Senate Bill 17 was approved by the House on a republican basis in Columbus, Ohio (WCMH) on Wednesday.
Representative Adam Bird (R- New Richmond) stated, “This is something that our students need.”
The law did accomplish three items:
- For marks 9 through 12, require the State Board of Education to use educational concepts of free market capitalism into the standards and type curriculum for economic literacy and entrepreneurship.
- Force students to successfully complete either AP Microeconomics or APS Macroeconomico in order to meet the financial literacy need.
- Without obtaining a financial education registration, permit math instructors to teach the subject.
Representative Joe Miller (D-Amherst) stated that this bill was “part partisan messaging, part ideological warfare.”
The requirement to include capitalism in financial literacy may raise the existing 27 requirements by ten.
A semester course has increased by 38%, according to Representative Sean Brennan (D-Parma). “We can’t just keep adding to our teachers’ plates in Ohio; they’re already worn out, and if you add more to their plates, you put more on children’s plates.”
Bird said, “This does not require more time to get spent, simply use these.”
Math, cultural studies, or business can already be taught using capitalism standards. The requirements are:
- Work, raw materials, and money are all privately owned.
- People are in charge of their own capacity to work and make money.
- Exclusive ownership of cash can take many different forms, such as through a family business, publicly traded company, or bank.
- The only way to let producers and consumers know that information about the supply and demand of goods and services is constantly changing is through business costs.
- Gain made in a complimentary market exchange can be consumed, saved, reinvested, or distributed to shareholders by both sellers and buyers.
- Asset price appreciation and loss, volunteer capital equity exchange, and open and closed markets are all components of wealth creation.
- Entrepreneurship and innovation are positively correlated with the complimentary business.
- The cost of some financial activities may be borne by third parties in the free market, which may also include externalities and business failures.
- Plans like legally binding contracts, patent protections, and the prevention of externalities are frequently supported by the free business.
- Political and personal rights are frequently embraced in free-market cultures.
According to Scott DiMauro, president of the Ohio Education Association, “The content related to capitalism really isn’t new.” Although it is new to the financial education course, it has already been covered in the curriculum, so maybe neither teachers nor students will have to spend a lot of time on it.
According to DiMauro, a key component of the invoice is the increased flexibility with which capitalism is taught and the ability for students taking an AP-level economics course to choose not to be financially literate.
He said, “Having an AP levels economics course to also allow for that to be covered, I think only, again, recognizes that there are various ways to learn the content.” When you consider the implementation of this requirement across the state, I don’t think it’s going to have much of an impact.
He claimed that freedom is something that promotes the success of college towns. Additionally, the act enables algebra instructors to impart financial literacy without obtaining a license in that field.
Miller said, “Let’s allow non-certified and taught math educators to teach the sure. This is bad policy.”
Before being sent to the president’s office, the bill still has one more ballot.