The financial literacy legislation was first introduced when the senator. Rick Scott was the Governor of Florida was signed into law Tuesday. On Wednesday morning, Scott approached the concept favorably before offering his own suggestions for additions.
Scott, during an appearance on the Fox Business Network, was asked about SB 1054. The so-called “Dorothy L. Hukill Financial Literacy Act” requires schools to “establish specific curriculum content for, at a minimum, personal financial literacy and money management” beginning with students entering 9th grade. year during the 2023-24 school year.
Bill is named after the late Sen. Dorothee Hukillwho championed the initiative during his tenure in the Legislative Assembly.
Students will learn how to open bank accounts, balance a checkbook, manage money, credit scores, personal debts, loan applications, federal income taxes, and different types of investments. Scott suggested learning basic bookkeeping wouldn’t be a bad idea either.
“What I always tell everyone is that you should take two years of accounting in high school because you really need to understand how businesses work. Because if you’re going to start your own business, if you’re going to work for a company, you have to know how it works, because you’ll know where you fit in,” Scott said in a Fox interview. Business Network Wednesday.
Urged by the host Stuart Varney to define accounting, Scott said “it’s like basic accounting”.
“It’s about how balance sheets work, how income statements work, and how cash flow statements work,” Scott explained. “Because it’s really the basis of how business works. It’s basic accounting.
As mentioned, the financial literacy bill was a living legislative proposition for much of Scott’s time in Tallahassee. Sen. Travis Hutsona Republican from St. Johns County, first introduced his version of the legislation in 2018, following the death of Senator Hukill, who had introduced the bill since 2014.
Hutson again sponsored the 2022 version, which the government. Ron DeSantis has now signed the law.