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Opponents say SB 11 47 would undermine recently negotiated statewide financial-literacy course
Summary
Supporters and opponents clashed at the Senate Appropriations Committee hearing over SB 11 47: sponsor representatives said the bill is a policy choice for financial education, while NextGen Financial and Junior Achievement argued it would undercut AB 2927s uniform course and pose equity risks in under-resourced districts.
SB 11 47, a measure before the Senate Committee on Appropriations, drew both support and opposition at todays hearing. Matt Patton of the California Agricultural Teachers Association testified in support of the bill. "Junior Achievement opposes SB 11 47" said Chris Marshall later in testimony, but the primary contest came from opponents who said the bill would undermine a recent statewide agreement.
Bob Giroux, representing NextGen Financial, said SB 11 47 "directly undermines a deal that was arrived at between the administration, the K-12 stakeholders, and others to establish a uniform, financial literacy course statewide." He told the committee the deal led to a bill that took effect in January 2025 and that negotiating the agreement removed a ballot measure in order to pass that earlier law.
Chris Marshall of Junior Achievement echoed equity concerns, arguing a mandated, stand-alone course (he referenced AB 2927) is the only way "to ensure every student, regardless of their academic track or background, receives the same quality, dedicated instruction." Marshall warned that relegating financial literacy to an alternate approach could turn instruction into a "check the box exercise in under-resourced districts."
The committee heard both sides and then, with no further questions or comments, moved SB 11 47 to the suspense file without objection. The hearing record shows sponsor and opposition testimony but no committee amendments or a floor motion at this meeting.
(Reporting note: witnesses cited AB 2927 and the fact that a previously negotiated bill took effect in January 2025; the committee did not adopt amendments or take a vote to advance the bill from appropriations during this session.)
