Amendment ID: S2844-29

Amendment 29

Financial Literacy Education

Messrs. O'Connor and Tarr move that the proposed new text be amended by inserting at the end of Section 8 the following:-

"Section 23. (a) 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, including, but not limited to, 5% of revenues collected pursuant to Section 13 of this chapter; (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) All school districts, charter schools, approved private day or residential schools or collaborative schools shall offer financial literacy curriculum as a required subject to promote an understanding of personal finances and financial stability. Instruction shall include the topics of (i) loans; (ii) interest and interest accrual; (iii) credit card debt; (iv) online commerce; (v) rights and responsibilities of renting or buying a home; (vi) saving, investing and planning for retirement; (vii) the role of banking and financial services; (viii) balancing a checkbook; (ix) state and federal taxes; (x) charitable giving; (xi) evaluating media content, including online content, that relates to personal finance matters; (xii) saving, investing and planning for higher education or professional training, and (xiii) the risks of major monetary loss, dangers of addiction, and financial implications that are associated with all forms of gambling, including, but not limited to, sports wagering."