BILL ANALYSIS Ó
-----------------------------------------------------------------
|SENATE RULES COMMITTEE | ACR 39|
|Office of Senate Floor Analyses | |
|(916) 651-1520 Fax: (916) | |
|327-4478 | |
-----------------------------------------------------------------
THIRD READING
Bill No: ACR 39
Author: Dababneh (D), et al.
Amended: 4/6/15 in Assembly
Vote: 21
ASSEMBLY FLOOR: Read and adopted, 4/6/15
SUBJECT: Financial Aid and Literacy Month
SOURCE: State Controller Betty Yee
DIGEST: This resolution declares the month of April 2015 as
Financial Aid and Literacy Month, with the theme of "Prosperity
Through Education," to raise public awareness about the
continuing need for increased financial literacy.
ANALYSIS: This resolution makes the following legislative
findings:
1)The President's Advisory Council on Financial Capability urges
the integration of personal finance into the teaching of math
and English language arts common core academic content
standards for K-12 education as well as other subjects.
2)California law requires that financial education, including
budgeting, managing credit, student loans, consumer debt, and
identity theft security, is included in the next revision of
the social sciences, health, and mathematics curricula.
ACR 39
Page 2
3)85% of American parents believe that financial education
courses should be a requirement for high school graduation and
52% of teenagers want to learn more about budgeting, saving,
and investing.
4)Only 5% of adults say they were taught about money by a
teacher, and 40% would give themselves a grade of C, D, or F
on their grasp of personal finance concepts.
5)The State of California established the Bank on California
Program to raise awareness among unbanked consumers about the
benefits of account ownership and to spur Californians to open
accounts. The Bank on California Program makes quality money
management education more easily available to low-income
Californians and raises statewide awareness of the unbanked
problem and potential solutions.
6)Many employers, government agencies, schools, service groups,
community organizations, libraries, financial institutions,
and nonprofit entities have created programs to help people
improve their financial literacy skills.
This resolution declares the month of April 2015 as Financial
Aid and Literacy Month, with the theme of "Prosperity Through
Education," to raise public awareness about the continuing need
for increased financial literacy; and encourages legislators,
employers, government agencies, schools, service groups,
community organizations, libraries, financial institutions, and
other nonprofit entities to provide all Californians with the
opportunity to obtain or improve their financial literacy
skills.
Prior Legislation
SCR 105 (Lieu, Resolution Chapter 91, Statutes of 2014) declared
the month of April 2014 as Financial Aid and Literacy Month to
ACR 39
Page 3
raise public awareness about the continuing need for increased
financial literacy.
FISCAL EFFECT: Appropriation: No Fiscal
Com.:NoLocal: No
SUPPORT: (Verified4/13/15)
State Controller Betty Yee (source)
California New Car Dealers Association
California Society of Certified Public Accountants
OPPOSITION: (Verified4/13/15)
None received
Prepared by: Karen Chow / SFA / (916) 651-1520
4/15/15 16:28:58
**** END ****
ACR 39
Page 4