BILL NUMBER: AB 707	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  APRIL 29, 2003
	AMENDED IN ASSEMBLY  APRIL 21, 2003

INTRODUCED BY   Assembly Member Correa
   (Coauthor:  Assembly Member Firebaugh)

                        FEBRUARY 19, 2003

   An act to amend Section 51833 of the Education Code, relating to
school curriculum.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 707, as amended, Correa.  School curriculum:  personal
financial management.
   Existing law requires the Superintendent of Public Instruction,
with the approval of the State Board of Education, to plan and
develop a one-semester instructional program entitled consumer
economics for use in schools maintaining any of grades 7 to 12,
inclusive, and to make that program available to all school districts
and schools with grades 7 to 12, inclusive.
   This bill would  instead require only the Superintendent of
Public Instruction to plan and develop this one-semester
instructional program and would  require the  State
Board of Education   Department of Consumer Affairs
 and the Superintendent of Public Instruction to establish, by
April 1, 2004, a Personal Financial Management Curriculum Task Force
that would be required to develop curriculum and educational programs
for grades 7 to 12, inclusive, in comprehensive personal financial
management.
   Vote:  majority.  Appropriation:  no.  Fiscal committee:  yes.
State-mandated local program:  no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  (a) The Legislature finds and declares as follows:
   (1) According to United States Census Bureau statistics, 1,276,900
individuals and corporations filed for bankruptcy nationwide, with
160,600 of those filings in California.
   (2) Bankruptcies have negative repercussions not only on
individuals but on the state's long-term financial health as high
rates of personal debt often precipitate a cooling of the state's
economy.
   (3) A significant factor leading to personal financial distress is
a general lack of awareness of the importance of both short-term and
long-term financial planning, thereby increasing the likelihood of
financial instability and dependence.
   (b) Therefore, it is the intent of the Legislature to require the
Superintendent of Public Instruction and the  State Board of
Education   Department of Consumer Affairs to
establish a task force charged with developing a curriculum for
grades 7 to 12, inclusive, on the topic of personal financial
management.
  SEC. 2.  Section 51833 of the Education Code is amended to read:
   51833.  (a) The Superintendent of Public Instruction shall
 , with the approval of the State Board of Education,
 plan and develop a one-semester instructional program
entitled consumer economics for use in schools maintaining any of
grades 7 to 12, inclusive.  When completed, the program shall be made
available to all school districts and schools with grades 7 to 12,
inclusive.
   (b) The instructional program shall include, but not be limited
to, the following elements:
   (1) Fundamentals of banking for personal use.
   (2) Elementary contracts.
   (3) Consumer guides to purchasing.
   (4) Uses and costs of credit.
   (5) Types and costs of insurance.
   (6) Forms of governmental taxation.
   (c) By April 1, 2004, the  State Board of Education
  Department of Consumer Affairs  and the
Superintendent of Public Instruction shall establish a Personal
Financial Management Curriculum Task Force.  The task force shall
develop curriculum and educational programs for grades 7 to 12,
inclusive, in comprehensive personal financial management, including,
but not limited to, consumer education, debt management, and
financial planning.  Members of the task force may include
representatives of banking and financial institutions, credit unions,
and consumer credit counseling services, consumers, consumer
advocates, educators, financial planners, and economists.