Financial Education State Learning Standards.  The Office of the Superintendent of Public Instruction (OSPI) is required to develop state learning standards that identify the knowledge and skills all public school students need to know and be able to do.  Learning standards are based on the student learning goals of basic education, as laid out in statute.  OSPI is required to periodically revise the state learning standards, as needed.
 
In 2009, the Legislature directed OSPI to integrate financial education skills and content knowledge into the state learning standards.
 
Financial Education Public-Private Partnership.  In 2015, the Legislature established the Financial Education Public-Private Partnership (FEPPP).  FEPPP is comprised of members of the Legislature, representatives from the private for-profit and nonprofit financial services sector, the Washington State Department of Financial Institutions, and OSPI, the State Treasurer, and teachers.
 
FEPPP has a variety of responsibilities, including, among others:

• seeking out and determining the best methods of equipping students with the knowledge and skills they need to make critical decisions regarding their personal finances;
• developing and communicating financial education standards to school districts;
• reviewing financial education curriculum; and
• monitoring, creating, and providing guidance for professional development (PD) for educators.

 
Educational Service Districts.  Washington has nine regionally-based educational service districts (ESDs) that provide cooperative and informational services to local school districts.  ESDs have been tasked with providing teachers' institutes, workshops for staff preparation, in-service training, and other trainings on a variety of topics, including school safety.

Educational Service Districts Financial Literacy Education Staffing.  Beginning with the 2022-23 school year, ESDs must have staff positions solely dedicated to student financial literacy, subject to appropriation.  Staff in these positions shall:

• provide support to school districts and other local education agencies in furthering state financial education goals;
• coordinate with FEPPP;
• facilitate the creation and implementation of PD for certificated educational staff relating to financial literacy and education;
• work to facilitate specific outreach for financial literacy training to certain groups;
• coordinate with providers in the Early Childhood Education and Assistance Program to provide a curriculum on financial literacy that can be shared with the parents or legal guardians of program participants; and
• other duties relating to financial education as necessary.

 
ESD staff positions shall be full-time, or the equivalent, and allocated by geographic area as follows:

• two positions for the ESD with the largest population of students;
• one position for the ESD with the second-largest population of students;
• one position for the two northernmost ESDs east of the crest of the Cascade mountains;
• one position for the two southernmost educational districts east of the Cascade mountains;
• one position for the ESDs that service school districts located on the Olympic Peninsula; and
• one position for the remaining ESD.

 
Financial Literacy Education Professional Development Grant Program.  FEPPP must establish a grant program for integrating financial literacy education into PD for certificated staff, subject to appropriation.
 
FEPPP must coordinate with financial literacy education ESD staff when creating or selecting PD curricula, developing grant criteria, selecting applicants, and facilitating grants.
 
For a school district to qualify for a grant, the grant proposal must provide that the grantee integrate financial literacy education into at least seven hours of its current in-person PD schedule over the course of the entire school year for which the district receives the grant.  Grants must be allocated at $10 per enrolled student and must be made available for the 2023-24, 2024-25, and 2025-26 school years.
 
Additional activities permitted for the use of the grants include, but are not limited to:

• coordinating teachers from across a school district to develop new instructional strategies and to share successful strategies;
• sharing successful practices across a group of school districts; and
• facilitating coordination between ESDs and school districts to provide training.

Grant administration is added to the statutory list of FEPPP's responsibilities.

• Directs FEPPP, rather than OSPI, to administer a grant program for integrating financial literacy education into professional development.
• Permits OSPI, in coordination with FEPPP, to adopt rules for the grant program.
• Adds grant administration to FEPPP's list of responsibilities.

The committee recommended a different version of the bill than what was heard.  PRO:  This would be the largest investment in state financial literacy.  The grant program is voluntary and would allow the districts who want to integrate financial literacy into their professional development.  Many students lack financial knowledge that they need in order to be prepared when they graduate.  Students are vocal about their desire to have more financial education in their education.  Parents, teachers, and others are also asking for greater investments in financial education.  Financial literacy will be used by every single student.  Students who have received financial education speak about its benefits.  Elementary students as well have been engaged and enjoy learning about personal finances.
 
OTHER:  There should be a stronger emphasis on the work that FEPPP does, and they should have a more prominent role in directing financial literacy education going forward.

OTHER:  Financial literacy is a lifelong knowledge and skill-set which is good to have.  It is good to grow that work under the Financial Education Public-Private Partnership (FEPPP).  There may be a more streamlined approach for FEPPP for regional expansion rather than using the educational service districts.