Today, the Ohio Senate passed Senate Bill 1; legislation that would require students to take a one-half unit course in financial literacy as part of a graduation requirement. This bill would also require teachers to obtain a license validation for them to be able teach financial literacy. These two requirements will provide a strong uniformity to Ohio’s educational standards.

The bill would also create the “High School Financial Literacy Fund,” which would be housed under the state treasury. The fund can consist of moneys appropriated to it, any interest or earnings from the fund and any donations, grants, gifts or moneys received. Additionally, districts or schools are required to cover the costs of teachers’ additional licensure requirements. The district or school may then seek reimbursement from the department of education for these costs; these reimbursements are paid out of the now high school literacy fund.

We believe strongly in the value of learning sound personal finance, and we also understand that this type of education is certainly occurring all throughout the state of Ohio already. Quite simply, we believe that SB 1 will ensure that each student graduating in the state of Ohio will be equipped with an adequate and sound level of financial literacy that will prepare them to enter the next stage of their life. Whether that is pursuing college or other post-secondary options, or going directly into the workforce, the foundation of having an adequate understanding of finances will benefit them greatly.

We testified in support of the measure back in February of this year. SB 1 is a top priority for the Chamber’s Education and Workforce Development Committee and has long been a priority for the Chamber. SB 1 now heads to the Ohio House for further consideration, and we are hopeful that it will move quickly through the House.