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By: Woolley, et al. (Senate Sponsor - Janek) H.C.R. No. 15
(In the Senate - Received from the House April 3, 2003;
April 7, 2003, read first time and referred to Committee on
Education; May 19, 2003, reported favorably by the following vote:
Yeas 6, Nays 0; May 19, 2003, sent to printer.)
HOUSE CONCURRENT RESOLUTION
WHEREAS, The Texas Education Code sets forth the required
public school curriculum by specifying the subject areas that
constitute the foundation curriculum and those that constitute an
enrichment curriculum, and it requires the State Board of Education
to identify the essential knowledge and skills of each of those
subjects that all students should be able to demonstrate; and
WHEREAS, Including economics among the subjects in the
enrichment curriculum, the Education Code places emphasis on the
free enterprise system and its benefits; the code also declares
that the primary purpose of the public school curriculum is to
prepare thoughtful, active citizens who "can function productively
in a free enterprise society"; and
WHEREAS, Unfortunately, at a time when worker efficiency is
essential to our nation's success in the global marketplace, family
financial difficulties are reducing productivity for too many
workers, adversely affecting their physical and mental health as
well as the social and economic well-being of their families; and
WHEREAS, Individuals and families who can handle the complex
financial decisions of daily life experience an enhanced quality of
life; they have the personal satisfaction of being in control of
their lives, are more likely to be satisfied with their social and
economic environment, and are less likely to need government
assistance; and
WHEREAS, A number of recent surveys suggest that consumer
education has not kept up with the rapid changes in the marketplace
and that many Americans have not yet reached a desirable level of
knowledge and skill in managing personal financial resources; and
WHEREAS, A 1990 comprehensive test of adult consumer
knowledge sponsored by the Consumer Federation of America and the
TRW Foundation revealed significant gaps and raised serious
concerns about the extremely low levels of basic consumer
knowledge; and
WHEREAS, A 1992 U.S. Department of Education study of
literacy skills revealed that only a small percentage of Americans
over the age of 15 could do moderately complex tasks needed to
function in the marketplace; between 40 and 44 million Americans
were unable to calculate the total cost of a purchase, determine the
price difference between two items, or complete a simple form; and
WHEREAS, Two other surveys, sponsored by the Consumer
Federation of America and the American Express Travel Related
Services Company, tested the consumer knowledge of high school and
college students across the United States; the results indicated
that American high school and college students have surprisingly
little consumer know-how, and many lack the basic knowledge and
skills needed to make important personal financial decisions they
will face as adults; and
WHEREAS, The Jump$tart Coalition for Personal Financial
Literacy, a coalition of public, private, and nonprofit
organizations, determined that the average high school graduate
lacks basic skills in the management of personal financial affairs,
with many young adults unable to balance a checkbook and having no
insight into the basic survival principles involved in earning,
spending, saving, and investing; and
WHEREAS, Overall, the results of these and other tests and
surveys measuring the consumer competency of Americans reveal
glaring deficiencies; consequently, many young people fail in the
management of their first consumer credit experience, establish bad
financial management habits, and stumble through life learning by
trial and error; and
WHEREAS, Responding to this situation, the U.S. Department of
the Treasury recently established an Office of Financial Education
(OFE) with the goal of providing all Americans with the practical
financial knowledge and skills they need to make informed
decisions; in May 2002, the secretaries of the U.S. Treasury and
Education departments held a panel discussion with representatives
of several national organizations, and in October 2002, OFE issued
a white paper on the discussion entitled Integrating Financial
Education Into School Curricula; and
WHEREAS, The paper notes that the best and most obvious
starting place for providing financial education to young people is
in the schools; it cites the No Child Left Behind Act of 2001, which
also recognized the importance of financial education, and it
points out that states can impose requirements that publishers
demonstrate how their materials incorporate financial concepts
into other subjects; now, therefore, be it
RESOLVED, That the 78th Legislature of the State of Texas
hereby direct the State Board of Education to implement the
inclusion of elements relating to personal finance among the
essential knowledge and skills in the required public school
curriculum, and to adopt and promote a personal finance education
program that provides public school districts with textbook
selections to assist in the program's implementation; and, be it
further
RESOLVED, That the Texas Education Agency and the State Board
of Education, in cooperation with school administrators, teachers,
parents, business leaders, and concerned citizens, immediately
begin:
(1) exploring ways to teach in a meaningful way a
financial literacy program that includes such topics as budgeting,
consumer economics, insurance, investing principles, managing
credit, monetary policy, financial planning, retirement savings,
consumer loans, and mortgages; and
(2) reviewing existing financial literacy programs
and materials that are available, with the aim of formalizing a
personal money management course; and, be it further
RESOLVED, That the State Board of Education submit a full
report concerning the inclusion of elements relating to personal
finance among the essential knowledge and skills in the required
public school curriculum to the Texas Legislature no later than
September 30, 2004; and, be it further
RESOLVED, That the secretary of state forward an official
copy of this resolution to the chair of the State Board of Education
and the commissioner of education of the Texas Education Agency.
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