House File 458 - Introduced HOUSE FILE 458 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 TLSB 2537YH (2) 87 je/rj
H.F. 458 Section 1. Section 256.11, subsection 5, Code 2017, 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 The inclusion of this explanation does not constitute agreement with 34 the explanation’s substance by the members of the general assembly. 35 -1- LSB 2537YH (2) 87 je/rj 1/ 2
H.F. 458 This bill adds a one-half unit course in personal finance 1 literacy to the educational program each school district 2 and accredited nonpublic school is required to offer in 3 grades 9-12, and requires all students to take the course as 4 a condition of graduation. The personal finance literacy 5 curriculum must prioritize involvement of community financial 6 management experts and the parents or guardians of students. 7 The bill provides minimum components of the personal finance 8 literacy curriculum. 9 The bill may include a state mandate as defined in Code 10 section 25B.3. The bill requires that the state cost of 11 any state mandate included in the bill be paid by a school 12 district from state school foundation aid received by the 13 school district under Code section 257.16. The specification 14 is deemed to constitute state compliance with any state mandate 15 funding-related requirements of Code section 25B.2. The 16 inclusion of this specification is intended to reinstate the 17 requirement of political subdivisions to comply with any state 18 mandates included in the bill. 19 -2- LSB 2537YH (2) 87 je/rj 2/ 2