As stated last month, AB 2215 passed through every Committee and Floor of the Assembly and was full-steam-ahead moving into the Senate. This is a great sign that California is seriously considering providing personal financial education for our students. However, we had to accept substantial amendments that moved the bill away from our original vision of creating a permanent, sustaining private-public partnership to act as a steward over Financial Literacy curricula/program and a resource to schools/teachers.
After the sponsor and various stakeholders reflected on the amendments (that essentially required the Superintendent of Public Instruction to up the Department’s Financial Literacy “game” — conditional on year-to-year budget appropriations), all involved made the hard decision that this would likely not achieve the desired objectives for California schools and students. As a result, Assembly Member Rubio, our Coalition and sponsor, State Treasurer Ma, decided to pull the bill and will again support another bill next session. This is not a setback, but the next step in getting stronger legislation passed in the future.
Progress still continues for California students. AB 2051 (Assembly Member Cunningham) moved in tandem with AB 2215 this session. It too has passed the Assembly and moves forward to the Senate Education Committee. This bill focuses on adopting basic instructional materials and professional development — again subject to ongoing budget appropriations. If this passes, it will only add to the momentum for further legislation that may focus on additional focus and resources for personal financial education. As a result, it is recommended all stakeholders support AB 2051, while preparing the groundwork for next year’s concerted push for more sustainable support of this important work.
We will keep you posted on all pertinent legislative developments that impact personal financial education in California.
Thank you for your continued interest and support.