STATE OF NEW YORK ________________________________________________________________________ 8733 2025-2026 Regular Sessions IN ASSEMBLY June 2, 2025 ___________ Introduced by M. of A. SMULLEN -- read once and referred to the Commit- tee on Education AN ACT to amend the education law, in relation to financial literacy instruction The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The education law is amended by adding a new section 803-c 2 to read as follows: 3 § 803-c. Financial literacy instruction in elementary and middle 4 schools. 1. The state board of regents shall develop or adopt grade- 5 based financial literacy learning standards for students in grades four 6 through eight, which shall be integrated into the existing state learn- 7 ing standards for mathematics. Such standards shall address, at a mini- 8 mum, the following competencies in an age-appropriate manner: 9 a. basic saving, goal setting, and budgeting; 10 b. understanding income, wages, and taxes; 11 c. introduction to banks, credit unions, and other financial insti- 12 tutions; and 13 d. the concept of investments and interest. 14 2. The commissioner may provide technical assistance to assist in the 15 development of age-appropriate curricula for such courses of study which 16 shall be developed according to the needs and abilities of pupils at 17 successive grade levels to provide awareness, skills and a comprehensive 18 understanding of financial literacy principles. 19 § 2. The education law is amended by adding a new section 803-d to 20 read as follows: 21 § 803-d. Financial literacy instruction in secondary schools. 1. 22 Commencing with students entering ninth grade in the first academic year 23 following the effective date of this act and thereafter, every public, 24 charter, and nonpublic high school shall offer and every such student 25 shall successfully complete a one-semester course in financial literacy EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13231-01-5

A. 8733 2 1 earning one-half unit of credit as a condition of graduation. The state 2 board of regents shall develop age-appropriate model curriculum that may 3 be adopted by schools pursuant to this section that includes, at a mini- 4 mum: 5 a. personal budgeting and cash-flow management; 6 b. banking services and debit products; 7 c. interest, credit card debt, and online commerce; 8 d. credit, loans, and consumer debt (including student loans); 9 e. bankruptcy; 10 f. investment fundamentals, including retirement and emergency funds; 11 g. insurance and risk management; 12 h. rights and obligations under state and federal consumer-protection 13 laws; 14 i. understanding state and federal taxes; and 15 j. the financial impact and consequences of gambling. 16 § 3. The education law is amended by adding a new section 355-f to 17 read as follows: 18 § 355-f. Financial literacy program. 1. Notwithstanding any other 19 provision of law, the trustees of the state university of New York 20 shall, in consultation with faculty, student representatives, and 21 subject matter experts, develop a comprehensive financial literacy 22 course. 23 2. Such comprehensive financial literacy course shall be designed to 24 be accessible and relevant to all students, including those at community 25 colleges and those enrolled in associate, bachelors, and certificate 26 programs. 27 3. Such comprehensive financial literacy course shall be developed to 28 offer students an elective credit-bearing course or module that provides 29 instruction to students in personal financial management, including but 30 not limited to, developing a personal financial plan and monthly operat- 31 ing budget, examining concepts associated with consumer credit, various 32 forms of insurance, long-term financial planning, investment management, 33 examining impacts of private and governmental financial decisions on 34 society, and student loans. 35 4. Beginning with the first academic year after the effective date of 36 this act, successful completion of the comprehensive financial literacy 37 course shall be a graduation requirement for all undergraduate students 38 attending a state university of New York institution, including communi- 39 ty colleges. Such course may be offered as part of the general education 40 curriculum, as a standalone course, or as an integrated module within an 41 existing required course, provided that all required topics are 42 addressed. 43 5. Each state university of New York institution shall ensure that the 44 financial literacy course is available to all students no later than the 45 beginning of the first academic year after the effective date of this 46 act. 47 6. The trustees of the state university of New York shall, within two 48 years from the effective date of this section and annually thereafter, 49 submit a report to the governor, the commissioner, the chancellor of the 50 state university of New York, the temporary president of the senate, the 51 speaker of the assembly, the chair and ranking minority member of the 52 senate finance committee, the chair and ranking minority member of the 53 assembly ways and means committee, and the chairs and ranking minority 54 members of the senate and assembly higher education committees. Such 55 report shall include, but not be limited to, outcomes on the implementa-

A. 8733 3 1 tion of the comprehensive financial literacy course, including course 2 enrollment and completion rates, and student feedback. 3 § 4. The education law is amended by adding a new section 6235 to read 4 as follows: 5 § 6235. Financial literacy program. 1. Notwithstanding any other 6 provision of law, the trustees of the city university of New York shall, 7 in consultation with faculty, student representatives, and subject 8 matter experts, develop a comprehensive financial literacy course. 9 2. Such comprehensive financial literacy course shall be designed to 10 be accessible and relevant to all students, including those at community 11 colleges and those enrolled in associate, bachelors, and certificate 12 programs. 13 3. Such comprehensive financial literacy course shall be developed to 14 offer students an elective credit-bearing course or module that provides 15 instruction to students in personal financial management, including but 16 not limited to, developing a personal financial plan and monthly operat- 17 ing budget, examining concepts associated with consumer credit, various 18 forms of insurance, long-term financial planning, investment management, 19 examining impacts of private and governmental financial decisions on 20 society, and student loans. 21 4. Beginning with the first academic year after the effective date of 22 this act, successful completion of the comprehensive financial literacy 23 course shall be a graduation requirement for all undergraduate students 24 attending a city university of New York institution, including community 25 colleges. Such course may be offered as part of the general education 26 curriculum, as a standalone course, or as an integrated module within an 27 existing required course, provided that all required topics are 28 addressed. 29 5. Each city university of New York institution shall ensure that the 30 financial literacy course is available to all students no later than the 31 beginning of the first academic year after the effective date of this 32 act. 33 6. The trustees of the city university of New York shall, within two 34 years from the effective date of this section and annually thereafter, 35 submit a report to the governor, the commissioner, the chancellor of the 36 city university of New York, the temporary president of the senate, the 37 speaker of the assembly, the chair and ranking minority member of the 38 senate finance committee, the chair and ranking minority member of the 39 assembly ways and means committee, and the chairs and ranking minority 40 members of the senate and assembly higher education committees. Such 41 report shall include, but not be limited to, outcomes on the implementa- 42 tion of the comprehensive financial literacy course, including course 43 enrollment and completion rates, and student feedback. 44 § 5. This act shall take effect on the first of July next succeeding 45 the date on which it shall have become a law. Effective immediately, the 46 addition, amendment and/or repeal of any rule or regulation necessary 47 for the implementation of this act on its effective date are authorized 48 to be made and completed on or before such effective date.

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