1     
FINANCIAL AND ECONOMIC LITERACY EDUCATION

2     
AMENDMENTS

3     
2019 GENERAL SESSION

4     
STATE OF UTAH

5     
Chief Sponsor: Jefferson Moss

6     
Senate Sponsor: Todd Weiler

7     Cosponsors:
8     Val L. Peterson
Steve Waldrip


9     

10     LONG TITLE
11     General Description:
12          This bill amends provisions related to financial and economic literacy education.
13     Highlighted Provisions:
14          This bill:
15          ▸     amends the definition of "financial and economic literacy concepts";
16          ▸     amends provisions related to standards related to financial literacy;
17          ▸     repeals and reenacts provisions related to:
18               •     a general financial literacy course; and
19               •     professional development related to financial literacy education;
20          ▸     repeals provisions related to a financial and economic literacy passport;
21          ▸     amends provisions related to the convening of a task force; and
22          ▸     makes technical and conforming changes.
23     Money Appropriated in this Bill:
24          None
25     Other Special Clauses:
26          None
27     Utah Code Sections Affected:
28     AMENDS:
29          53E-3-505, as last amended by Laws of Utah 2018, Chapter 22 and renumbered and
30     amended by Laws of Utah 2018, Chapter 1
31          53E-4-204, as renumbered and amended by Laws of Utah 2018, Chapter 1
32          53G-10-305, as enacted by Laws of Utah 2018, Chapter 3
33     

34     Be it enacted by the Legislature of the state of Utah:
35          Section 1. Section 53E-3-505 is amended to read:
36          53E-3-505. Financial and economic literacy education.
37          (1) As used in this section:
38          (a) "Financial and economic activities" include activities related to the topics listed in
39     Subsection (1)(b).
40          (b) "Financial and economic literacy concepts" include concepts related to the
41     following topics:
42          (i) basic budgeting;
43          (ii) saving and financial investments;
44          (iii) banking and financial services, including balancing a checkbook or a bank account
45     and online banking services;
46          (iv) career management, including earning an income;
47          (v) rights and responsibilities of renting or buying a home;
48          (vi) retirement planning;
49          (vii) loans and borrowing money, including interest, credit card debt, predatory
50     lending, and payday loans;
51          (viii) insurance;
52          (ix) federal, state, and local taxes;
53          (x) charitable giving;
54          [(xi) online commerce;]
55          [(xii)] (xi) identity fraud and theft;
56          [(xiii)] (xii) negative financial consequences of gambling;
57          [(xiv)] (xiii) bankruptcy;
58          [(xv) free markets and prices;] (xiv) economic systems, including a description of:
59          (A) a command system such as socialism or communism, a market system such as
60     capitalism, and a mixed system; and
61          (B) historic and current examples of the effects of each economic system on economic
62     growth;
63          [(xvi)] (xv) supply and demand;
64          [(xvii)] (xvi) monetary and fiscal policy;
65          [(xviii)] (xvii) effective business plan creation, including using economic analysis in
66     creating a plan;
67          [(xix)] (xviii) scarcity and choices;
68          [(xx)] (xix) opportunity cost and tradeoffs;
69          [(xxi)] (xx) productivity;
70          [(xxii)] (xxi) entrepreneurism; and
71          [(xxiii)] (xxii) economic reasoning.
72          [(c) "Financial and economic literacy passport" means a document that tracks mastery
73     of financial and economic literacy concepts and completion of financial and economic
74     activities in kindergarten through grade 12.]
75          [(d)] (c) "General financial literacy course" means the course of instruction [described
76     in Section 53E-4-204] administered by the state board under Subsection (3).
77          (2) The State Board of Education shall:
78          [(a) in cooperation with interested private and nonprofit entities:]
79          [(i) develop a financial and economic literacy passport that students may elect to
80     complete;]
81          [(ii) develop methods of encouraging parent and educator involvement in completion
82     of the financial and economic literacy passport; and]
83          [(iii) develop and implement appropriate recognition and incentives for students who
84     complete the financial and economic literacy passport, including:]
85          [(A) a financial and economic literacy endorsement on the student's diploma of
86     graduation;]
87          [(B) a specific designation on the student's official transcript; and]
88          [(C) any incentives offered by community partners;]
89          [(b)] (a) more fully integrate existing and new financial and economic literacy
90     education into instruction in kindergarten through grade 12 by:
91          (i) coordinating financial and economic literacy instruction with existing instruction in
92     other areas of the core standards for Utah public schools, such as mathematics and social
93     studies;
94          (ii) using curriculum mapping;
95          (iii) creating training materials and staff development programs that:
96          (A) highlight areas of potential coordination between financial and economic literacy
97     education and other core standards for Utah public schools concepts; and
98          (B) demonstrate specific examples of financial and economic literacy concepts as a
99     way of teaching other core standards for Utah public schools concepts; and
100          (iv) using appropriate financial and economic literacy assessments to improve financial
101     and economic literacy education and, if necessary, developing assessments;
102          [(c)] (b) work with interested public, private, and nonprofit entities to:
103          (i) identify, and make available to teachers, online resources for financial and
104     economic literacy education, including modules with interactive activities and turnkey
105     instructor resources;
106          (ii) coordinate school use of existing financial and economic literacy education
107     resources;
108          (iii) develop simple, clear, and consistent messaging to reinforce and link existing
109     financial literacy resources;
110          (iv) coordinate the efforts of school, work, private, nonprofit, and other financial
111     education providers in implementing methods of appropriately communicating to teachers,
112     students, and parents key financial and economic literacy messages; and
113          (v) encourage parents and students to establish higher education savings, including a
114     Utah Educational Savings Plan account;
115          [(d)] (c) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking
116     Act, make rules to develop guidelines and methods for school districts and charter schools to
117     more fully integrate financial and economic literacy education into other core standards for
118     Utah public schools courses; and
119          (d) in cooperation with school districts, charter schools, and interested private and
120     nonprofit entities, provide opportunities for professional development in financial and
121     economic literacy concepts to teachers, including:
122          (i) a statewide learning community for financial and economic literacy;
123          (ii) summer workshops; and
124          (iii) online videos of experts in the field of financial and economic literacy education.
125          (3) The state board shall:
126          (a) administer a general financial literacy course in the same manner that the state
127     board administers other core standards for Utah public school courses for grades 9 through 12;
128          (b) adopt standards and objectives for the general financial literacy course that address:
129          (i) financial and economic literacy concepts;
130          (ii) the costs of going to college, student loans, scholarships, and the Free Application
131     for Federal Student Aid;
132          (iii) financial benefits of pursuing concurrent enrollment as defined in Section
133     53E-10-301; and
134          (iv) technology that relates to banking, savings, and financial products; and
135          [(e)] (c) (i) contract with a provider, through a request for proposals process, to develop
136     an online, end-of-course assessment for the general financial literacy course;
137          (ii) require a school district or charter school to administer an online, end-of-course
138     assessment to a student who takes the general financial literacy course; and
139          (iii) develop a plan, through the state superintendent of public instruction, to analyze
140     the results of an online, end-of-course assessment in general financial literacy that includes:
141          (A) an analysis of assessment results by standard; and
142          (B) average scores statewide and by school district and school[; and].
143          [(f) in cooperation with school districts, charter schools, and interested private and
144     nonprofit entities, provide opportunities for professional development in financial and
145     economic literacy to teachers, including:]
146          [(i) a statewide learning community for financial and economic literacy;]
147          [(ii) summer workshops; and]
148          [(iii) online videos of experts in the field of financial and economic literacy education.]
149          [(3)] (4) (a) The State Board of Education shall establish a task force to study and make
150     recommendations to the board on how to improve financial and economic literacy education in
151     the public school system.
152          (b) The task force membership shall include representatives of:
153          (i) the State Board of Education;
154          (ii) school districts and charter schools;
155          (iii) the State Board of Regents; and
156          (iv) private or public entities that teach financial education and share a commitment to
157     empower individuals and families to achieve economic stability, opportunity, and upward
158     mobility.
159          (c) The state board shall convene the task force [shall reconvene] at least once every
160     three years to review and recommend adjustments to the standards and objectives of the general
161     financial literacy course.
162          Section 2. Section 53E-4-204 is amended to read:
163          53E-4-204. Standards and graduation requirements.
164          (1) The State Board of Education shall establish rigorous core standards for Utah
165     public schools and graduation requirements under Section 53E-3-501 for grades 9 through 12
166     that:
167          (a) are consistent with state law and federal regulations; [and]
168          [(b) beginning no later than with the graduating class of 2008:]
169          [(i)] (b) use competency-based standards and assessments;
170          [(ii)] (c) include instruction that stresses general financial literacy from basic budgeting
171     to financial investments, including bankruptcy education and a general financial literacy
172     test-out option; and
173          [(iii)] (d) [increase] include graduation requirements in language arts, mathematics,
174     and science [to exceed the existing credit requirements of] that exceed 3.0 units in language
175     arts, 2.0 units in mathematics, and 2.0 units in science.
176          (2) The State Board of Education shall [also] establish competency-based standards
177     and assessments for elective courses.
178          [(3) On or before July 1, 2014, the State Board of Education shall adopt revised course
179     standards and objectives for the course of instruction in general financial literacy described in
180     Subsection (1)(b) that address:]
181          [(a) the costs of going to college, student loans, scholarships, and the Free Application
182     for Federal Student Aid (FAFSA); and]
183          [(b) technology that relates to banking, savings, and financial products.]
184          [(4) The State Board of Education shall administer the course of instruction in general
185     financial literacy described in Subsection (1)(b) in the same manner as other core standards for
186     Utah public schools courses for grades 9 through 12 are administered.]
187          Section 3. Section 53G-10-305 is amended to read:
188          53G-10-305. Higher education savings information.
189          A public school shall provide [the following], to the parents or guardian of a
190     kindergarten student during kindergarten enrollment[: (1) a financial and economic literacy
191     passport, as defined in Section 53E-3-505; and (2)], information about higher education
192     savings options, including information about opening a Utah Educational Savings Plan
193     account.