(a) There shall be a pilot program to equip students with the knowledge and skills needed to become self-supporting and to enable students to make critical decisions regarding personal finances. The department of elementary and secondary education shall develop a 3-year pilot program for 10 public high schools on financial literacy education for implementation in the school year beginning in 2013. The pilot program shall be a competitive grant process for high schools in gateway municipalities, as defined in section 3A of chapter 23A of the General Laws. The proposed curricula on financial literacy of schools applying for the pilot program shall be aligned with the math curriculum frameworks. The department shall identify and offer to schools applying for the pilot program information on cost-effective methods for fulfilling the professional development activities and resources needed for program implementation. The department may consult with private, nonprofit or other government institutions in order to identify and offer said information. The department shall develop guidelines for an annual review of the progress being made by each pilot school. Each school shall participate in any evaluation or accountability process implemented by or authorized by the department.
The department shall prepare and submit an annual report describing and analyzing the implementation of the pilot program in all participating schools to the joint committee on education, the house and senate committees on ways and means, and the office of the state treasurer on or before September 30 of each pilot year.
(b) The department shall establish an advisory committee to consist of 11 members: the commissioner of the department of elementary and secondary education, or a designee, who shall serve as co-chair; the state treasurer, or a designee, who shall serve as co-chair; 2 public high school educators who have taught programs on financial literacy, 1 of whom shall be appointed by the Massachusetts Teachers Association and 1 of whom shall be appointed by American Federation of Teachers Massachusetts; 1 superintendent of a public high school, selected by the Massachusetts Association of School Superintendents; the undersecretary of the Massachusetts office of consumer affairs and business regulation, or a designee; 1 member appointed by the Massachusetts Bankers Association; 1 member appointed by the Massachusetts Credit Union League; 1 member appointed by the Massachusetts Council on Economic Education; and 2 Massachusetts community college or state university professors who teach financial literacy or personal finance, to be appointed by the commissioner of higher education.
The advisory committee shall meet no less than quarterly for the first 4 years after the effective date of this section. The committee shall continue to meet thereafter for a time period to be determined by the advisory committee co-chairs. The department shall consult with the advisory committee regarding metrics and guidelines for evaluating the success of the pilot program, as established in subsection (a). Following the first 3 years of implementation, the advisory committee shall review the pilot program and issue a report of its findings including an analysis of all relevant data so as to determine the effectiveness of the program. The report shall include specific legislative recommendations, including whether the program should be expanded, maintained or discontinued. The advisory committee shall report to the joint committee on education, the house and senate committees on ways and means, and the office of the state treasurer on or before December 31, 2016.