Bill > H1331

This bill, known as the Financial Innovative Technologies (FIT) Act, seeks to enhance financial literacy and standardize financial services regulations. The bill establishes comprehensive financial literacy standards that schools must incorporate into their existing curriculum, covering a broad range of financial topics including loans, credit, investments, online commerce, retirement planning, taxes, consumer protection, and emerging financial technologies like cryptocurrencies. Specifically, it requires school districts, charter schools, private schools, and collaborative schools to integrate these financial literacy standards across subjects such as mathematics, history, social sciences, technology, and business. The bill also adopts the U.S. Securities and Exchange Commission's Regulation Best Interest (Reg BI) as the operative standard of conduct for broker-dealers when making recommendations to retail customers, ensuring a consistent and consumer-focused approach to financial advice. By mandating these educational requirements and regulatory standards, the bill aims to improve financial understanding and protect consumers by equipping students with essential knowledge about personal finance, digital commerce, and financial risk management.

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https://malegislature.gov/Bills/194/H1331