Connecticut legislature passes League-supported financial literacy bill
The Credit Union League of Connecticut praised the State Legislature for its overwhelming approval Tuesday night of a bill making financial literacy education a requirement for all seniors graduating high school in 2027. The legislation passed the State House by a wide margin of 138-12, and it previously passed the State Senate by a margin of 35-1. It has been sent to Governor Lamont for his signature.
Bruce Adams, CEO of the Credit Union League of Connecticut, has pushed for passage of financial literacy education legislation on behalf of his members for several years. In addition to seeking a graduation requirement, this year he renewed the League’s strong support for State Treasurer Erick Russell’s initiative to achieve funding for the first-in-the-nation Baby Bonds program, which invests funds on behalf of children born into poverty for wealth-building purposes and requires participants to complete a financial literacy course.
“For too many years, students living in impoverished communities in Connecticut have suffered from lack of access to basic financial literacy education that other students in wealthier communities have enjoyed. This lack of access perpetuated the systemic, intergenerational poverty trap in which many of our residents find themselves almost hopelessly stuck, but finally, this bill gives every student the access and opportunity they deserve and gives them an equal shot at a successful future,” Adams said. “I applaud the State Legislature for passing this by such a wide margin, and I cannot thank Treasurer Russell enough for being a true champion of financial education.”
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