November 29, 2006, Introduced by Rep. Kolb and referred to the Committee on Education.


     A bill to amend 1976 PA 451, entitled


"The revised school code,"


by amending section 1165 (MCL 380.1165), as added by 2002 PA 111.




     Sec. 1165. (1) Not later than July 1, 2002, the department


shall develop or adopt, and shall make available to schools, 1 or


more model programs for youth financial education. A program under


this section shall be designed to incorporate financial education


throughout the curriculum for grades K to 12 and shall be based on


the concept of achieving financial literacy through the teaching of


personal financial management skills and the basic principles


involved with earning, spending, saving, borrowing, and investing.


     (2) Each school district  , local act school district,  and


public school academy is encouraged to adopt and implement the


model financial education programs developed under subsection (1)


or 1 or more similar financial education programs. Beginning in


2007, the board of a school district or board of directors of a


public school academy shall include in its annual educational


report under section 1204a a statement notifying the public that


the model programs for youth financial education are available


under subsection (1) and indicating whether or not the school


district or public school academy is providing financial education


programs as described in this section. Not later than January 1,


2008, using this information in annual educational reports, the


department shall determine the number and percentage of school


districts and public school academies that are providing financial


education programs as described in this section and shall submit a


report of these findings to the standing committees of the


legislature having jurisdiction over education legislation. The


intent of the legislature in requiring this reporting is to


evaluate whether financial education should be mandated in the


public schools.


     (3) To the extent that federal funds are available for these


purposes, the department shall use those funds for grants to public


schools and other measures to encourage implementation of financial


education programs.