Bill changing graduation requirements moves forward in Senate, despite dispute over financial literacy class

Feb. 5—A new set of high school graduation requirements won approval Monday from the Senate Education Committee — but not without disagreement over whether the state should require students to take financial literacy courses.

Sponsored by Rep. Andrés Romero, D-Albuquerque, and Rep. Ryan Lane, R-Aztec, House Bill 171 is designed to maximize student choice where possible, in hopes of alleviating the state's high rates of chronic absenteeism.

But under the current version of the bill, that level of choice also means students can elect not to take a financial literacy course in high school that some advocates argue is critical.

The Senate Education Committee was tasked with balancing two things: student choice and the state's responsibility to mandate certain high school coursework. The committee ultimately opted not to change the bill's financial literacy provision in a 5-3 vote.

"It gets in the way of the flexibility and options when we overly restrict or say exactly what students have to have," said Sen. Bill Soules, D-Las Cruces.

"Every additional requirement we put on means some kid can't do band the last year because they have to take an extra course," he added. "Or they can't take the [career-technical education] classes that keep them in school because there's another required course."

HB 171 passed the House in a 57-1 vote Thursday. It's expected to secure Gov. Michelle Lujan Grisham's approval, too, because it keeps the total number of credits required to graduate at 24. Lujan Grisham vetoed a similar bill last year, noting in her veto message it "weaken[ed] graduation standards" by decreasing required units of credit to 22 from 24.

Whether financial literacy should be offered as a required, standalone course is the bill's primary sticking point.

HB 171's proponents argue financial literacy is baked into the bill, which imposes an additional semester of social studies designed to include personal finances and civics. The measure also maintains current requirements for schools to offer financial literacy courses and accept them as a math class credit.

The state's new social studies standards — which went into effect this school year — embed financial literacy concepts from kindergarten to 12th grade, Romero said.

He would know: He teaches social studies at Atrisco Heritage Academy High School in Albuquerque.

"We as teachers are teaching to those standards," he assured the committee.

Time is also a factor in whether or not HB 171 could be amended to require financial literacy. With just nine days remaining in the legislative session, the bill likely wouldn't make it across the finish line if it were amended and sent back to the House for reapproval.

Still, some argued a standalone class in financial literacy — teaching students the basics of credit, debt, budgeting and more — is essential to giving high-schoolers a solid foundation for the future.

In the "chicharron burrito" of high school graduation requirements, State Treasurer Laura Montoya told the committee, a semester of financial literacy isn't an insignificant dusting of salt and pepper.

"This is the chile," Montoya said. "Financial literacy is a requirement that we all need to have here in New Mexico to give our children an opportunity to make good, healthy and better decisions financially."

Several other people agreed, including representatives from financial institutions, education organizations and even a high school student.

"It's very important that it's a full semester — there's a lot to be taught — not an optional course like in House Bill 171, not embedded in another course like in House Bill 171," Fred Nathan, executive director of the think tank Think New Mexico, told legislators.