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Personal Finance Bill Passes CA Assembly Education Committee

This week, Assembly Bill 2927 (Assemblymember Kevin McCarty) passed out of the California Assembly Education Committee on the consent calendar, which means the bill had no opposition from committee members and no registered opposition from outside organizations.

AB 2927 would require California high school students to complete a one-semester course in personal finance as a graduation requirement. With the positive traction and support that the simultaneous ballot initiative has been receiving, there’s a possibility for this legislation to gain momentum.

The bill will now be slightly amended to work out some details, including pushing back the implementation by one year to begin the requirement with the 2031 graduating class and begin offering the course by the 2027-28 school year. More importantly, the stand-alone personal finance course graduation requirement remains in the bill.

“This is great news and a major win for our financial literacy efforts,” said Emily Udell, policy advocate of state government affairs for the California and Nevada Credit Union Leagues.

Similar bills in the past have either stalled in committee or been significantly watered down. This bill is keyed fiscal, so it will head to the California Assembly Appropriations Committee next. It will be given an estimated cost.

“Thank you to all the credit union leaders who lobbied in support of AB 2927 during the California Government Relations Rally earlier this month,” Udell said. “Hopefully, 2024 will finally be the year that California steps up and requires financial education for all students.”

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