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An Act Regarding Measures To Ensure Students Can Demonstrate Proficiency in Financial Literacy
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 20-A MRSA §254, sub-§13, as enacted by PL 2011, c. 154, §1, is amended to read:
 
13. Technical assistance; integrated model for instruction in personal finance.   The commissioner shall develop a program of technical assistance that promotes the importance of financial literacy and encourages school administrative units to implement an integrated model for instruction in personal finance that may be used in secondary schools as part of the instruction in social studies or mathematics required by section 4722, subsection 2, paragraphs B and C. The commissioner, in consultation with the Finance Authority of Maine, the Office of Securities within the Department of Professional and Financial Regulation, Jobs for Maine's Graduates, organizations representing banks, credit unions and financial professionals and other interested organizations promoting personal finance initiatives, shall prepare and distribute annually, in January, a report to school boards and superintendents that includes strategies and resources available to implement an integrated model for instruction in personal finance for use in secondary schools. The annual report must also be provided to the joint standing committee of the Legislature having jurisdiction over education matters, and the department shall post the report on its publicly accessible website. The commissioner shall also develop methods to measure students' proficiency in financial literacy for those students taking part in financial literacy education pursuant to this subsection in order to help ensure those students can demonstrate proficiency prior to graduation.
Sec. 2. Report; legislation. In developing methods to measure students' proficiency in financial literacy pursuant to the Maine Revised Statutes, Title 20-A, section 254, subsection 13, the Commissioner of Education may consider benchmarks such as those outlined in the Council for Economic Education's "National Standards for Financial Literacy" and a passport to financial literacy model such as that described in the Oklahoma State Department of Education's "Making $en$e: Financial Success for Oklahoma Students." The commissioner shall report to the Joint Standing Committee on Education and Cultural Affairs on the methods and any suggested legislation by January 13, 2016. The joint standing committee may report out a bill related to the commissioner’s report to the Second Regular Session of the 127th Legislature.
 
SUMMARY
This bill directs the Commissioner of Education to develop methods to measure students' proficiency in financial literacy for those students taking part in financial literacy education pursuant to the Maine Revised Statutes, Title 20-A, section 254, subsection 13 in order to help ensure they can demonstrate proficiency prior to graduation. The Commissioner of Education shall submit by January 13, 2016 a report on the measures and any suggested legislation to the Joint Standing Committee on Education and Cultural Affairs, which may report out a bill to the Second Regular Session of the 127th Legislature.