A big win for banking, schools, and the economy
LANSING, Mich.- The Michigan Bankers Association (MBA) commends Governor Gretchen Whitmer for signing HB 5190 – requiring all Michigan high schoolers to take a half-credit financial literacy course as part of the Michigan Merit Curriculum graduation requirements.
“The MBA is grateful to Governor Gretchen Whitmer for signing this very important legislation,” stated T. Rann Paynter, President, and CEO of the MBA. “House and Senate lawmakers from both parties responded to the needs of our young people. As an investment in our economy and more importantly, our people, the MBA led the coalition to support HB 5190 to ensure every high school student receives the fundamentals of personal finance before graduating regardless of their path to college, trades, or directly to the workforce.”
Michigan banks, Michigan bankers, and the Michigan Bankers Association have long supported financial literacy. From cradle to grave financial literacy or competency changes from differentiating needs and wants to protecting assets accumulated during one’s lifetime for retirement or one’s legacy. Our industry has become increasingly complex from all perspectives, including the consumer. Now more than ever, as study after study shows, competence in understanding and navigating the world of financial services is fundamental to success.
HB 5190, sponsored by House Financial Services Chairwoman Diana Farrington, Representative Jeff Yaroch, Representative Douglas Wozniak, Representative Sue Allor, Representative Gary Howell, Representative Ann Bollin, Representative Helena Scott, Representative Sarah Lightner, Representative Julie Alexander, Representative Steve Marino, and Representative Shri Thanedar, does not add to the Michigan Merit Curriculum but instead allows one semester of personal finance to replace one semester of a math, visual arts, or foreign language credit. Students can still take additional foreign language credits if they wish as elective courses. The bill sponsor and other stakeholders worked diligently to maximize flexibility for students and educators by allowing the personal finance course to replace a course in the areas of foreign language, math, or art; and to allow the local districts authority to make that determination based on their students unique circumstances and needs. The Michigan House committee addressed the issue via testimony last fall. The bill was reported out of committee to the House floor where it received bipartisan support.
Coalition members include Associated Builders and Contractors, Ballmer Group, Catholic Conference, Community Bankers of Michigan, CEDAM, Gilbert Group, Grand Rapids Chamber of Commerce, Junior Achievement, Michigan Bankers Association, Michigan Certified Public Accountants, Michigan Chamber of Commerce, Michigan Credit Union League, Habitat of Humanity, Michigan Mortgage Lenders, Money Matters for Youth, National Association of Insurance and Financial Advisors, Next-Gen Financial Literacy, Oakland School District, Realtors Association, Small Business Association of Michigan, Wayne Regional Education Service Agency.
About the Michigan Bankers AssociationThe Michigan Bankers Association (MBA), the voice of the banking industry since 1887, consists of Michigan financial institutions with more than 2,800 branches located throughout the state. The MBA promotes strong communities and economic activity in Michigan by advancing a positive business environment. MBA assists banks by offering products and services to reduce expenses and increase profitability through the strength of the association. For more information, visit www.mibankers.com. ###
