Assemblyman Roger Hernandez' Financial Literacy Bill Headed to Governor's Desk

A bill that promotes financial literacy for high school students is headed to Gov. Jerry Brown's desk.

On Thursday, Assembly Bill 166, passed the Assembly floor on a 74-0 vote, according to a news release. Assemblyman Roger Hernandez, D-West Covina, authored the bill, which calls for the high school curriculum to include instruction on budgeting, student loans and managing consumer debt, and identity theft security.

“I applaud my colleagues vote for passing my bill AB 166 on the Assembly Floor.  Year after year, we hear stories from educators from the lack of financial knowledge many of our students possess.  AB 166 corrects this issue by providing every student the tools and resources to become better prepared and financially sound for a debt free future,” Hernández said in a statement.

The state does not have an official policy or educational plan related to teaching financial literacy, according to Hernandez. He cites a biennial survey by Jumpstart Coalition for Personal Financial Literacy conducted from 1997 to 2008, adding that the study showed financial literacy for high school seniors has fall from 57 percent in 1997 to 48 percent in 2008.

Brown has until Oct. 13 to sign the bill.

“I ask Governor Brown to sign this bill into law and provide our students with the skills early on in life for their financial well-being," Hernandez said. "The Governor’s support of this bill, can help our future leaders become better acquainted with our financial system and can lead them into new employment opportunities in the near future.”