Legislature(2025 - 2026)SENATE FINANCE 532
04/04/2025 09:00 AM Senate FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| SB146 | |
| SB22 | |
| SB6 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | SB 146 | TELECONFERENCED | |
| + | SB 22 | TELECONFERENCED | |
| + | SB 6 | TELECONFERENCED | |
| = | HB 56 | ||
SENATE BILL NO. 22
"An Act establishing a financial literacy education
program for public schools; and providing for an
effective date."
9:56:06 AM
SENATOR BILL WIELECHOWSKI, SPONSOR, related that the
requirement could be incorporated into a number of
different classes. He cited that Alaska had some of the
worst FAFSA Free Application for Federal Student Aid
(FAFSA) completion rates in the country. He reported that
Alaskans carried and average of $8,000 in credit card debt.
He noted that nationwide, 55 percent of people had less
than $1,000 in savings and only one-third could cover a
$400 expense comfortably. He thought it was incumbent upon
Alaska's schools to teach budgeting and basic principles of
money management.
Co-Chair Hoffman thought that the bill could apply to many
of the financial issues currently facing the state.
9:58:40 AM
Senator Kaufman wondered why the bill had not been
incorporated into other education reform legislation.
Senator Wielechowski relayed that he would certainly
support the incorporation of the legislation into another
education reform bill currently circulating through the
legislature.
Senator Kaufman noticed the specificity in the bill and
referenced page 2, line 22 which included "financial
implications of being a member or a beneficiary of a Native
Corporation," and wondered whether the language wasn't too
specific.
Senator Wielechowski relayed that the provision had been
added the previous year during the committee process. He
said he was open to discussion about modification of the
language.
10:00:47 AM
ROSS GOBLE, BOARD MEMBER, JUNIOR ACHIEVEMENT ALASKA (via
teleconference), offered strong support for the bill. He
noted that over 50 percent of Alaska's youth felt
underprepared to handle their financial lives into
adulthood. He thought the bill offered a pro-active
solution for educating Alaska's future on financial
literacy and would provide them tools to navigate the
financial world.
10:03:07 AM
TIM SULLIVAN, EXECUTIVE DIRECTOR, FINANCIAL REALITY
FOUNDATION (via teleconference), testified in support of
the legislation. He noted that for the last 15 years, the
Financial Reality Foundation had worked in high school to
educate students on financial literacy. He looked forward
to collaborating with the Department of Education and Early
Development (DEED) on the creating the curriculum.
10:04:38 AM
LAUREN MACVAY, PRESIDENT AND CEO, TRUE NORTH FEDERAL CREDIT
UNION, spoke in ardent support of the legislation. She
relayed that True North Federal Credit Union (TNFCU) had a
webpage that included financial wellness but that the page
was not sought by clients. She felt that the curriculum
should be brought to people in order for them to engage and
that putting the information in classrooms was highly
effective. She stressed that talking about fundamental
financial literacy would lead to a deeper curiosity and
understanding of financial education.
10:07:19 AM
Co-Chair Hoffman OPENED public testimony.
10:07:36 AM
KATIE CAPOZZI, PRESIDENT AND CHIEF EXECUTIVE OFFICER,
ALASKA CHAMBER OF COMMERCE, ANCHORAGE (via teleconference),
spoke in support of the bill. She stated that introducing
financial literacy to young people would benefit the whole
of society. She noted that there were many free or low-cost
resources to support financial education outlined in SB 22.
She encouraged passage of the bill.
10:09:56 AM
Co-Chair Hoffman CLOSED public testimony.
Senator Kiehl addressed a fiscal note from Department of
Education and Early Development, OMB Component 2796, which
reflected a one-time cost of $76,000on FY2026.
Senator Wielechowski commented that the fiscal note could
be significantly reduced.
SB 22 was HEARD and HELD in committee for further
consideration.