BILL ANALYSIS
Senate Research Center S.B. 199
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
Given the state of our economy, we must provide people with knowledge and skills so that they can make sound financial decisions and contribute to our economy. The lack of financial literacy has greatly contributed to our current economic crisis. As a result of this lack of knowledge, many Texans have been victimized by predatory lending; unable to fully understand the process and make informed decisions about their finances.
We must educate Texans regarding financial matters to strengthen our economy and address many of the core causes of our economic instability. It is key to teach young people the importance of financial decisions and provide them with a framework for making those decisions before they are overwhelmed with student loans and credit card debt. By providing effective financial literacy education in our schools, we can make young Texans less vulnerable to disreputable lending companies and practices before it is too late.
There is a need to financially educate Texans to strengthen the economy and address many of the core causes of our economic instability. Providing effective financial literacy education can make young Texans less vulnerable to disreputable lending companies and practices.
As proposed, S.B. 199 requires that each regional education service center offer training and assistance in providing instruction in personal financial literacy.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 8.051(d), Education Code, to include training and assistance in providing instruction in personal financial literacy as required under Section 28.0021 (Personal Financial Literacy), in the list of core services each regional education service center is required to maintain for purchase by school districts and campuses. Makes nonsubstantive changes.
SECTION 2. Effective date: upon passage or September 1, 2009.