1.1                          A bill for an act 
  1.2             relating to education; including personal and family 
  1.3             financial management and investment education as an 
  1.4             elective for high school graduation; amending 
  1.5             Minnesota Statutes 2003 Supplement, section 120B.024; 
  1.6             proposing coding for new law in Minnesota Statutes, 
  1.7             chapter 120B. 
  1.8   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.9      Section 1.  Minnesota Statutes 2003 Supplement, section 
  1.10  120B.024, is amended to read: 
  1.11     120B.024 [GRADUATION REQUIREMENTS; COURSE CREDITS.] 
  1.12     Students beginning 9th grade in the 2004-2005 school year 
  1.13  and later must successfully complete the following high school 
  1.14  level course credits for graduation: 
  1.15     (1) four credits of language arts; 
  1.16     (2) three credits of mathematics, encompassing at least 
  1.17  algebra, geometry, statistics, and probability sufficient to 
  1.18  satisfy the academic standard; 
  1.19     (3) three credits of science, including at least one credit 
  1.20  in biology; 
  1.21     (4) three and one-half credits of social studies, including 
  1.22  at least one credit of United States history, one credit of 
  1.23  geography, 0.5 credits of government and citizenship, 0.5 
  1.24  credits of world history, and 0.5 credits of economics; and 
  1.25     (5) a minimum of eight elective course credits, including 
  1.26  at least one credit in the arts and one credit in personal and 
  2.1   family management and investment education under section 120B.21.
  2.2      A course credit is equivalent to a student's successful 
  2.3   completion of an academic year of study or a student's mastery 
  2.4   of the applicable subject matter, as determined by the local 
  2.5   school district. 
  2.6      Sec. 2.  [120B.21] [PERSONAL AND FAMILY FINANCIAL 
  2.7   MANAGEMENT EDUCATION.] 
  2.8      Personal and family financial management education provides 
  2.9   students with knowledge and opportunities for developing skills 
  2.10  that enable the student to successfully: 
  2.11     (1) establish short- and long-term personal and family 
  2.12  financial goals and plans by creating a budget and by 
  2.13  considering flows of income, spending, and saving; 
  2.14     (2) analyze short- and long-term investment options such as 
  2.15  stocks, bonds, real estate, and mutual funds by comparing the 
  2.16  risk, return, and liquidity of these instruments; 
  2.17     (3) recognize a proper role for credit and how to practice 
  2.18  risk management strategies including the use of insurance; 
  2.19     (4) explain the concepts of compound interest and the rule 
  2.20  of 72 and the applicability to both investment gains and debt 
  2.21  retirement; and 
  2.22     (5) understand how career choice, education, and skills 
  2.23  affect future income.