* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Mitchell
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
Promoting Financial Literacy in Baltimore City Public Schools
FOR the purpose of urging the Baltimore City Public School System to begin promoting the idea of financial literacy among students and to utilize Operation Hope's "Banking on the Future" Campaign by introducing the concept of financial literacy in schools in order to teach students the idea of fiscal responsibility from a young age.
Body
Recitals
Financial literacy is a concept that has gained some traction among educators as a way to teach students the idea of fiscal responsibility from a young age. Financial literacy is especially important today with personal savings rates a their lowest levels in decades and with personal bankruptcies on the rise. Baltimore City Schools should take the step that many other school districts have taken. In 2005, the Virginia General Assembly mandated that students were to be instructed on the principles of the American economic system in order to promote "economics education and financial literacy". The Assembly further expounded on the objectives of this path of educations by adding that this program should teach:
* Education and personal living finances
* Learning about personal and business money management
* Learning how to open a bank account and how to differentiate banks in terms of services offered
* Balancing a checkbook
* Implications of Debt and Debt Management
* Consumer rights
While most would agree that these are essential skills to be learned in a modern society, children are not getting the education and guidance necessary to make sound future financial decisions.
Operation Hope is a non-profit organization that fights poverty in urban areas. One of the main initiatives of Operation Hope is the "Banking on our Future" Campaign. This campaign seeks to promote the idea of financial literacy in urban schools. Through this initiative and utilization of volunteer instructors from the financial community, school systems are able to promote the concepts of financial literacy to those who need it most, at zero cost. Building on four modules of instruction; Basics of Banking, Checking and Saving Accounts, the Power of Credit, and Basic Investments, children will gain the tools necessary to be able to participate fully in our confusing financial world. Since it would come at virtually no expense to the school system, there should be no reason for City Schools not to participate and advocate this type of learning for our children.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF BALTIMORE, That this Body urges the Baltimore City Public School System to begin promoting the idea of financial literacy among students and to utilize Operation Hope's "Banking on the Future" Campaign by introducing the concept of financial literacy in schools in order to teach students the idea of fiscal responsibility from a young age.
AND BE IT FURTHER RESOLVED, That a copy of this Resolution be sent to the Mayor, the Baltimore City Board of School Commissioners, Dr. Charlene Boston, the State Board of Education, the Baltimore City Delegation to the 2007 Maryland General Assembly, and the Mayor's Legislative Liaison to the Baltimore City Council.
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