Sen. Jacqueline Y. Collins
Filed: 5/17/2005
 
 

 




 

 		












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AMENDMENT TO HOUSE BILL 3680




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    AMENDMENT NO. ______. Amend House Bill 3680 on page 1, line 
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4, after "amended", by inserting "by adding Section 27-12.5 
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and"; and

 
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on page 1, immediately below line 5, by inserting the 
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following:
 
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    "(105 ILCS 5/27-12.5  new)
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    Sec. 27-12.5. Financial literacy instruction.
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    (a)  The State Board of Education shall develop guidelines, 
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curricula, and teacher professional development programs for 
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school boards to use for the purposes of enhancing economic and 
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financial literacy education in public elementary and 
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secondary schools within the State and supporting the 
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implementation of the State learning standards for economics 
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and the requirements of Section 27-12.1 of this Code. 
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Guidelines and materials must be designed to enable teachers to 
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infuse economics and financial literacy within all relevant 
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courses currently offered in public high schools and within the 
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subjects of reading, mathematics, and social studies in public 
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elementary schools.  Professional development programs must be 
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designed to help teachers meet State requirements for 
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recertification and help schools meet the requirements of the 
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federal No Child Left Behind Act of 2001 for highly qualified 
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teachers.
 


 






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    (b)  A financial literacy program shall include all content 
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required under Section 27-12.1 of this Code.  The State Board of 
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Education shall update the program content regularly, and the 
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content may include the following subject matter areas:
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        (1)    depository institution services;
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        (2)    consumer rights and laws;
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        (3) asset building;
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        (4)    savings and investing;
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        (5)    predatory lending;
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        (6)    payday loans; and
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        (7)    identity theft.
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    (c)  The State Board of Education shall provide all public 
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schools with all of the following:
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        (1)    Guidelines for appropriate personal finance and 
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    economics concepts and topics to be taught at each 
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    elementary and secondary grade level based on the State 
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    learning standards for economics and the requirements of 
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    Section 27-12.1 of this Code.
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        (2)    Access to teacher professional development 
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    programs for grades kindergarten through 12, which must be 
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    scheduled annually in sites around the State to ensure 
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    availability to all schools.
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        (3)    Resources for integrating the teaching of personal 
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    finance and economics into existing reading, mathematics, 
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    social science, and other appropriate course work, as well 
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    as existing consumer education and personal finance 
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    classes at the high school level.
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        (4)    A classroom grants program to provide grants, which 
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    must be  awarded on a competitive basis, for teachers and 
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    schools to develop innovative projects for teaching 
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    economics and financial literacy.
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        (5) Recognition awards for students who win or achieve 
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    results at a certain level of success in an economic or 
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    financial literacy competition.
 


 






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    The State Board of Education may provide these services 
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    through partnership with a not-for-profit organization 
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    that has proven expertise in the development of standards 
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    and curriculum and an existing delivery network for teacher 
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    professional development in economics or personal finance.  
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    Organizations providing teacher professional development 
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    for this program must have the capacity to bring 
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    private-sector funding to supplement State funding for the 
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    program.  The State Board of Education shall encourage 
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    school districts to require all appropriate teachers to 
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    attend at least one professional development program 
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    offered by the State through this program every 5 years.

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    (d)  Grants and professional development programs under 
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this Section must be offered to school districts statewide.
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    (e) A school board may establish a special fund in which to 
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receive public funds and private contributions for the 
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promotion of financial literacy.  Money in the fund must be used 
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for the following purposes:
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        (1) defraying the costs of financial literacy training 
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    for teachers;
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        (2) rewarding a school or teacher who wins or achieves 
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    results at a certain level of success in a financial 
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    literacy competition;
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        (3) rewarding a student who wins or achieves results at 
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    a certain level of success in a financial literacy 
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    competition; and
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        (4) funding activities, including books, games, field 
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    trips, computers, and other activities related to 
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    financial literacy education.
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    (f) The State Board of Education shall incorporate the 
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elements of the financial literacy program into State learning 
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standards.".