Massachusetts H 4670: An Act relative to personal financial literacy education

Bill Text

HOUSE  .   .   .   .   .   .   .  No. 4670 
 
The Commonwealth of Massachusetts 
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                            HOUSE OF REPRESENTATIVES, October 28, 2025.                           
 
The  committee  on  Ways  and  Means,  to  whom  was  referred  the  Bill 
relative   to   the   strengthening   of   financial   literacy   throughout   the 
commonwealth  (House,  No.  627),  reports  recommending  that  the  same 
ought  to  pass  with  an  amendment  substituting  therefor  the  accompanying 
bill (House, No. 4670). 
 
For the committee, 
 
AARON MICHLEWITZ. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
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        FILED ON: 10/28/2025 
HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 4670 
 
 
The Commonwealth of Massachusetts 
 
_______________
 
In the One Hundred and Ninety-Fourth General Court 
(2025-2026) 
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An Act relative to personal financial literacy education. 
 
 Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority 
of the same, as follows: 
 
1 SECTION 1. Chapter 29 of the General Laws is hereby amended by inserting after 
2section 2LLLLLL the following section:- 
3 Section 2MMMMMM. (a) There shall be established and set up on the books of the 
4commonwealth a separate, non-budgeted fund known as the Personal Financial Literacy 
5Education Fund, which shall be administered by the commissioner of elementary and secondary 
6education. The fund shall be credited with: (i) revenue from appropriations or other money 
7authorized by the general court and specifically designated to be credited to the fund; (ii) funds 
8from public and private sources such as gifts, grants and donations; and (iii) interest earned on 
9such revenues. Amounts credited to the fund shall not be subject to further appropriation and any 
10money remaining in the fund at the end of a fiscal year shall not revert to the General Fund. 
11 (b)(1) Amounts credited to the fund shall be expended, without further appropriation, for 
12purposes related to educating middle school and high school students on personal financial 
13literacy, including, but not limited to: (i) procurement, development and distribution of personal 

 
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14financial literacy curricular materials, including educational resources and other necessary 
15materials; (ii) professional development opportunities, including trainings, seminars, conferences 
16and materials for educators to use in the teaching of personal financial literacy; and (iii) the grant 
17program established in subsection (d). 
18 (2) In expending amounts credited to the fund, the commissioner may prioritize: (i) 
19underserved communities across the commonwealth, including those public schools or school 
20districts with high concentrations of economically-disadvantaged students; and (ii) schools 
21implementing a personal financial literacy education program for the first time consistent with 
22the standards set by the department of elementary and secondary education pursuant to section 
23102 of chapter 71. 
24 (c) Amounts received from private sources shall be approved by the commissioner of 
25elementary and secondary education and subject to review before being deposited in the fund to 
26ensure that pledged funds are not accompanied by conditions, explicit or implicit, on the 
27implementation of personal financial literacy education programming that may be detrimental to 
28the neutral and rigorous teaching of personal financial literacy or unduly influence the direction 
29of personal financial literacy education policy. The review shall be made publicly available on 
30the department of elementary and secondary education’s website. 
31 (d) There shall be a competitive grant program to promote the instruction of middle 
32school and high school students on personal financial literacy developed and administered by the 
33department of elementary and secondary education for all public schools and school districts. 
34The department may expend funds from the fund for the grant program. The department may 

 
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35provide funds and other resources to public schools and school districts as needed to ensure that 
36every public school and school district has the opportunity to apply for grants. 
37 (e) Annually, not later than October 1, the commissioner of elementary and secondary 
38education shall report to the joint committee on education, the house and senate committees on 
39ways and means and the clerks of the house of representatives and the senate on the fund’s 
40activities. The report shall include, but not be limited to: (i) the source and amount of funds 
41received; (ii) the expenditures made from the fund and the purpose of such expenditures; (iii) any 
42grants provided pursuant to subsection (d); (iv) anticipated revenue and expenditure projections 
43for the next year; (v) the number of schools and school districts that have used