Texas Financial Literacy Bill on Way to Governor's Desk

AUSTIN, Texas – Texas is just a step – or more precisely a signature – away from having financial literacy education a prerequisite for graduation from any public or charter high school. On May 20, the Texas Senate approved on a vote of 31-0, HB 492 by state Rep. Beverly Woolley (R-Houston), chairwoman of the House Calendars Committee. The measure passed the state House last month. The bill has been sent to Gov. Rick Perry's desk for his signature, and he has until June 19 to sign or veto bills passed during the legislative session. HB 492 requires school districts and open enrollment charter schools to incorporate instruction in financial literacy into any course meeting a requirement for an economics credit required by the 2006-2007 school year. The State Board of Education is required by the 2008-2009 school year to develop and adopt essential knowledge and skills for a course in financial literacy. The Texas Credit Union League applauded Rep. Woolley for championing the bill and her commitment to financial education. "By providing financial education as part of the standard coursework, Texas students will be better prepared to make smart financial choices once they graduate," said TCUL's Mance Bowden, grassroots and legislative director. The Texas Credit Union Foundation and the Texas Jump$tart Coalition also commended Woolley's efforts. "As a result [of this bill] young people will now be empowered with the tools they need to make wise financial choices and avoid financial hardship," said Courtney Nickles, associate director of the Texas Credit Union Foundation and program manager for the Texas Jump$tart Coalition.