SENATE DOCKET, NO. 1451        FILED ON: 1/19/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 327

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Patrick M. O'Connor

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act requiring financial education in schools.

_______________

PETITION OF:

 

Name:

District/Address:

 

Patrick M. O'Connor

First Plymouth and Norfolk

 

Deborah B. Goldberg, Treasurer and Receiver General

Treasurer

 

John F. Keenan

Norfolk and Plymouth

3/13/2023

Bruce E. Tarr

First Essex and Middlesex

3/27/2023

Rebecca L. Rausch

Norfolk, Worcester and Middlesex

4/11/2023

John C. Velis

Hampden and Hampshire

4/11/2023

Sal N. DiDomenico

Middlesex and Suffolk

5/22/2023

Walter F. Timilty

Norfolk, Plymouth and Bristol

10/17/2023


SENATE DOCKET, NO. 1451        FILED ON: 1/19/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 327

By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 327) of Patrick M. O'Connor and Deborah B. Goldberg, Treasurer and Receiver General for legislation to require financial education in schools.  Education.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 381 OF 2021-2022.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

 

An Act requiring financial education in schools.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

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.