Kaine Signs Bill to Promote Financial Literacy

February 22, 2007

On February 19, 2007, Gov. Tim Kaine signed legislation, supported by the VSCPA, to address financial literacy in Virginia's schools.

HB 2513 requires all Virginia public colleges and universities to promote economic and financial literacy principles in an existing general education course, the freshman orientation process or another appropriate outlet.

The bill offers potential course topics on personal finance, such as credit card use, opening and managing an account in a financial institution, completing a loan application and managing student loans; in addition to other topics like savings and investments, consumer rights and responsibilities, predatory lending practices and interest rates, consumer fraud, identity theft and protection and debt management.

The legislation also requires Virginia's State Council for Higher Education to encourage private colleges and universities in the Commonwealth to include economics and financial literacy education principles in the orientation process.

This version of HB 2513 is amended from a previous version during the 2007 Virginia General Assembly session, which would have required first-time freshmen at Virginia's public two- and four-year colleges and universities to complete a one-hour course on economics and financial literacy. Read more on the VSCPA's support of that bill.

The VSCPA is an avid supporter of financial literacy initiatives in the Commonwealth. Through its award-winning Financial Fitness campaign, the VSCPA encourages Virginians to become financially literate through positive money management practices. More information on the VSCPA's Financial Fitness programs and resources, including the first-ever Virginia Financial Literacy Month in April, is available on its consumer Web site at www.FinancialFitness.org.

The VSCPA has a history of actively encouraging the inclusion of financial literacy education in Virginia's schools. On March 26, 2005, Gov. Mark Warner signed a bill, supported by the VSCPA, to require Virginia's public middle and high schools and higher education public institutions to provide instruction in economics education and financial literacy. The VSCPA urged General Assembly members to support the bill and improve the fiscal health of young adults.

And in February 2006, the VSCPA urged the Virginia Board of Education to amend its Standards for Accrediting Public Schools in Virginia to include a personal finance course in graduation requirements for all Virginia high schools.

For the past several years, the VSCPA has made promoting financial literacy a top goal for the association. Offering a comprehensive financial literacy initiative is one of the VSCPA's top five goals for 2006–2009. And, continuing to work on changing the Virginia Standards of Learning (SOL) to include a component to test on financial literacy topics by 2008 is part of the VSCPA's legislative agenda.

Stay tuned to the VSCPA Web site for the most up-to-date information on the VSCPA's legislative affairs. For questions or concerns, please contact VSCPA Government Affairs Director Erin Collins at (800) 733-8272.