November 29, 2006, Introduced by Rep. Kolb and referred to the Committee on Education.
A bill to amend 1976 PA 451, entitled
"The revised school code,"
by amending section 1165 (MCL 380.1165), as added by 2002 PA 111.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1165. (1) Not later than July 1, 2002, the department
shall develop or adopt, and shall make available to schools, 1 or
more model programs for youth financial education. A program under
this section shall be designed to incorporate financial education
throughout the curriculum for grades K to 12 and shall be based on
the concept of achieving financial literacy through the teaching of
personal financial management skills and the basic principles
involved with earning, spending, saving, borrowing, and investing.
(2)
Each school district , local act school district, and
public school academy is encouraged to adopt and implement the
model financial education programs developed under subsection (1)
or 1 or more similar financial education programs. Beginning in
2007, the board of a school district or board of directors of a
public school academy shall include in its annual educational
report under section 1204a a statement notifying the public that
the model programs for youth financial education are available
under subsection (1) and indicating whether or not the school
district or public school academy is providing financial education
programs as described in this section. Not later than January 1,
2008, using this information in annual educational reports, the
department shall determine the number and percentage of school
districts and public school academies that are providing financial
education programs as described in this section and shall submit a
report of these findings to the standing committees of the
legislature having jurisdiction over education legislation. The
intent of the legislature in requiring this reporting is to
evaluate whether financial education should be mandated in the
public schools.
(3) To the extent that federal funds are available for these
purposes, the department shall use those funds for grants to public
schools and other measures to encourage implementation of financial
education programs.