BILL REQ. #:  S-1494.1 

Read first time 02/09/2007.   Referred to Committee on Early Learning & K-12 Education.

     AN ACT Relating to the financial literacy public-private partnership; amending RCW 28A.300.455 and 28A.300.460; adding a new section to chapter 28A.230 RCW; and making appropriations.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 28A.300.455 and 2005 c 277 s 2 are each amended to read as follows:
     (1) By September 30, 2004, the financial literacy public-private partnership shall adopt a definition of financial literacy to be used in educational efforts.
     (2) By June 30, ((2006)) 2009, the financial literacy public-private partnership shall identify strategies to increase the financial literacy of public school students in our state. To the extent funds are available, strategies to be considered by the partnership shall include, but not be limited to:
     (a) Identifying and making available to school districts:
     (i) Important financial literacy skills and knowledge;
     (ii) Ways in which teachers at different grade levels may integrate financial literacy in mathematics, social studies, and other course content areas;
     (iii) Instructional materials and programs, including schoolwide programs, that include the important financial literacy skills and knowledge;
     (iv) Assessments and other outcome measures that schools and communities may use to determine whether students are financially literate; ((and))
     (v) A template and resource materials to aid districts in guiding student cumulating projects with a focus on personal finance; and
     (vi) Other strategies for expanding and increasing the quality of financial literacy instruction in public schools, including professional development for teachers;
     (b) Developing a structure and set of operating principles for the financial literacy public-private partnership to assist interested school districts in improving the financial literacy of their students by providing such things as financial literacy instructional materials and professional development; ((and))
     (c) Developing essential academic learning requirements for personal finance;
     (d) Preparing recommendations for the inclusion of financial literacy principles in the Washington assessment of student learning; and
     (e) Providing a report to the governor, the house and senate financial institutions and education committees of the legislature, the superintendent of public instruction, the state board of education, and education stakeholder groups, on the results of work of the financial literacy public-private partnership. ((A final)) An interim report shall be submitted to the same parties by June 30, 2007, with a final report by June 30, 2010.

Sec. 2   RCW 28A.300.460 and 2004 c 247 s 5 are each amended to read as follows:
     The task of the financial literacy public-private partnership is to seek out and determine the best methods of equipping students with the knowledge and skills they need, before they become self-supporting, in order for them to make critical decisions regarding their personal finances. The components of personal financial literacy examined shall include, at a minimum, consumer financial education, personal finance, and personal credit. The partnership shall identify the types of outcome measures expected from participating districts and students, in accordance with the definitions and outcomes developed under RCW 28A.300.455.

NEW SECTION.  Sec. 3   A new section is added to chapter 28A.230 RCW to read as follows:
     (1) To the extent funds are appropriated or are available for this purpose, the superintendent of public instruction and other members of the partnership created in RCW 28A.300.455 shall make available to school districts the list of identified financial literacy skills and knowledge, instructional materials, assessments, and other relevant information.
     (2) Each school district is encouraged to provide its students with an opportunity to master the financial literacy skills and knowledge developed under RCW 28A.300.460.
     (3) For the purposes of RCW 28A.300.455, 28A.300.460, and this section, it is not necessary to evaluate and apply the office of the superintendent of public instruction essential academic learning requirements or to develop grade level expectations.

NEW SECTION.  Sec. 4   (1) The sum of fifty thousand dollars, or as much thereof as may be necessary, is appropriated for the fiscal year ending June 30, 2008, from the general fund to the Washington financial literacy public-private partnership account for the purposes of RCW 28A.300.465.
     (2) The sum of fifty thousand dollars, or as much thereof as may be necessary, is appropriated for the fiscal year ending June 30, 2009, from the general fund to the Washington financial literacy public-private partnership account for the purposes of RCW 28A.300.465.
     (3) The amounts in this section are provided solely for the purposes of RCW 28A.300.465. The superintendent of public instruction or the superintendent's designee may authorize expenditure of the amounts provided in this section as equal matching amounts from nonstate sources are received in the Washington financial literacy public-private partnership account.