BILL ANALYSIS
By: Woolley
BACKGROUND AND PURPOSE
Currently, personal finance education is not a part of the required high school curriculum. Students may benefit from an understanding of the principles of personal finance, such as applying for loans, including student loans or credit cards, managing debt, investment options, and planning for retirement. HB 492 requires the State Board of Education to make personal finance education part of the essential knowledge and skill of economics and requires personal finance education as a condition for high school graduation.
RULEMAKING AUTHORITY
It is the committee's opinion that rulemaking authority is expressly granted to the State Board of Education in SECTION 1 and SECTION 2 of this bill.
ANALYSIS
HB 492 requires the State Board of Education to include elements of personal finance education as part of the essential knowledge and skill of economics and require personal finance education as a condition for high school graduation. The board shall require each district to provide instruction of personal finance at one or more appropriate high school grade levels as determined by the board.
EFFECTIVE DATE
The State Board of Education shall adopt rules relating to personal finance education in accordance with Section 28.002(q) as added by this Act not later than March 1, 2006. Each school district is required to provide instruction in personal finance beginning with the 2006 - 2007 school year. A transition period is to be provided for requiring personal finance education as a condition for high school graduation in a manner that does not work an undue hardship on students in their junior or senior year during the 2006 -2007 school year.
This Act takes effect September 1, 2005.