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2001 SESSION

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HB 2365 Banking-at-School Partnership Demonstration Program.

Introduced by: Dwight Clinton Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Banking-at-School Demonstration Program. Creates the Virginia Banking-at-School Demonstration Program as a resource to provide learning opportunities and practical experiences that allow students to apply knowledge and skills, thus reinforcing conventional classroom efforts at attaining those objectives of the Standards of Learning for Mathematics, English, History and Social Studies, and Computer Technology. Only public schools are eligible to receive grants for demonstration projects that establish school banks operated, administered, and managed for students by students. The Board of Education must establish guidelines, in consultation with the State Corporation Commission's Bureau of Financial Institutions, the State Council of Higher Education, and the Virginia Bankers Association, for the governance of school banks and other components of the demonstration projects. Public schools desiring awards for demonstration projects must, among other things, establish partnerships with financial institutions and public or private institutions of higher education, and designate qualified school employees to supervise school banks and to work with participating students. Student participation in the school bank is voluntary; however, students must provide written permission from a parent to participate as a "student bank employee" or student customer. Public schools must also develop connections between the SOL objectives, the school bank, and class instruction and assignments to reinforce learning and the application of knowledge and skills. Parents of participating students are required to participate in and support the school bank. They must also agree to be responsible for helping students understand their responsibilities and obligations as "student bank employees" and student customers. Further, parents must agree to accept financial responsibility for any obligation incurred by the students while participating in the school bank. Partner institutions of higher education are required to provide both rigorous supplementary academic programs to identified "student bank employees" who have demonstrated the potential and interest in pursuing a career in business or finance and mentors for student customers. Such institutions must also provide related coursework to participating school and bank employees. The coursework for licensed school employees must qualify to be used toward credits required for license renewal. Partner financial institutions are required to establish school banks and to train "student bank employees" and participating school employees concerning the operation and administration of financial institutions, business and personnel management, entrepreneurships, simple and compound interest, investments, good work habits and other personal skills, oral and written communications, interest rate-setting, stocks, bonds, money markets, electronic transfers and online banking, the American and Virginia economic systems, global economics, and other matters pertaining to the world of business, economics, and finance. The provisions of the bill expire on July 1, 2005.

This bill, substantially revised, was the recommendation of the Joint Subcommittee Studying the Status and Needs of African-American Males in Virginia in the 2000 Session.


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