House File 441 - Introduced



                                   HOUSE FILE       
                                   BY  PETTENGILL, KRESSIG, GAYMAN,
                                       QUIRK, MAY, HORBACH, BERRY, BELL,
                                       MERTZ, BAILEY, H. MILLER, SANDS,
                                       KELLEY, REICHERT, and WENTHE


    Passed House, Date                Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act adding one=half unit of personal finance literacy to the
  2    education program school districts and accredited nonpublic
  3    schools must offer in grades nine through twelve and making an
  4    appropriation.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 2488HH 82
  7 kh/es/88

PAG LIN



  1  1    Section 1.  DEPARTMENT OF EDUCATION == PERSONAL FINANCE
  1  2 LITERACY.  There is appropriated from the general fund of the
  1  3 state to the department of education for the fiscal year
  1  4 beginning July 1, 2007, and ending June 30, 2008, the
  1  5 following amount, or so much thereof as is necessary, to be
  1  6 used for the purpose designated:
  1  7    For distribution to school districts to cover the costs of
  1  8 offering one=half unit of personal finance literacy in
  1  9 accordance with section 256.11, subsection 5, paragraph "k",
  1 10 as enacted in this Act:
  1 11 .................................................. $  5,000,000
  1 12    Allocation of the funds appropriated pursuant to this
  1 13 section shall be based upon the proportion that the grade nine
  1 14 through grade twelve enrollment of a district bears to the sum
  1 15 of the grade nine through grade twelve enrollments of all
  1 16 school districts in the state as reported for the base year.
  1 17    Sec. 2.  Section 256.11, subsection 5, Code 2007, is
  1 18 amended by adding the following new paragraph:
  1 19    NEW PARAGRAPH.  k.  One=half unit of personal finance
  1 20 literacy, the curriculum of which shall include but not be
  1 21 limited to the use of common banking instruments such as
  1 22 checking accounts; credit; debit cards; compound interest;
  1 23 mortgage, auto, and personal loans; investment basics,
  1 24 including stocks, bonds, and index funds; credit scores;
  1 25 budgeting; saving and debt management; retirement planning and
  1 26 savings; and insurance.  All students shall complete at least
  1 27 one=half unit of personal finance literacy as a condition of
  1 28 graduation.
  1 29                           EXPLANATION
  1 30    This bill adds a one=half unit course in personal finance
  1 31 literacy to the educational program each school district and
  1 32 accredited nonpublic school is required to offer in grades
  1 33 nine through 12, and requires all students to take the course
  1 34 as a condition of graduation.  The bill appropriates $5
  1 35 million from the general fund of the state for FY 2007=2008 to
  2  1 the department of education to cover each school district's
  2  2 cost to offer the course, and provides for distribution of the
  2  3 funds based on the proportion that the grade nine through 12
  2  4 enrollment of a district bears to the sum of the grade nine
  2  5 through 12 enrollments in all districts.
  2  6    The personal finance curriculum includes the use of common
  2  7 banking instruments such as checking accounts; credit; debit
  2  8 cards; compound interest; mortgage, auto, and personal loans;
  2  9 investment basics including stocks, bonds, and index funds;
  2 10 credit scores; budgeting; saving and debt management;
  2 11 retirement planning and savings; and insurance.
  2 12 LSB 2488HH 82
  2 13 kh:nh/es/88