READ FIRST TIME 03/03/09.   

     AN ACT Relating to financial education; amending RCW 28A.300.450, 28A.300.460, and 28A.300.465; adding new sections to chapter 28A.300 RCW; and repealing RCW 28A.300.455, 28A.300.470, and 28A.230.205.

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

Sec. 1   RCW 28A.300.450 and 2004 c 247 s 2 are each amended to read as follows:
     (1) A financial ((literacy)) education public-private partnership is established, composed of ((up to four members representing the legislature, one from and appointed by the office of the superintendent of public instruction, one from and appointed by the department of financial institutions, up to four from the financial services sector, and four educators. One or two members of the senate, one of whom is a member of the senate committee on financial services, insurance and housing, shall be appointed by the president of the senate. One or two members of the house of representatives, one of whom is a member of the house committee on financial institutions and insurance, shall be appointed by the speaker of the house of representatives. The superintendent of public instruction shall appoint the members from the financial services sector and educator members.)) the following members:
     (a) Four members of the legislature, with one member from each caucus of the house of representatives appointed by the speaker of the house of representatives, and one member from each caucus of the senate appointed by the president of the senate;
     (b) Four representatives from the private for-profit and nonprofit financial services sector, including at least one representative from the jumpstart coalition, to be appointed by the governor;
     (c) Four teachers to be appointed by the superintendent of public instruction, with one each representing the elementary, middle, secondary, and postsecondary education sectors;
     (d) A representative from the department of financial institutions to be appointed by the director;
     (e) Two representatives from the office of the superintendent of public instruction, with one involved in curriculum development and one involved in teacher professional development, to be appointed by the superintendent.
     (2) The chair of the partnership shall be selected by the members of the partnership from among the legislative members.
     (((2))) (3) To the extent funds are appropriated or are available for this purpose, the partnership may hire a staff person who shall reside in the office of the superintendent of public instruction for administrative purposes. Additional technical and logistical support may be provided by the office of the superintendent of public instruction, the department of financial institutions, the organizations composing the partnership, and other participants in the financial ((literacy)) education public-private partnership. ((The superintendent of public instruction shall compile the initial list of members and convene the first meeting of the partnership.
     (3))) (4) The members of the ((committee)) partnership shall be appointed by ((July 1, 2004)) August 1, 2009.
     (((4))) (5) Legislative members of the partnership shall receive per diem and travel under RCW 44.04.120.
     (((5))) (6) Travel and other expenses of members of the partnership shall be provided by the agency, association, or organization that member represents.
     (7) This section shall be implemented to the extent funds are available.

Sec. 2   RCW 28A.300.460 and 2007 c 459 s 2 are each amended to read as follows:
     (1) The task of the financial ((literacy)) education 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)) education 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)) the achievement of skills and knowledge necessary to make informed judgments and effective decisions regarding earning, spending, and the management of money and credit.
     (2) In carrying out its task, and to the extent funds are available, the partnership shall:
     (a) Communicate to school districts the financial education standards adopted under section 3 of this act, other important financial education skills and content knowledge, and strategies for expanding the provision and increasing the quality of financial education instruction;
     (b) Review on an ongoing basis financial education curriculum that is available to school districts, including instructional materials and programs and schoolwide programs that include the important financial skills and content knowledge;
     (c) Develop evaluation standards and a procedure for endorsing financial education curriculum that the partnership determines should be recommended for use in school districts;
     (d) Identify assessments and outcome measures that schools and communities may use to determine whether students have met the financial education standards adopted under section 3 of this act;
     (e) Monitor and provide guidance for professional development for educators regarding financial education, including ways that teachers at different grade levels may integrate financial skills and content knowledge into mathematics, social studies, and other course content areas;
     (f) Work with the office of the superintendent of public instruction and the professional educator standards board to create professional development that could lead to a certificate endorsement or other certification of competency in financial education;
     (g) Develop academic guidelines and standards-based protocols for use by classroom volunteers who participate in delivering financial education to students in the public schools; and
     (h) Provide an annual report beginning December 1, 2009, as provided in section 4 of this act, to the governor, the superintendent of public instruction, and the committees of the legislature with oversight over K-12 education and higher education.

NEW SECTION.  Sec. 3   A new section is added to chapter 28A.300 RCW to read as follows:
     (1) Subject to funds appropriated specifically for this purpose, the office of the superintendent of public instruction and the financial education public-private partnership shall provide technical assistance and grants to support demonstration projects for district-wide adoption and implementation of the financial education learning standards under this section.
     (2) School districts may apply on a competitive basis to participate as a demonstration project. The office and the partnership shall select up to four school districts as demonstration projects, with two districts located in eastern Washington and two districts located in western Washington, if possible.
     (3) Selected districts must:
     (a) Adopt the jumpstart coalition national standards in K-12 personal finance education as the essential academic learning requirements for financial education and provide students with an opportunity to master the standards;
     (b) Make a commitment to integrate financial education into instruction at all grade levels and in all schools in the district;
     (c) Establish local partnerships within the community to promote financial education in the schools; and
     (d) Conduct pre- and post-testing of students' financial literacy.
     (4) The office of the superintendent of public instruction, with the advice of the financial education public-private partnership, shall provide assistance to the demonstration projects regarding curriculum, professional development, and innovative instructional programs to implement the financial education standards.
     (5) The selected districts must report findings and results of the demonstration project to the office of the superintendent of public instruction and appropriate committees of the legislature by April 30, 2011.

NEW SECTION.  Sec. 4   A new section is added to chapter 28A.300 RCW to read as follows:
     The annual report from the financial education public-private partnership, provided funds are available, shall include:
     (1) Results from the jumpstart survey of personal financial literacy;
     (2) Progress toward statewide adoption of financial education standards by school districts;
     (3) Professional development activities related to equipping teachers with the knowledge and skills to teach financial education;
     (4) Activities related to financial education curriculum development; and
     (5) Any recommendations for policies or other activities to support financial education instruction in public schools.

Sec. 5   RCW 28A.300.465 and 2004 c 247 s 6 are each amended to read as follows:
     The Washington financial ((literacy)) education public-private partnership account is hereby created in the custody of the state treasurer. The purpose of the account is to support the financial ((literacy)) education public-private partnership, and to provide financial ((literacy)) education opportunities for students and financial ((literacy)) education professional development opportunities for the teachers providing those educational opportunities. Revenues to the account may include gifts from the private sector, federal funds, and any appropriations made by the legislature or other sources. Grants and their administration shall be paid from the account. Only the superintendent of public instruction or the superintendent's designee may authorize expenditures from the account, and only at the direction of the partnership. The account is subject to allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures.

NEW SECTION.  Sec. 6   The following acts or parts of acts are each repealed:
     (1) RCW 28A.300.455 (Financial literacy public-private partnership responsibilities -- Definition of financial literacy -- Strategies -- Reports) and 2007 c 459 s 1, 2005 c 277 s 2, & 2004 c 247 s 3;
     (2) RCW 28A.300.470 (Financial literacy public-private partnership -- Expiration) and 2007 c 459 s 4 & 2004 c 247 s 7; and
     (3) RCW 28A.230.205 (Financial literary skills -- Duties of the superintendent of public instruction and of school districts) and 2007 c 459 s 3.