Bills Requiring Implementation of Economics and Financial Literacy SOAs Beginning July 1, 2011 Advance

Two bills were introduced this year, HB 1554 (Del. Wilt) and SB 810 (Sen. Obenshain) to delay the implementation of certain Standards of Accreditation until July 1, 2012. We supported both bills in their original form. Similar bills were introduced and passed last year in recognition that the General Assembly has not appropriated funds for school boards to meet the new requirements of the SOAs. The patrons of both bills, however, with the support of the Governor, agreed to amendments urged by the banking industry to exempt from delay the implementation of the SOAs related to economics and financial literacy. While the financial literacy curriculum is important, we opposed the amendment because it is, at present, an unfunded mandate. Both bills were passed by their respective Houses of introduction with the amendment. The Senate bill, SB 810, was reported by the House Education Committee earlier this week and is now on the House floor. The House bill, HB 1554, has been referred to the Senate Education and Health Committee.