BILL NUMBER: AB 2546 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY APRIL 7, 2016
AMENDED IN ASSEMBLY MARCH 17, 2016
INTRODUCED BY Assembly Member Calderon
FEBRUARY 19, 2016
An act to amend Section 70003 of the Financial Code,
add Section 51284. 5 to the Education
Code, relating to financial literacy.
pupil instruction.
LEGISLATIVE COUNSEL'S DIGEST
AB 2546, as amended, Calderon. California Financial
Literacy Fund: advisory committee. Pupil instruction:
history-social science curriculum framework: financial literacy.
Existing law requires the adopted course of study for grades 1 to
6, inclusive, and for grades 7 to 12, inclusive, to offer courses in
specified areas of study, including social sciences. Existing law
establishes the Instructional Quality Commission and requires the
commission to, among other things, recommend curriculum frameworks to
the State Board of Education. Existing law requires the state board,
concurrently with, but not prior to, the next revision of textbooks
or curriculum frameworks in the social sciences, health, and
mathematics curricula, to ensure that these academic areas integrate
components of, among other things, financial literacy.
Notwithstanding that requirement on the state board, this bill
would require the commission, when the history-social science
curriculum framework is revised after January 1, 2017, to consider
including age-appropriate information for kindergarten and grades 1
to 12, inclusive, on financial literacy, as specified.
Existing law establishes the California Financial Literacy Fund in
the State Treasury to enable partnerships with the financial
services community and governmental and nongovernmental stakeholders
to improve Californians' financial literacy. Existing law authorizes
the Controller to convene a financial literacy advisory committee to
provide additional oversight of the fund and develop strategies to
improve financial literacy.
This bill would require the Controller, on or before July 1, 2017,
to convene one or more meetings of the financial literacy advisory
committee.
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. Section 51284.5 is added to the
Education Code , to read:
51284.5. Notwithstanding Section 51284, when the history-social
science curriculum framework is revised after January 1, 2017, the
Instructional Quality Commission shall consider including both of the
following:
(a) Age-appropriate information for grade spans, as listed in
paragraphs (1) to (3), inclusive, of subdivision (b), on financial
literacy that includes, but is not limited to, all of the following:
(1) Fundamentals of banking for personal use, including, but not
limited to, savings and checking.
(2) Principles of budgeting and personal finance.
(3) Employment and understanding factors that affect net income.
(4) Uses and costs of credit, including the relation of debt and
interest to credit.
(5) Uses and costs of loans, including student loans.
(6) Types and costs of insurance.
(7) Forms of governmental taxation.
(8) Principles of investing and building wealth.
(9) Identity theft and security.
(10) Planning and paying for postsecondary education.
(11) Charitable giving.
(b) Age-appropriate content related to the topics listed in
paragraphs (1) to (11), inclusive, of subdivision (a), at least twice
in each of the following grade spans:
(1) Kindergarten and grades 1 to 5, inclusive.
(2) Grades 6 to 8, inclusive.
(3) Grades 9 to 12, inclusive.
SECTION 1. Section 70003 of the Financial Code
is amended to read:
70003. On or before July 1, 2017, the Controller shall convene
one or more meetings of a financial literacy advisory committee to
provide additional oversight of the fund and develop strategies to
improve financial literacy. The committee shall comply with the
Bagley-Keene Open Meeting Act (Article 9 (commencing with Section
11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the
Government Code).