Bill Text: VA SB1245 | 2017 | Regular Session | Prefiled
Bill Title: Public education; economics education and financial literacy.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2017-03-16 - Governor: Acts of Assembly Chapter text (CHAP0522) [SB1245 Detail]
Download: Virginia-2017-SB1245-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §22.1-200.03 of the Code of Virginia is amended and reenacted as follows:
§22.1-200.03. Economics education and financial literacy required in middle and high school grades; Board of Education to establish objectives for economic education and financial literacy; banking-at-school programs.
A. By July 1, 2006,
instruction Instruction
in the principles of the American economic system shall be required in the
public middle and high schools of the Commonwealth to promote economics
education and financial literacy of students and to further the development of
knowledge, skills, and attitudes needed for responsible citizenship in a
constitutional democracy.
B. The Board of Education shall develop and approve objectives
for economics education and financial literacy at the middle and high school
levels, that shall be required of all students, and shall provide for the
systematic infusion of economic principles in the relevant Standards of
Learning, and in career and technical education programs. The objectives shall
include, but not be limited to,
personal living and finances; personal and business money management skills;
opening an account in a financial institution and judging the quality of a
financial institution's services; balancing a checkbook; completing a loan
application; the implications of an inheritance; the basics of personal
insurance policies; consumer rights and responsibilities; dealing with salesmen
and merchants; debt management; managing retail and credit card debt; evaluating the economic value of a
postsecondary degree, including
the net cost of attendance, potential student loan debt, and potential
earnings; state and federal tax computation; local tax
assessments; computation of interest rates by various mechanisms; understanding
simple contracts; and learning how to contest an incorrect bill.
C. To facilitate the objectives of economics education and
financial literacy through practical experiences, the Department shall confer
with the State Corporation Commission's Bureau of Financial Institutions, and
financial and relevant professional organizations in the development of
guidelines for such literacy objectives. The guidelines shall include, but not be limited to, (i)
rules and policies governing the establishment, operation, and dissolution of
school banks and school credit unions; (ii) written agreements between
partnering public schools and financial institutions, including the disposition
of funds donated or other financial contributions provided by the partnering
financial institution; and (iii) such other matters as the Department may deem
appropriate.
D. The Board shall not be required to evaluate student achievement concerning economics education and financial literacy objectives in the Standards of Learning assessments required by §22.1-253.13:3.
E. For the purposes of this section, "at-risk and disadvantaged students" means students having socioeconomic or cultural risk factors that research indicates may negatively influence academic achievement or may hinder an individual in reaching his life goals.
For the purposes of this section, "financial institution" means a bank, savings and loan association, savings bank, or credit union authorized to conduct business in the Commonwealth.
For the purposes of this section, "high school" includes grades nine through 12.
For the purposes of this section, "middle school" includes grades six through eight.
2. That the Board of Education shall amend its objectives for economics education and financial literacy at the middle and high school levels to include the provisions required by this act by July 1, 2018.
