VSCPA Letter on SB 1521 January 30, 2009
The Honorable W. Roscoe Reynolds
Senate of Virginia
General Assembly Building
Richmond, VA 23219
Re: SB 1521 — Economics education and financial literacy; repeals requirement in middle and high schools.
Dear Senator Reynolds:
On behalf of the 8,300 members of the Virginia Society of Certified Public Accountants (VSCPA), we do not support SB 1521, which would repeal the economics education and financial literacy course requirement currently in place for Virginia’s middle and high school students.
It is especially imperative that in today’s economic climate we properly educate the Commonwealth’s youth on topics related to economics, personal finance and money management. With foreclosures and bankruptcies on the rise, it’s clear that an educational requirement is critical for our students to become financially savvy and able to navigate their own financial situations.
While we understand the severe budget situation in Virginia and the cuts faced by Virginia’s school systems, delaying or eliminating students’ financial education is not an appropriate solution. Now, more then ever, we must ensure our students leave Virginia’s schools with the tools they need to become financial independent contributors to society.
Today, U.S. consumers spend $1.22 for every $1 earned. As one of Virginia’s leaders charged with passing legislation to protect the Commonwealth’s youth, you can help reverse that trend. We urge you to stand up for financial literacy education by withdrawing SB 1521.
The VSCPA supported the institution of the economics and financial literacy education requirement in 2005 and remains a long-standing advocate to increase fiscal responsibility in the Commonwealth. If you have any questions, please don’t hesitate to contact VSCPA Vice President of Member & Public Relations Tina Lambert, CAE, at tlambert@vscpa.com or (804) 612-9416, if we can be of assistance.
Sincerely,
Gregory M. Lawson, CPA/ABV
VSCPA Chair of the Board of Directors
CC: Ralph L. "Bill" Axselle Jr., VSCPA legislative counsel
Travis G. Hill, VSCPA legislative counsel | 
