An Act Regarding Measures To Ensure Students Can Demonstrate Proficiency in Financial Literacy
Maine Legislature, Session 127, LD 0417
Committee: Education and Cultural Affairs
Sponsors: POULIOT, LANGLEY, EDGECOMB, TIMBERLAKE, WARD, WHITE
Amends: 20-A MRSA §254

Legislative Document 
No. 417 
H.P. 284 
House of Representatives, February 12, 2015 
An Act Regarding Measures To Ensure Students Can Demonstrate 
Proficiency in Financial Literacy 
Reference to the Committee on Education and Cultural Affairs suggested and ordered 
printed. 
ROBERT B. HUNT 
Clerk 
Presented by Representative POULIOT of Augusta. 
Cosponsored by Senator LANGLEY of Hancock and 
Representatives: EDGECOMB of Fort Fairfield, TIMBERLAKE of Turner, WARD of 
Dedham, WHITE of Washburn. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  20-A MRSA §254, sub-§13, as enacted by PL 2011, c. 154, §1, is 
amended to read: 
13.  Technical assistance; integrated model for instruction in personal finance.  
The commissioner shall develop a program of technical assistance that promotes the 
importance of financial literacy and encourages school administrative units to implement 
an integrated model for instruction in personal finance that may be used in secondary 
schools as part of the instruction in social studies or mathematics required by section 
4722, subsection 2, paragraphs B and C.  The commissioner, in consultation with the 
Finance Authority of Maine, the Office of Securities within the Department of 
Professional and Financial Regulation, Jobs for Maine's Graduates, organizations 
representing banks, credit unions and financial professionals and other interested 
organizations promoting personal finance initiatives, shall prepare and distribute 
annually, in January, a report to school boards and superintendents that includes strategies 
and resources available to implement an integrated model for instruction in personal 
finance for use in secondary schools.  The annual report must also be provided to the joint 
standing committee of the Legislature having jurisdiction over education matters, and the 
department shall post the report on its publicly accessible website.  The commissioner 
shall also develop methods to measure students' proficiency in financial literacy for those 
students taking part in financial literacy education pursuant to this subsection in order to 
help ensure those students can demonstrate proficiency prior to graduation. 
Sec. 2.  Report; legislation.  In developing methods to measure students' 
proficiency in financial literacy pursuant to the Maine Revised Statutes, Title 20-A, 
section 254, subsection 13, the Commissioner of Education may consider benchmarks 
such as those outlined in the Council for Economic Education's "National Standards for 
Financial Literacy" and a passport to financial literacy model such as that described in the 
Oklahoma State Department of Education's "Making $en$e:  Financial Success for 
Oklahoma Students."   The commissioner shall report to the Joint Standing Committee on 
Education and Cultural Affairs on the methods and any suggested legislation by January 
13, 2016.  The joint standing committee may report out a bill related to the 
commissioner’s report to the Second Regular Session of the 127th Legislature. 
SUMMARY 
This bill directs the Commissioner of Education to develop methods to measure 
students' proficiency in financial literacy for those students taking part in financial 
literacy education pursuant to the Maine Revised Statutes, Title 20-A, section 254, 
subsection 13 in order to help ensure they can demonstrate proficiency prior to 
graduation.  The Commissioner of Education shall submit by January 13, 2016 a report 
on the measures and any suggested legislation to the Joint Standing Committee on 
Education and Cultural Affairs, which may report out a bill to the Second Regular 
Session of the 127th Legislature.