Deletes everything after the enacting clause. Amends the School Code and the State Finance Act. Requires the State Board of Education to develop and adopt curricula, materials, and guidelines for school boards to use in implementing a program of instruction on financial literacy within courses currently offered in public high schools in this State. Lists subject areas that the program must include. Creates the Financial Literacy Fund as a special fund in the State treasury. Provides that all money in the fund shall be used by the State Board to award grants to school districts for certain financial literacy purposes. Allows a school board to establish a special fund, with moneys to be used for certain financial literacy purposes. Requires the State Board to incorporate the elements of the program into Illinois learning standards. Effective immediately.
State Mandates Fiscal Note (H-AM 1)(Illinois State Board of Education)
The majority of the Financial Literacy curriculum suggested in this legislation is already supported in the Illinois Learning Standards, Goals 6, 14, and 15. The Office of Banks and Real Estate worked with the Illinois State Board of Education curriculum staff 2 years ago to develop the curriculum. The Financial Literacy Fund is a special fund in the State treasury that shall provide grant awards through the State Board to school districts for financial literacy purposes. The legislation also allows local school boards to establish a special fund to be used for financial literacy purposes.