SENATE BILL 17
Summary of Senate Bill 17
|
SPONSOR
Senator Steve Wilson, District 7 TARGETS K-12 School Districts State Board of Education DESCRIPTION State Board of Education must incorporate specific concepts of "free market capitalism" into the standards and model curriculum for financial literacy and entrepreneurship for grades 9-12. |
COMMITTEE
House Primary and Secondary Education Committee Previously Senate Education Committee INTRODUCED January 11, 2023 TESTIMONY Read Testimony | Watch House Testimony Watch Senate Testimony BILL General Info | As-Written | Analysis |
What does Senate Bill 17 do?
Senate Bill 17 requires the State Board of Education to add the following concepts about “free market capitalism" to high school financial literacy standards and model curriculum:
- “Raw materials, labor, and capital, the three classical factors of economic production, are privately owned
- ‘Individuals control their own ability to work, earn wages, and obtain skills to earn and increase wages
- “Private ownership of capital may include a sole proprietorship, a family businesses, a publicly traded corporation, a group of private investors, or a bank
- “Markets aggregate the exchange of goods and services throughout the world. Market prices are the only way to convey so much constantly changing information about the supply of goods and services, and the demand for them, for consumers and producers to make informed economic decisions for themselves
- “Wealth is created by providing goods and services that people value at a profit, and both sellers and buyers seek to profit in some way in a free market transaction. Thus, profit earned through transactions can be consumed, saved, reinvested in the business, or dispersed to shareholders
- “Wealth creation involves asset value appreciation and depreciation, voluntary exchange of equity ownership, and open and closed markets
- “The free market is driven by, and tends to produce, entrepreneurship and innovation
- “The free market can include side effects and market failures where at least part of the cost of the transaction, including producing, transporting, selling, or buying, is born by others outside of the transaction
- “The political features of the free market, including legally protected property rights, legally enforceable contracts, patent protections, and the mitigation of side effects and market failures
- “Societies that embrace the free market often embrace political and personal freedom as well”
What is our position on Senate Bill 17?
OPPOSE
Financial Literacy vs Economics
SB 17 conflates financial literacy with economics, forcing economic content where it does not belong. The Ohio Department of Education states that financial literacy "focuses on individuals or families making the best financial decisions in the present and planning for a strong financial future, " while economics "is as an area of study in the social sciences concerned chiefly with description and analysis of the production, distribution and consumption of goods". Economic concepts about "free market capitalism" and other market systems are already taught in Ohio social studies learning standards.
Resources:
Biased, Incomplete Perspective
SB 17 promotes a biased, American Exceptionalism perspective about "free market capitalism" that does not include a comprehensive understanding about the adverse impacts of capitalism, inherent inequities, or the historical context of the enslavement of adults and children to drive the free market engine. Education about any economic system should include a deep understanding of its historical and current applications.
State Board of Education and Education Professionals Should Develop Curricula Content and Standards
Per law, the State Board of Education is required to develop and adopt model curricula and academic standards. This important work is done in consultation and closed collaboration with the Department of Education, trained educators, and education professionals. Legislators wanting to improve Ohio education content should consult with the State Board, Department of Education, and trained eduction professionals to develop meaningful education policy.
Resources:
SB 17 conflates financial literacy with economics, forcing economic content where it does not belong. The Ohio Department of Education states that financial literacy "focuses on individuals or families making the best financial decisions in the present and planning for a strong financial future, " while economics "is as an area of study in the social sciences concerned chiefly with description and analysis of the production, distribution and consumption of goods". Economic concepts about "free market capitalism" and other market systems are already taught in Ohio social studies learning standards.
Resources:
- Learn more about Ohio K-12 Financial Literacy
- Financial Literacy Model Curriculum
- Financial Literacy Standards
- Social Studies Learning Standards
Biased, Incomplete Perspective
SB 17 promotes a biased, American Exceptionalism perspective about "free market capitalism" that does not include a comprehensive understanding about the adverse impacts of capitalism, inherent inequities, or the historical context of the enslavement of adults and children to drive the free market engine. Education about any economic system should include a deep understanding of its historical and current applications.
State Board of Education and Education Professionals Should Develop Curricula Content and Standards
Per law, the State Board of Education is required to develop and adopt model curricula and academic standards. This important work is done in consultation and closed collaboration with the Department of Education, trained educators, and education professionals. Legislators wanting to improve Ohio education content should consult with the State Board, Department of Education, and trained eduction professionals to develop meaningful education policy.
Resources:
TAKE ACTION
HOW TO SUBMIT TESTIMONY
**DO NOT SEND TESTIMONY UNTIL THE APPROPRIATE HEARING IS ANNOUNCED**
STEP 1:
PREPARE YOUR TESTIMONY
Read tips for preparing and submitting testimony HERE
STEP 2:
EMAIL TESTIMONY DOCUMENTS TO COMMITTEE
Email a PDF of your testimony & this completed Witness Slip to
OHRPrimary&[email protected]
**IMPORTANT**
Do NOT send your testimony until the appropriate hearing is announced.
You must submit your testimony 24 hours ahead of the scheduled hearing.
Indicate in your email that you are submitting opposition testimony for SB 17 and ask for a confirmation of receipt.
All testimony will be uploaded HERE
STEP 3:
ARRIVE EARLY FOR IN-PERSON TESTIMONY
Arrive at least 1 hour prior to the scheduled hearing
There is convenient parking in the Statehouse Parking Garage