Bill Text: CA AB2215 | 2021-2022 | Regular Session | Amended


Bill Title: Pupil instruction: financial education.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2022-06-01 - Referred to Com. on ED. [AB2215 Detail]

Download: California-2021-AB2215-Amended.html

Amended  IN  Assembly  April 25, 2022
Amended  IN  Assembly  March 24, 2022

CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 2215


Introduced by Assembly Member Blanca Rubio
(Coauthor: Assembly Member Villapudua)

February 15, 2022


An act to add Article 12.5 (commencing with Section 51834) to Chapter 5 of Part 28 of Division 4 of Title 2 of Section 51284.7 to the Education Code, relating to pupil instruction.


LEGISLATIVE COUNSEL'S DIGEST


AB 2215, as amended, Blanca Rubio. Pupil instruction: financial education: California Financial Education Public-Private Partnership. education.
Existing law requires the adopted course of study for grades 1 to 6, inclusive, and for grades 7 to 12, inclusive, to offer instruction in specified areas of study, including social sciences. Existing law establishes the Instructional Quality Commission and requires the commission to, among other things, recommend curriculum frameworks to the State Board of Education. Existing law requires the state board, concurrently with, but not before, the next revision of textbooks or curriculum frameworks in the social sciences, health, and mathematics curricula, to ensure that these academic areas integrate components of, among other things, financial literacy. Notwithstanding that requirement on the state board, existing law requires the commission, when the history-social science curriculum framework is revised after January 1, 2017, to consider including age-appropriate information for kindergarten and grades 1 to 12, inclusive, regarding certain topics on financial literacy.

This bill would establish a public-private partnership, with specified members to be appointed by January 1, 2024, to seek out and determine the best methods of instructing pupils in personal finance, as provided. The bill would require the partnership to, among other things, develop financial education standards and professional development opportunities and share financial education resources with school districts, county offices of education, and charter schools, as provided. The bill would require the partnership to submit a report to the Governor, the Treasurer’s office, and the appropriate policy committees of the Legislature, on or before January 1, 2025, and annually thereafter, with information about financial literacy education efforts, as provided.

This bill would encourage local educational agencies to voluntarily adopt specified personal finance education standards, as provided, and authorize local educational agencies to apply to participate in a financial education demonstration project, as provided. The bill would authorize the Treasurer’s office and the partnership to provide technical assistance and grants for the demonstration projects. The bill would require the Superintendent of Public Instruction to make available to all local educational agencies a list of materials that align with financial education standards, as provided. The bill would encourage local educational agencies to provide all pupils in grades 9 to 12, inclusive, the opportunity to access the financial education standards, as provided.

This bill would establish the California Financial Education Public-Private Partnership Account in the State Treasury. The bill would make the implementation of the program contingent upon an appropriation of funds by the Legislature for these purposes in the annual Budget Act or another statute.

This bill would require the State Department of Education to develop, among other things, curriculum, instructional materials, and professional development resources related to personal finance topics, as provided. The bill would also require the department to communicate to school districts, county offices of education, and charter schools the financial literacy content in the history-social science framework and in other frameworks, as well as strategies for expanding the provision, and increasing the quality, of financial education instruction. The bill would require the department to review financial education curriculum available to local educational agencies and update on an ongoing basis the financial literacy resources listed on its internet website. The bill would make implementation of all of its provisions contingent upon an appropriation of funds by the Legislature for these purposes in the annual Budget Act or another statute.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 51284.7 is added to the Education Code, to read:

51284.7.
 (a) For purposes of this section, “local educational agency” means a school district, county office of education, or charter school.
(b) In order to increase the provision of instruction in financial literacy by improving the availability of instructional resources on this content, the department shall do all of the following:
(1) Develop evidence-based curriculum, instructional materials, and professional development resources to equip pupils with the knowledge and skills they need, before they become self-supporting, in order for them to make critical decisions regarding their personal finances. This shall include the achievement of skills and knowledge necessary to make informed judgments and effective decisions regarding the topics listed in subdivision (a) of Section 51284.5.
(2) Communicate to local educational agencies the financial literacy content in the history-social science framework and other frameworks adopted by the state board in which this content is included, including any financial literacy content included in the next revision of the history-social science framework pursuant to Section 51284.5, and strategies for expanding the provision, and increasing the quality, of financial education instruction.
(3) Review on an ongoing basis financial education curriculum that is available to local educational agencies, including instructional materials and programs, online instructional materials and resources, and schoolwide programs that include the important financial skills and content knowledge, and update on an ongoing basis the financial literacy resources listed on its internet website.
(4) Provide guidance for professional development for educators regarding financial literacy instruction, including ways that teachers at different grade levels may integrate financial skills and content knowledge into mathematics, social studies, and other course content areas.
(5) Develop guidelines and standards-based protocols for use by classroom volunteers who participate in delivering financial education to pupils in the public schools.
(c) The implementation of this section is contingent upon an appropriation of funds by the Legislature for these purposes in the annual Budget Act or another statute.

SECTION 1.Article 12.5 (commencing with Section 51834) is added to Chapter 5 of Part 28 of Division 4 of Title 2 of the Education Code, to read:
12.5.Financial Education
51834.

For purposes of this article, the following definitions apply:

(a)“Local educational agency” means a school district, county office of education, or charter school.

(b)“The partnership” means the public-private partnership established pursuant to Section 51835.

51835.

(a)There is hereby established a financial education public-private partnership, composed of the following members:

(1)Four representatives appointed by the Legislature as follows:

(A)The Speaker of the Assembly shall appoint one representative from each party caucus of the Assembly. Each representative shall be a member of the Assembly from the applicable party caucus who also serves on the Assembly Committee on Education.

(B)The President pro Tempore of the Senate shall appoint one representative from each party caucus of the Senate. Each representative shall be a member of the Senate from the applicable party caucus who also serves on the Senate Education Committee.

(C)The four representatives appointed pursuant to this paragraph shall be appointed for a two-year term of service and may only be removed for cause or pursuant to subparagraph (D).

(D)A representative who is removed from the Assembly Committee on Education or the Senate Education Committee shall no longer serve on the partnership. The appointment of replacement representatives shall be in accordance with the requirements of subparagraphs (A) and (B).

(E)Representatives appointed by the Legislature may send designees to attend partnership meetings.

(F)Representatives appointed by the Legislature pursuant to this paragraph shall serve in purely advisory, nonvoting roles.

(2)Four representatives from the private for-profit and nonprofit financial services sector, including at least one representative from the Jumpstart Coalition, to be appointed for a staggered two-year term of service by the Governor.

(3)Four teachers to be appointed for a staggered two-year term of service by the Superintendent, with one each representing the elementary, middle, secondary, and postsecondary education sectors.

(4)A representative from the Department of Financial Protection and Innovation, to be appointed for a two-year term of service by the Commissioner of Financial Protection and Innovation.

(5)Two representatives from the Office of the Superintendent of Public Instruction, with one involved in curriculum development and one involved in teacher professional development, to be appointed for a staggered two-year term of service by the Superintendent.

(6)The Treasurer or the Treasurer’s designee.

(b)The chair of the partnership shall be selected by the members of the partnership from among its members.

(c)One-half of the members appointed under paragraphs (2), (3), and (5) of subdivision (a) of this section shall be appointed for a one-year term beginning January 1, 2024, and a two-year term thereafter.

(d)To the extent funds are appropriated or are available for this purpose, the partnership may hire a staff person who shall reside in the Treasurer’s office for administrative purposes. Additional technical and logistical support may be provided by the Office of the Superintendent of Public Instruction, the Department of Financial Protection and Innovation, the organizations composing the partnership, and other participants in the partnership.

(e)The initial members of the partnership shall be appointed by January 1, 2024.

(f)Travel and other expenses of members of the partnership shall be provided by the agency, association, or organization that member represents. Teachers appointed as members by the Superintendent may be paid their travel expenses from funds available in the California Financial Education Public-Private Partnership Account established pursuant to Section 51839. If the attendance of a teacher member at an official meeting of the partnership results in a need for a local educational agency to employ a substitute, payment for the substitute may be made by the Superintendent from funds available in the California Financial Education Public-Private Partnership Account established pursuant to Section 51839. A local educational agency shall release a teacher member to attend an official meeting of the partnership if the partnership pays the local educational agency for a substitute or pays the travel expenses of the teacher member.

51836.

(a)The partnership shall seek out and determine the best methods of equipping pupils with the knowledge and skills they need, before they become self-supporting, in order for them to make critical decisions regarding their personal finances. The components of personal financial education shall include the achievement of skills and knowledge necessary to make informed judgments and effective decisions regarding earning, spending, and the management of money and credit.

(b)In carrying out its task, and to the extent funds are available, the partnership shall do all of the following:

(1)Communicate to local educational agencies the financial education standards adopted under Section 51837, other important financial education skills and content knowledge, and strategies for expanding the provision and increasing the quality of financial education instruction.

(2)Review on an ongoing basis financial education curriculum that is available to local educational agencies, including instructional materials and programs, online instructional materials and resources, and schoolwide programs that include the important financial skills and content knowledge.

(3)Develop evaluation standards and a procedure for endorsing financial education curriculum that the partnership determines should be recommended for use by local educational agencies.

(4)Work with the Instructional Quality Commission and the state board to integrate financial education skills and content knowledge into the state learning standards.

(5)Monitor and provide guidance for professional development for educators regarding financial education, including ways that teachers at different grade levels may integrate financial skills and content knowledge into mathematics, social studies, and other course content areas.

(6)Work with the Office of the Superintendent of Public Instruction and the Commission on Teacher Credentialing to create professional development in financial education.

(7)Develop academic guidelines and standards-based protocols for use by classroom volunteers who participate in delivering financial education to pupils in the public schools.

(8)Submit a report on or before January 1, 2025, and annually thereafter, as provided in Section 51838, to the Governor, the Treasurer, and the appropriate policy committees of the Legislature.

(9)The partnership may seek federal and private funds to support local educational agencies in providing access to the materials listed pursuant to subdivision (a) of Section 51840, as well as related professional development opportunities for certificated staff.

51837.

(a)Local educational agencies are encouraged to voluntarily adopt the Jumpstart Coalition national standards in personal finance education for kindergarten and grades 1 to 12, inclusive, and provide pupils with an opportunity to master the standards.

(b)Subject to funds appropriated specifically for this purpose, the Treasurer’s office and the partnership shall provide technical assistance and grants to support demonstration projects for adoption and implementation of the financial education learning standards under this section across local educational agencies.

(c)Local educational agencies may apply on a competitive basis to participate as a demonstration project. The Treasurer’s office and the partnership shall, on or before June 30, 2025, select up to three local educational agencies as demonstration projects. The Treasurer’s office and the partnership are encouraged to select a mix of urban, suburban, and rural schools.

(d)Local educational agencies selected to participate in demonstration projects shall comply with all of the following requirements:

(1)Adopt the Jumpstart Coalition national standards in personal finance education for kindergarten and grades 1 to 12, inclusive, as the essential academic learning requirements for financial education and provide pupils with an opportunity to master the standards.

(2)Make a commitment to integrate financial education into instruction at all grade levels and in all schools in the local educational agency.

(3)Establish local partnerships within the community to promote financial education in the schools.

(4)Conduct pretesting and posttesting of pupil’s financial literacy.

(e)The Treasurer’s office, with the advice of the partnership, shall provide assistance to the demonstration projects regarding curriculum, professional development, and innovative instructional programs to implement the financial education standards.

(f)The local educational agencies selected for the demonstration projects shall report, on or before June 30, 2026, and annually thereafter, findings and results of the demonstration project to the Treasurer’s office and the appropriate policy committees of the Legislature.

51838.

The annual report from the partnership required pursuant to paragraph (8) of subdivision (b) of Section 51836, provided funds are available, shall include information on all of the following:

(a)Results from the Jumpstart Coalition survey of personal financial literacy.

(b)Progress toward statewide adoption of financial education standards by local educational agencies.

(c)Professional development activities related to equipping teachers with the knowledge and skills to teach financial education.

(d)Activities related to financial education curriculum development.

(e)Any recommendations for policies or other activities to support financial education instruction in public schools.

51839.

(a)The California Financial Education Public-Private Partnership Account is hereby created in the State Treasury. Moneys in the account shall be available upon appropriation by the Legislature to the partnership, as provided in this section.

(b)The purpose of the account is to support the partnership and to provide financial education opportunities for pupils and financial education professional development opportunities for the teachers providing those educational opportunities, as provided in this article.

(c)Revenues to the account may include gifts from the private sector, federal funds, and any appropriations made by the Legislature or other sources. Grants and their administration shall be paid from the account.

(d)Only the Treasurer or the Treasurer’s designee may authorize expenditures from the account, and only at the direction of the partnership.

51840.

(a)After consulting with the partnership, the Office of the Superintendent of Public Instruction, in coordination with staff from the partnership, shall make available to all local educational agencies a list of materials that align with the financial education standards integrated into the state learning standards pursuant to paragraph (4) of subdivision (b) of Section 51836.

(b)Local educational agencies are encouraged to provide all pupils in grades 9 to 12, inclusive, the opportunity to access the financial education standards developed pursuant to paragraph (4) of subdivision (b) of Section 8136, whether through a regularly scheduled class period; before or after school; during lunch periods; at library and study time; at home; via online learning opportunities; through career and technical education course equivalencies; or other opportunities. Local educational agencies are encouraged to publicize the availability of financial education opportunities to pupils and their families. Local educational agencies are encouraged to grant credit toward high school graduation to pupils who successfully complete financial education courses.

51841.

Standards in personal finance education for kindergarten and grades 1 to 12, inclusive, developed by a national coalition for personal financial literacy that includes partners from business, finance, government, academia, education, and state affiliates may be used to help gauge financial education learning standards recommended by the partnership.

51842.

The implementation of this article is contingent upon an appropriation of funds by the Legislature for these purposes in the annual Budget Act or another statute.

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