2019 -- S 0112

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LC000334

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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A N   A C T

RELATING TO EDUCATION -- FINANCIAL LITERACY

     

     Introduced By: Senators Cano, Gallo, Goodwin, Paolino, and McCaffrey

     Date Introduced: January 24, 2019

     Referred To: Senate Education

     (General Treasurer)

It is enacted by the General Assembly as follows:

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     SECTION 1. Title 16 of the General Laws entitled "EDUCATION" is hereby amended

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by adding thereto the following chapter:

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CHAPTER 110

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SECURING THE FINANCIAL FUTURE FOR ALL STUDENTS ACT

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     16-110-1. Legislative findings.

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     The general assembly finds and declares the following:

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     (1) Rhode Island's economic future relies on the financial security of its residents.

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     (2) Responsible and informed use of financial services can help Rhode Islanders attain

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higher education, home ownership and retirement security.

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     (3) Strong financial literacy can also help Rhode Islanders avoid financial pitfalls that are,

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unfortunately, all too common.

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     (4) Rhode Island's college graduates have the second highest student debt burden in the

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country.

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     (5) Rhode Island's rate of seriously delinquent mortgage loans is ninth highest in the

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United States.

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     (6) Rhode Island lags the nation and region in retirement savings.

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     (7) Rhode Island has the second highest percentage of unbanked households in New

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England.

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     (8) Thirty-six (36) states guarantee access to personal finance education in their public

 

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school curricula, Rhode Island does not.

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     (9) Rhode Island has an obligation to secure the financial future for all students.

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     (10) Expanding the instruction of personal finance in public schools will help ensure that

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all Rhode Island students are put on a path to success.

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     16-110-2. Definitions.

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     (a) "Council" means the council on elementary and secondary education established

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pursuant to ยง 16-60-1.

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     (b) "Personal finance" means the financial literacy standards adopted by the council.

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     16-110-3. Resources.

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     The council on elementary and secondary education shall maintain and publish and

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annually review and update as necessary:

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     (1) A statewide standard for the instruction of personal finance in public high schools.

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The curriculum shall include, but not be limited to, budgeting, maintaining credit, saving,

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investing, and protecting and insuring assets.

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     (2) A list of micro-credentialing programs that train educators in the skills necessary to

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deliver personal finance lessons in accordance with council standards.

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     (3) Resources and instructional materials including, but not limited to, lesson plans,

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assessments, and activities that align with the personal finance standards adopted by the council.

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     (4) A report on the instruction of personal finance in Rhode Island schools that includes

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the number of high school graduates each year who have completed a high school level course

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that includes personal finance and a list of middle school and elementary schools incorporate

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financial literacy into their curricula.

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     16-110-4. Instructional requirements.

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     (a) Beginning in the 2019-2020 school year, all public high schools must offer a course

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that includes instruction on personal finance in accordance with council standards;

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     (b) Beginning in the 2021-2022 school year, all students must demonstrate proficiency in

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personal finance prior to graduation from high school. Districts shall have the discretion to allow

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students the ability to demonstrate proficiency by one or more of the following:

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     (1) Successful completion of a course with a curriculum aligned with council standards;

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     (2) Completion of a project that demonstrates proficiency in personal finance, under the

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supervision of a trained educator; or

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     (3) Completion of a personal finance assessment based on council standards in a

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controlled testing environment.

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     (c) Schools shall be permitted to make exceptions and accommodations to the

 

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requirements of this section for students with disabilities, as provided in chapter 24 of title 16, in

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those cases wherein the student cannot be reasonably expected to demonstrate proficiency under

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council standards.

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     (d) This section does not apply to private schools, mayoral academies, or charter schools.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO EDUCATION -- FINANCIAL LITERACY

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     This act would mandate that a program of financial literacy be taught to all students in

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public high schools throughout the state of Rhode Island. The curriculum of the program would

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include, but not be limited to, budgeting, maintaining credit, saving, investing, and protecting and

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insuring assets.

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     This act would take effect upon passage.

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