Legislature(2025 - 2026)ADAMS 519
05/15/2025 10:00 AM House FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| HB90 | |
| HB28 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 90 | TELECONFERENCED | |
| += | SB 156 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | HB 28 | TELECONFERENCED | |
HOUSE BILL NO. 90
"An Act establishing a financial literacy education
program for public schools; and providing for an
effective date."
10:16:05 AM
REPRESENTATIVE TED EISCHEID, SPONSOR, thanked the committee
for hearing the bill creating financial literacy
requirements for high school graduation. The bill required
school districts to create a financial literacy program. He
clarified that it was not necessarily a standalone course.
10:17:19 AM
MEREDITH TRAINOR, STAFF, REPRESENTATIVE TED EISCHEID, did
not have any remarks at the time.
Representative Johnson thought back to her high school
days. She was not necessarily opposed to the idea, but she
wondered why a new requirement was needed. She did not want
to get into piece meal-ing 100 different programs that
was part of general education for schools.
Representative Eischeid replied that as they looked at
different education priorities in the state, for example,
the Alaska Reads Act by the governor. He felt that it came
down to equity. If they were important skills for
individuals, everyone should have it.
Representative Johnson stated it did not get to the point
of why they should have a separate requirement.
10:22:50 AM
Representative Eischeid clarified that the bill did not
require a standalone course; it could be integrated into
another lesson. There were many people who could calculate
but they did not necessarily have financial literacy. He
knew many people who had math skills but had not managed
their financial lives well.
Representative Johnson asked about the reason for the
legislation.
Representative Eischeid answered that if a person knew how
to manage their money, they might be more successful in
society. He remarked that the average credit card debt in
Alaska was over $8,000, so with the education, he thought
people would take action to avoid those kinds of financial
pitfalls. When he had been empowered with the skills and
knowledge he usually took appropriate actions.
10:26:09 AM
Representative Tomaszewski liked the bill. He shared that
he had been required to take an economics course. He did
not want to take the class when he had been told he was
required to; however, it ended up being his favorite and
memorable class. He was happy to have taken the class and
thought perhaps it was why he had been self-employed in his
career.
Representative Eischeid replied that the Anchorage School
District provided the program for freshman and it was up to
the school district how to deliver financial literacy. The
equivalent of half a course over four years.
Representative Tomaszewski did not want to put so much
burden on school districts to have to do it annually.
10:29:35 AM
Representative Hannan asked how many districts in Alaska
already required a financial class for graduation.
Representative Eischeid replied that he did not know.
Representative Hannan clarified she thought it was
overreach to tell a district it had to teach financial
literacy. Her concern was having it be a requirement to
graduate.
10:31:54 AM
Representative Eischeid clarified that he had stated there
were financial literacy issues in Anchorage and Fairbanks,
and rural districts that may or may not have the ability to
implement.
Representative Hannan stated that he kept saying to the
amount practicable.
Representative Eischeid stated that kids who had
transferred were not subject to the requirement.
Representative Hannan thought it was an unfunded mandate on
school districts.
10:36:19 AM
Co-Chair Foster noted he would set an amendment deadline
for Friday at 5:00 p.m.
Representative Allard thanked her colleague from Juneau who
was an expert as she had been a teacher for many years. She
had addressed her concerns.
Representative Eischeid answered that AML was not
supportive of the bill, but other entities had supported
it. He felt that one would assume with math education that
people would understand financial literacy, but it was not
the case.
Ms. Trainor spoke to the fiscal note from the Department of
Education and Early Development (DEED) with a cost of
$76,000.
10:44:12 AM
Representative Allard thought everyone should be treated
the same and standards should be the same across the state.
Representative Bynum asked Co-Chair Foster to repeat the
amendment deadline.
Co-Chair Foster replied that the deadline was Friday, May
16 at 5:00 p.m.
Representative Bynum believed the topic was particularly
important and he thought kids needed a better idea on what
it meant to balance a checkbook and other issues.
10:48:39 AM
Representative Eischeid clarified there was nothing in the
bill that talked about checkbooks. He believed financial
literacy was a priority and putting it in a bill reflected
that.
Ms. Trainor added that the office took a look at
administrative code and the statute question.
10:51:39 AM
Representative Bynum wanted more elaboration on the issues
brought up by Representative Hannan about how to make a
school district comply.
Representative Eischeid stated he had been an educator for
25 years. He stated that change was hard. In each of the
situations he had become a better teacher because it had
forced him to change. He believed sometimes school
districts should be pushed if it was important.
10:55:36 AM
Representative Bynum stated his other concern related to
chapter 30, which gave direction to school districts about
how to apply the program.
Representative Eischeid deferred to Legislative Legal
Services.
Representative Stapp did not think the bill went far
enough. He thought it should be a three credit requirement.
11:00:37 AM
Representative Eischeid appreciated the comments. He
respected the sensitivity from other member comments and
his goal was to find a balance to get the bill forward.
Representative Stapp heard a lot about unfunded mandates,
and he thought it depended on the topic how people seemed
to feel.
Representative Eischeid stated that the legislature funded
schools and the bill would be a mandate; therefore, he
viewed it to be a funded mandate.
11:03:54 AM
Representative Jimmie was a little worried about the idea.
She stated the idea was relevant and she appreciated the
bill because she wanted children to succeed. She asked if
there was a way to make the bill requirement not impact a
student's grades.
Representative Eischeid stated that the bill specified the
topic should be taught, but he did not really know how to
answer the question pertaining to grades.
11:06:20 AM
Co-Chair Josephson asked if it was possible to do the class
requirement in a couple of weeks.
Representative Eischeid replied that he believed that the
requirement could be completed in an intensive.
Co-Chair Josephson found the number ludicrous, and stressed
that there was some frustration about the cost of the
program.
Representative Eischeid felt that there was no way to make
all parties happy.
Representative Tomaszewski stressed that the state was
supposed to be teaching kids to read. He outlined all the
aspects of participating as an adult in the economy, such
as opening bank accounts, holding an identification card,
and applying for loans.
11:12:48 AM
Representative Bynum thought that it would be an additional
burden on school districts to implement this requirement.
He asked about the reasoning for the department's
involvement in the proposal.
Representative Eischeid thought accountability was
essential to the success of the program.
Representative Bynum asked about any other items, besides
the Alaska Reads Act, with the same obligation of
Department of Education and Early Development (DEED).
Representative Eischeid was not aware of anything. He
deferred to Ms. Trainor.
Ms. Trainor asked for a repeat of the question.
Representative Bynum complied. He asked outside of the
Reads Act whether there were any other programs required to
be overseen by DEED.
Ms. Trainor answered that what was in the bill was a middle
ground between including it in AAC and statute.
11:18:46 AM
Representative Hannan addressed comments by other committee
members. She was consistent on education policies where
something was mandated for graduation. Her primary
objection to the bill was not about the content but about
mandating a specific requirement to graduate. She did not
think it was the legislature's role.
11:21:46 AM
Representative Johnson stated her concerns were about the
specifics of what would be taught in the class. She
remarked about the possibility of influencing a mindset.
She personally felt that teaching about managing debt took
on a social position.
Co-Chair Foster reiterated the amendment deadline.
Representative Eischeid remarked on the robust discussion.
He asked people to look at the bill again and explained
that it was not a standalone course. The bill was an effort
to teach about living within a person's means.
HB 90 was HEARD and HELD in committee for further
consideration.
11:25:47 AM
AT EASE
11:29:57 AM
RECONVENED
| Document Name | Date/Time | Subjects |
|---|---|---|
| HB 28 Amendments 1-7 051425.pdf |
HFIN 5/15/2025 10:00:00 AM |
HB 28 |
| HB 28 Other_State_Loan_Repayment_Assistance_Programs051525.pdf |
HFIN 5/15/2025 10:00:00 AM |
HB 28 |