Financial literacy bill passes Wisconsin Assembly

MADISON, Wis. (WMDX) – A bill that would require graduating Wisconsin high school students to have taken a course in financial literacy passed the state’s Assembly Wednesday nearly unanimously.

The bill, 2023 Assembly Bill 109, would mandate that students would need to take and pass a half-credit of financial literacy in order to graduate as of 2028.

Rep. Ryan Clancy (D-Milwaukee) was the only one to vote against the bill, while Reps. Greta Neubauer (D-Racine) and Donna Rozar (R-Marshfield did not vote. The bill passed 95-1. It had previously unanimously passed the Assembly’s Committee on Education.

Many insurance and financial lobbyists registered in support of the bill, as well as many of the state’s banks and credit unions, but education-affiliated groups were largely neutral. The Wisconsin Association of School Boards said that they had concerns about the lack of funding for the mandate and would change their position on the bill if it would cause a financial burden for its member school boards. No groups registered in opposition to the bill.

The bipartisan bill would still need to be signed into law by Gov. Evers. 53 state legislators signed on as co-sponsors of the bill.