Bill Summary for S 134 (2019-2020)
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AN ACT TO REQUIRE COMPLETION OF AN ECONOMICS AND PERSONAL FINANCE COURSE AS A HIGH SCHOOL GRADUATION REQUIREMENT IN PUBLIC SCHOOLS, TO CLARIFY REQUIREMENTS FOR HIGH SCHOOL CIVIC LITERACY, AND TO REQUIRE PROFESSIONAL DEVELOPMENT FOR ECONOMICS AND PERSONAL FINANCE TEACHERS.Intro. by Tillman, Ballard, Chaudhuri.
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Titles the act as the "Economics and Financial Literacy Act."
Amends GS 115C-81.65 by removing the current requirement to provide instruction in personal finance literacy for all students and replaces it with the requirement that the State Board of Education (State Board) require a semester-long course in high school focused on economics and personal finance (EPF). Requires that the content of the course align with the specified standards and requires a passing grade in order to graduate. Requires that the EPF course provide instruction on basic economic principles and that it provide the already required personal financial literacy instruction components with the addition of planning and paying for postsecondary education. Applies beginning with the 2020-21 school year.
Amends GS 115C-81.65 by adding that the Department of Public Instruction (DPI) must require that EPF teachers get the professional development necessary to ensure that the intent and provisions of the statute are carried out. Provides that to the extent funds are made available for this purpose, the State Board must require local school administrative units to make available the EPF professional development course provided by the specified entity. Effective July 1, 2019.
Appropriates $1,063,800 as grant-in-aid for 2019-20 from the General Fund to The North Carolina Council on Economic Education to provide for completion of the required professional development course for EPF teachers. Sets out three required uses of the fund, including a $500 stipend to each teacher upon completion of the Test of Economic Literacy and the Working in Support of Education personal finance test. Requires an annual report beginning September 1, 2020, and any fiscal year that NCCEE uses State funds, to the specified NCGA committee and division on the activities described by this section and the expenditure of State funds. Effective July 1, 2019.