Bill > S421

This bill establishes a Financial Literacy Trust Fund to support financial education in Massachusetts schools, with several key provisions. The fund will be administered by the commissioner of elementary and secondary education and can receive money from public and private sources, including appropriations, gifts, and grants. The funds will be used to develop financial literacy curriculum materials and provide professional development training for educators, with a priority on underserved communities and schools implementing financial literacy programs for the first time. The bill expands financial literacy standards to include a comprehensive range of topics such as loans, credit, investments, online commerce, home purchasing, retirement planning, banking, taxes, consumer protection, budgeting, asset protection, and emerging financial technologies like cryptocurrencies. Notably, the bill changes language from "may" to "shall" regarding financial literacy education, effectively making financial literacy instruction mandatory, and stipulates that this requirement will take effect one full academic year after the bill's enactment. The commissioner is also required to submit an annual public report detailing the fund's activities, including funding sources, expenditures, and program implementation across school districts.

Education

https://malegislature.gov/Bills/194/S421