Legislature(2025 - 2026)ADAMS 519
05/09/2025 09:00 AM House FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| HB90 | |
| SB39 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | HB 90 | TELECONFERENCED | |
| + | SB 39 | TELECONFERENCED | |
| + | TELECONFERENCED |
HOUSE FINANCE COMMITTEE
May 9, 2025
9:10 a.m.
9:10:20 AM
CALL TO ORDER
Co-Chair Foster called the House Finance Committee meeting
to order at 9:10 a.m.
MEMBERS PRESENT
Representative Neal Foster, Co-Chair
Representative Andy Josephson, Co-Chair
Representative Calvin Schrage, Co-Chair
Representative Jeremy Bynum
Representative Alyse Galvin
Representative Sara Hannan
Representative Nellie Unangiq Jimmie
Representative DeLena Johnson
Representative Will Stapp
Representative Frank Tomaszewski
MEMBERS ABSENT
Representative Jamie Allard
ALSO PRESENT
Representative Ted Eischeid, Sponsor; Meredith Trainor,
Staff, Representative Ted Eischeid; Brodie Anderson, Staff,
Representative Neal Foster; Senator Forrest Dunbar,
Sponsor.
PRESENT VIA TELECONFERENCE
Andrew Kushner, Senior Policy Counsel, Center for
Responsible Lending, Oakland, California; Trevor Storrs,
President and CEO, Alaska Children's Trust, Anchorage;
Claire Lubke, Economic Justice Lead, Alaska Public Interest
Research Group, Anchorage.
SUMMARY
HB 90 FINANCIAL LITERACY PROGRAM IN SCHOOLS
HB 90 was HEARD and HELD in committee for further
consideration.
CSSB 39(FIN)
LOANS UNDER $25,000; PAYDAY LOANS
CSSB 39 (FIN) was HEARD and HELD in committee for
further consideration.
Co-Chair Foster reviewed the meeting agenda.
HOUSE BILL NO. 90
"An Act establishing a financial literacy education
program for public schools; and providing for an
effective date."
9:11:18 AM
REPRESENTATIVE TED EISCHEID, SPONSOR, introduced himself.
He introduced the PowerPoint presentation "House Bill 90:
Financial Literacy Program in Schools" dated May 9, 2025
(copy on file). He explained slide 2, "WHAT IS FINANCIAL
LITERACY":
Understanding how much you earn and spend
Responsibly managing and paying off debt
Building assets to achieve personal goals
Preparing for financial security later in life
9:14:58 AM
Representative Eischeid continued to slide 3, "WHY DO WE
NEED FINANCIAL LITERACY
Only 1/3 of Americans can comfortably cover a $400
Emergency
Average credit card debt in Alaska: $8,026
Average student loan debt in Alaska: $35,821
Alaska received an "F" grade in teaching financial
literacy
Representative Eischeid continued to slide 4, "House Bill
90":
Grades 9-12
Adds a 0.5 credit in financial literacy
Course should cover topics including
Making a budget
Avoiding fraud and financial deception
Basic principles of retirement accounts
Postsecondary financial aid and scholarships
Representative Eischeid addressed slide 5, "LIST OF
INCLUDED TOPICS":
Different types of financial institutions and opening
and managing an account with a financial institution;
Making a budget;
Basic principles of money management, including
spending, credit, credit scores, and managing retail
debt, credit card debt, and other types of debt;
Basic principles of completing a loan application;
9:21:25 AM
MEREDITH TRAINOR, STAFF, REPRESENTATIVE TED EISCHEID, read
the sectional analysis (copy on file):
Section 1. AS 14.30 relating to public schools, adds a
new section
a. Directing school districts to establish and
provide a financial literacy education program,
equivalent to a half credit, for students in
grades nine through 12 that will be approved by
the Department of Education& Early Development.
And topics covered their-in.
b. Creates an exemption to this graduation
requirement for transfer students who cannot
reasonable complete the course work.
c. Provides definitions.
Section 2. Provides an applicability date of January
1, 2027, for the first graduating class that will need
to meet this requirement.
Section 3. Provides an effective date for the bill of
July 1, 2026.
9:22:32 AM
Co-Chair Foster OPENED public testimony.
Co-Chair Foster CLOSED public testimony.
9:23:15 AM
BRODIE ANDERSON, STAFF, REPRESENTATIVE NEAL FOSTER,
reviewed the fiscal note.
Representative Tomaszewski stressed that there was an
economic class and many of the issues were covered in
economics.
Representative Eischeid responded that some districts did
it.
Representative Tomaszewski agreed. He asked if the program
taught in Anchorage was developed and if it would be good
enough to implement across the districts.
Representative Eischeid responded that the bill proposed 15
topics. It allowed flexibility but also accountability and
the development of options; professional collaboration
created a fertile ground for developing good resources. He
stated that there would be a rubric based on Alaska
standards and apply it to financial literacy resources. He
stressed that there was flexibility but they would need to
cover the 15 topics
9:30:39 AM
Representative Galvin appreciated the bill and asked if it
was confirmed that there had been outcomes in other states
when it had been implemented in those states.
Representative Eischeid deferred to Ms. Trainor.
Ms. Trainor stated that Minnesota had mandatory financial
literacy course and they had the highest average credit
score in the nation.
Representative Galvin asked about page 2 of the bill, line
2, and she was curious about the timing and implementation.
Representative Eischeid responded that in the bill, page 3,
line 7 and 8, applied to students who would graduate after
January 1, 2027.
Representative Galvin it would give them one year to put
together the coursework and ensure that every graduating
student had taken the class.
Representative Eischeid responded that it was seen as an
opportunity to incorporate it into different classes, and
he was open to adjusting the dates.
Representative Galvin asked about adding an additional half
credit hour, and felt that it could cause undo stress on
teachers.
Representative Eischeid responded that it was common for
educators to integrate things into other curriculum, and it
was part of the professional work of being a teacher.
9:37:46 AM
Representative Galvin asked about the credit requirement.
Representative Eischeid replied that the work would be
equivalent to a half credit.
9:40:46 AM
Representative Bynum had lots of questions and how course
credits were dealt with, and asked about the fiscal note.
Representative Eischeid responded that the fiscal note was
generated by DEED.
Representative Bynum wanted to see success in some form but
did not want the fiscal note to be a barrier.
HB 90 was HEARD and HELD in committee for further
consideration.
9:45:53 AM
CS FOR SENATE BILL NO. 39(FIN)
"An Act relating to loans in an amount of $25,000 or
less; relating to financial institutions; relating to
the Nationwide Multistate Licensing System and
Registry; relating to pawnbroker licensing exemptions;
relating to deferred deposit advances; relating to
computing interest; and providing for an effective
date."
9:47:16 AM
Co-Chair Foster OPENED public testimony.
9:47:50 AM
ANDREW KUSHNER, SENIOR POLICY COUNSEL, CENTER FOR
RESPONSIBLE LENDING, OAKLAND, CALIFORNIA (via
teleconference), spoke in support of the legislation.
9:51:36 AM
TREVOR STORRS, PRESIDENT AND CEO, ALASKA CHILDREN'S TRUST,
ANCHORAGE (via teleconference), supported the bill.
9:53:45 AM
CLAIRE LUBKE, ECONOMIC JUSTICE LEAD, ALASKA PUBLIC INTEREST
RESEARCH GROUP, ANCHORAGE (via teleconference), spoke in
support of the legislation.
9:57:04 AM
Co-Chair Foster noted that they could take up the bill
again at 1:30. He was going to keep public testimony open
for now.
SENATOR FORREST DUNBAR, SPONSOR, looked forward to
returning later.
CSSB 39 (FIN) was HEARD and HELD in committee for further
consideration.
ADJOURNMENT
9:58:22 AM
The meeting was adjourned at 9:58 a.m.