SECTION 1. Chapter 29 of the General Laws is hereby amended by inserting after section 2QQQQQ the following section:-

Section RRRRR. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Financial Literacy Trust Fund. The fund shall be administered by the commissioner of elementary and secondary education. The fund shall be credited with: (i) revenue from appropriations or other money authorized by the general court and specifically designated to be credited to the fund; (ii) interest earned on such revenues; and (iii) funds from public and private sources such as gifts, grants and donations to further financial education and professional development. Amounts credited to the fund shall not be subject to further appropriation and any money remaining in the fund at the end of a fiscal year shall not revert to the General Fund.

(b) Annually, not later than October 1, the commissioner shall report to the clerks of the house of representatives and senate, the joint committee on education and the house and senate committees on ways and means on the fund's activity. The report shall include, but not be limited to: (i) the source and amount of funds received; (ii) the amounts distributed and the purpose of expenditures from the fund, including but not limited to, funds expended to assist school districts in implementing financial literacy (iii) any grants provided to institutions of higher education and other stakeholder organizations; and (iv) anticipated revenue and expenditure projections for the next year.

SECTION 2. Section 1R of chapter 69 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended in subparagraph (b) by striking out the word “may” and inserting in place thereof the following word:- shall.

SECTION 3. Section 1 and section 2 of this act shall take effect one full academic year from enactment.