Pupil instruction: personal finances.

(1) Existing law requires the adoption of a course of study for grades 7 to 12, inclusive, including social studies instruction providing a foundation for understanding the development of the American economic system, including the role of the entrepreneur and labor. Existing law also specifies coursework to be completed by pupils in grades 9 to 12, inclusive, in order to receive a high school diploma of graduation, including a one-semester course in economics. This bill would enact the Common Cents Curriculum Act of 2013 and would require that when the history-social science framework is revised as required by law, the Instructional Quality Commission, as appropriate and based on the subject matter of the course, to encourage instruction related to the understanding of personal finances, including, but not limited to, budgeting, savings, credit and loans, identity theft, and paying for postsecondary education. The bill would require the commission to identify resources and curriculum to assist educators in delivering this instruction. To the extent that these requirements would impose new duties on local educational agencies, the bill would impose a state-mandated local program. The bill would require, no later than July 1, 2015, the Superintendent of Public Instruction with the approval of the State Department of Education to plan and develop a one-semester instructional program entitled consumer economics that includes, among other things, budgeting, savings and checking, uses and costs of loans, including student loans, identity theft and security, and planning and paying for postsecondary education. (2) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions.