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.