House
File
646
-
Introduced
HOUSE
FILE
646
BY
JACOBY
A
BILL
FOR
An
Act
requiring
the
offering
and
completion
of
a
personal
1
finance
literacy
curriculum
for
high
school
students.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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646
Section
1.
Section
256.11,
subsection
5,
Code
2013,
is
1
amended
by
adding
the
following
new
paragraph:
2
NEW
PARAGRAPH
.
k.
One-half
unit
of
personal
finance
3
literacy.
All
students
shall
complete
at
least
one-half
unit
4
of
personal
finance
literacy
as
a
condition
of
graduation.
5
The
personal
finance
literacy
curriculum
shall
prioritize
6
involvement
of
community
financial
management
experts
and
7
the
parents
or
guardians
of
students.
The
curriculum
shall
8
include,
at
a
minimum,
the
following
components:
9
(1)
Providing
an
introduction
to
the
financial
planning
10
process.
11
(2)
Explaining
the
relationship
between
career
and
work
12
factors
and
earning
potential.
13
(3)
Developing
a
personal
spending
and
savings
plan.
14
(4)
Using
and
managing
credit
effectively.
15
(5)
Describing
risk
management
techniques
and
explaining
16
the
importance
of
protecting
assets.
17
(6)
Explaining
the
importance
of
saving
and
investing
18
and
the
benefits
of
considering
the
time
value
of
money
when
19
preparing
a
savings
plan.
20
(7)
Completing
a
personal
financial
plan.
21
Sec.
2.
STATE
MANDATE
FUNDING
SPECIFIED.
In
accordance
22
with
section
25B.2,
subsection
3,
the
state
cost
of
requiring
23
compliance
with
any
state
mandate
included
in
this
Act
shall
24
be
paid
by
a
school
district
from
state
school
foundation
aid
25
received
by
the
school
district
under
section
257.16.
This
26
specification
of
the
payment
of
the
state
cost
shall
be
deemed
27
to
meet
all
of
the
state
funding-related
requirements
of
28
section
25B.2,
subsection
3,
and
no
additional
state
funding
29
shall
be
necessary
for
the
full
implementation
of
this
Act
30
by
and
enforcement
of
this
Act
against
all
affected
school
31
districts.
32
EXPLANATION
33
This
bill
adds
a
one-half
unit
course
in
personal
finance
34
literacy
to
the
educational
program
each
school
district
35
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and
accredited
nonpublic
school
is
required
to
offer
in
1
grades
9-12,
and
requires
all
students
to
take
the
course
as
2
a
condition
of
graduation.
The
personal
finance
literacy
3
curriculum
must
prioritize
involvement
of
community
financial
4
management
experts
and
the
parents
or
guardians
of
students.
5
The
bill
provides
minimum
components
of
the
personal
finance
6
literacy
curriculum.
7
The
bill
may
include
a
state
mandate
as
defined
in
Code
8
section
25B.3.
The
bill
requires
that
the
state
cost
of
9
any
state
mandate
included
in
the
bill
be
paid
by
a
school
10
district
from
state
school
foundation
aid
received
by
the
11
school
district
under
Code
section
257.16.
The
specification
12
is
deemed
to
constitute
state
compliance
with
any
state
mandate
13
funding-related
requirements
of
Code
section
25B.2.
The
14
inclusion
of
this
specification
is
intended
to
reinstate
the
15
requirement
of
political
subdivisions
to
comply
with
any
state
16
mandates
included
in
the
bill.
17
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