BILL ANALYSIS
Senate Research Center S.B. 851
AUTHOR'S/SPONSOR'S STATEMENT OF INTENT
As proposed, S.B. 851 directs the Texas Education Agency (TEA) to establish a financial literacy pilot program in no more than five school districts to provide students with the knowledge and skills necessary to make critical financial decisions. The bill also requires TEA to report to the legislature by January 1, 2007, on the implementation and effectiveness of the pilot program. A pilot program will allow schools to develop and test programs, helping develop a strong and effective model for teaching financial soundness.
RULEMAKING AUTHORITY
Rulemaking authority is expressly granted to the Texas Education Agency in SECTION 1 (Section 29.915, Education Code) of this bill.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Subchapter Z, Chapter 29, Education Code, by adding Section 29.915, Education Code, as follows:
Sec. 29.915. FINANCIAL LITERACY PILOT PROGRAM. (a) Defines "program."
(b) Requires the Texas Education Agency (TEA) by rule, to the extent funding is available under Subsection (e), to establish and implement a financial literacy pilot program to provide students in participating school districts with the knowledge and skills necessary as self-supporting adults to make critical decisions relating to personal financial matters.
(c) Requires TEA to collaborate with the Office of Consumer Credit Commissioner and the State Securities Board to develop the curriculum and instructional materials for the program. Requires the curriculum and instructional materials to include certain information.
(d) Requires TEA to develop an application and selection process for selecting school districts to participate in the program. Prohibits TEA from selecting more than five school districts to participate in the program.
(e) Authorizes TEA to solicit and accept a gift, grant, or donation from any source, including a foundation, private entity, governmental entity, or institution of higher education, for the implementation of the program. Authorizes the program to be implemented only if sufficient funds are available under this subsection for that purpose.
(f) Requires the TEA, not later than January 1, 2007, to provide each member of the legislature with a report relating to the implementation and effectiveness of the program. Provides that this subsection expires February 1, 2007.
SECTION 2. Effective date: upon passage or September 1, 2005.