special Clauses:
             22          None
             23      Utah Code Sections Affected:
             24      AMENDS:
             25          53A-13-110, as last amended by Laws of Utah 2009, Chapter 95

             27      Be it enacted by the Legislature of the state of Utah:
             28          Section 1. Section 53A-13-110 is amended to read:
             29           53A-13-110. Financial and economic literacy education.
             30          (1) As used in this section[,]:
             31          (a) "Financial and economic literacy passport" means a document that tracks mastery
             32      of financial and economic literacy concepts and completion of financial and economic
             33      activities[, including the following:] in kindergarten through grade 12.
             34          (b) "Financial and economic literacy concepts" include concepts related to the
             35      following topics:
             36          [(a)] (i) basic budgeting;
             37          [(b)] (ii) saving and financial investments;
             38          [(c)] (iii) banking and financial services, including balancing a checkbook or a bank
             39      account and online banking services;
             40          [(d)] (iv) career management, including earning an income;
             41          [(e)] (v) rights and responsibilities of renting or buying a home;
             42          [(f)] (vi) retirement planning;
             43          [(g)] (vii) loans and borrowing money, including interest, credit card debt, predatory
             44      lending, and payday loans;
             45          [(h)] (viii) insurance;
             46          [(i)] (ix) federal, state, and local taxes;
             47          [(j)] (x) charitable giving;
             48          [(k)] (xi) online commerce;
             49          [(l)] (xii) identity fraud and theft;
             50          [(m)] (xiii) negative financial consequences of gambling;
             51          [(n)] (xiv) bankruptcy;
             52          [(o)] (xv) free markets and prices;
             53          [(p)] (xvi) supply and demand;
             54          [(q)] (xvii) monetary and fiscal policy;
             55          [(r)] (xviii) effective business plan creation, including using economic analysis in
             56      creating a plan;

             57          [(s)] (xix) scarcity and choices;
             58          [(t)] (xx) opportunity cost and tradeoffs;
             59          [(u)] (xxi) productivity;
             60          [(v)] (xxii) entrepreneurism; and
             61          [(w)] (xxiii) economic reasoning.
             62          (c) "Financial and economic activities" include activities related to the topics listed in
             63      Subsection (1)(b).
             64          (2) The State Board of Education shall:
             65          (a) in cooperation with interested private and nonprofit entities:
             66          (i) develop a financial and economic literacy passport that students may elect to
             67      complete;
             68          (ii) develop methods of encouraging parent and educator involvement in completion of
             69      the financial and economic literacy passport; and
             70          (iii) develop and implement appropriate recognition and incentives for students who
             71      complete the financial and economic literacy passport, including:
             72          (A) a financial and economic literacy endorsement on the student's diploma of
             73      graduation;
             74          (B) a specific designation on the student's official transcript; and
             75          (C) any incentives offered by community partners;
             76          (b) more fully integrate existing and new financial and economic literacy education
             77      into instruction in kindergarten through [twelfth] grade 12 by:
             78          (i) coordinating financial and economic literacy instruction with existing instruction in
             79      other core curriculum areas such as mathematics and social studies;
             80          (ii) using curriculum mapping;
             81          (iii) creating training materials and staff development programs that:
             82          (A) highlight areas of potential coordination between financial and economic literacy
             83      education and other core curriculum concepts; and
             84          (B) demonstrate specific examples of financial and economic literacy concepts as a
             85      way of teaching other core curriculum concepts; and
             86          (iv) using appropriate financial and economic literacy assessments to improve financial
             87      and economic literacy education and, if necessary, developing assessments;

             88          (c) work with interested public, private, and nonprofit entities to:
             89          (i) coordinate school use of existing financial and economic literacy education
             90      resources;
             91          (ii) develop simple, clear, and consistent messaging to reinforce and link existing
             92      financial literacy resources;
             93          (iii) coordinate the efforts of school, work, private, nonprofit, and other financial
             94      education providers in implementing methods of appropriately communicating to teachers,
             95      students, and parents key financial and economic literacy messages; and
             96          (iv) encourage parents and students to establish higher education savings, including a
             97      Utah Educational Savings Plan account; and
             98          (d) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act,
             99      make rules to develop guidelines and methods for school districts and charter schools to more
             100      fully integrate financial and economic literacy education into other core curriculum courses.
             101          (3) A public school shall provide the following to the parents or guardian of a
             102      kindergarten student during kindergarten enrollment:
             103          (a) a financial and economic literacy passport; and
             104          (b) information about higher education savings options, including information about
             105      opening a Utah Educational Savings Plan account.
             106          (4) The state superintendent shall annually report to the Education Interim Committee
             107      by November of each year on the successes and areas of needed improvement in financial and
             108      economic literacy education provided pursuant to this section.
             109          (5) (a) The State Board of Education shall establish a task force to study and make
             110      recommendations to the board on how to improve financial and economic literacy education in
             111      the public school system.
             112          (b) The task force membership shall include representatives of:
             113          (i) the State Board of Education;
             114          (ii) school districts and charter schools; and
             115          (iii) private or public entities that teach financial education and share a commitment to
             116      empower individuals and families to achieve economic stability, opportunity, and upward
             117      mobility.
             118          (c) In 2013, the task force shall:

             119          (i) review and recommend modifications to the course standards and objectives of the
             120      general financial literacy course described in Section 53A-13-108 to ensure the course
             121      standards and objectives reflect current and relevant content consistent with the financial and
             122      economic literacy concepts listed in Subsection (1)(b);
             123          (ii) study the development of an online assessment of students' competency in financial
             124      and economic literacy that may be used to:
             125          (A) measure student learning growth and proficiency in financial and economic
             126      literacy; and
             127          (B) assess the effectiveness of instruction in financial and economic literacy;
             128          (iii) consider the development of a rigorous, online only, course to fulfill the general
             129      financial literacy curriculum and graduation requirements specified in Section 53A-13-108 ;
             130          (iv) identify opportunities for teaching financial and economic literacy through an
             131      integrated school curriculum and in the regular course of school work;
             132          (v) study and make recommendations for educator license endorsements for teachers of
             133      financial and economic literacy;
             134          (vi) identify efficient and cost-effective methods of delivering professional
             135      development in financial and economic literacy content and instructional methods; and
             136          (vii) study how financial and economic literacy education may be enhanced through
             137      community partnerships.
             138          (d) The task force shall reconvene every two years to review and recommend
             139      adjustments to the course standards and objectives of the general financial literacy course.
             140          (e) The State Board of Education shall make a report to the Education Interim
             141      Committee no later than the committee's November 2013 meeting summarizing the findings
             142      and recommendations of the task force and actions taken by the board in response to the task
             143      force's findings and recommendations.

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