22.1-200.03 - Economics education and financial literacy required in middle and high school grades; Board of Education to establish objectives for economic education and financial literacy; banking-at - Virginia Statutes

§ 22.1-200.03. Economics education and financial literacy required in middleand high school grades; Board of Education to establish objectives foreconomic education and financial literacy; banking-at-school programs.

A. By July 1, 2006, instruction in the principles of the American economicsystem shall be required in the public middle and high schools of theCommonwealth to promote economics education and financial literacy ofstudents and to further the development of knowledge, skills, and attitudesneeded for responsible citizenship in a constitutional democracy.

B. The Board of Education shall develop and approve objectives for economicseducation and financial literacy at the middle and high school levels, thatshall be required of all students, and shall provide for the systematicinfusion of economic principles in the relevant Standards of Learning, and incareer and technical education programs. The objectives shall include, butnot be limited to, personal living and finances; personal and business moneymanagement skills; opening an account in a financial institution and judgingthe quality of a financial institution's services; balancing a checkbook;completing a loan application; the implications of an inheritance; the basicsof personal insurance policies; consumer rights and responsibilities; dealingwith salesmen and merchants; debt management; managing retail and credit carddebt; state and federal tax computation; local tax assessments; computationof interest rates by various mechanisms; understanding simple contracts; andlearning how to contest an incorrect bill.

C. To facilitate the objectives of economics education and financial literacythrough practical experiences, the Department shall confer with the StateCorporation Commission's Bureau of Financial Institutions, and financial andrelevant professional organizations in the development of guidelines for suchliteracy objectives. The guidelines shall include, but not be limited to, (i)rules and policies governing the establishment, operation, and dissolution ofschool banks and school credit unions; (ii) written agreements betweenpartnering public schools and financial institutions, including thedisposition of funds donated or other financial contributions provided by thepartnering financial institution; and (iii) such other matters as theDepartment may deem appropriate.

D. The Board shall not be required to evaluate student achievement concerningeconomics education and financial literacy objectives in the Standards ofLearning assessments required by § 22.1-253.13:3.

E. For the purposes of this section, "at-risk and disadvantaged students"means students having socioeconomic or cultural risk factors that researchindicates may negatively influence academic achievement or may hinder anindividual in reaching his life goals.

For the purposes of this section, "financial institution" means a bank,savings and loan association, savings bank, or credit union authorized toconduct business in the Commonwealth.

For the purposes of this section, "high school" includes grades ninethrough 12.

For the purposes of this section, "middle school" includes grades sixthrough eight.

(2005, c. 741.)