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CapitolBeat
by Jason Fox
June Primary
Legislature Expected to See Big Shake-up
W
While the end of the 2022 legislative
session is in sight, the focus for most political
insiders will be the June primaries and the
implications it has for the elections in the
fall. As a result of redistricting, term limits
and resignations, the California Legislature
will see one of the biggest shake-ups in
several years.
Nearly one-third of the legislators sworn
into office in 2023 will be brand new to
their position. For those who do return,
many will be representing significantly
different constituency, thanks to a once-in-adecade
redistricting process. Outside of the
Legislature, every constitutional office will
be up for election, including the governor,
lieutenant governor, treasurer, controller,
secretary of state and attorney general.
While incumbents are likely to
garner strong support in the primary
and party control is unlikely to change
significantly, each election cycle brings
some surprises. These can start to emerge
after the June primary narrows down the
choice to the top two vote getters—regardless
of party affiliation.
One thing is certain, the primary
outcomes and the months leading up to
the general election will hang over the final
months of the legislative session. Incumbents
seeking to stay in office will be sensitive to
how their votes will be read by constituents
and those on the way out may be bolder in
their decisions.
Financial Education Legislation
Moves Forward
The impact of the pandemic on the personal
finances of Californians has exposed a
glaring need for improved financial
literacy education resources so all
Californians can effectively manage their
personal financial well-being—especially
through economic challenges.
CalCPA is supporting two key pieces of
legislation that will help advance financial
literacy education and provide successful,
high-quality financial literacy programs
that will help communities lead financially
healthy and secure lives.
Assembly Bill 2051 (Cunningham)
would establish a state grant program
to assist local educational agencies with
the costs associated with implementing
a financial literacy education program.
Assembly Bill 2215 (B. Rubio) would
outline a public-private coordination to
further the development and organization of
curriculum, instructional materials and other
professional development resources related to
personal finance topics.
Both of these bills have gained
bipartisan support in the legislative
committee process and include strong
support from a number of stakeholder
organizations focused on the advancement
of financial education in schools.
Too many young adults entering the
labor market are negatively impacted by
insufficient knowledge of basic personal
finances like budgeting, managing debt
and saving for future expenses. These basic
personal financial literacy skills are important
in normal circumstances, but are essential for
managing through a financial crisis. Often it
can be the difference between who remains
financially secure and who will have a long
road to financial recovery.
AB 2051 and AB 2215 both seek to
tackle this critical issue at its root cause—
the lack of early access to financial education
in schools.
Students who are introduced to financial
education early and more often have higher
rates of savings and are equipped with
essential skills for managing their personal
finances through a crisis. Together, these bills
will help develop, disseminate and expand
access to model curricula and financial
education programs to students, teachers and
school districts throughout our state.
CalCPA members devote hundreds
of hours annually to offer resources and
opportunities to thousands of Californians.
Additionally, CalCPA members have long
advocated for policies that advance financial
education in California. We believe that
having the tools necessary to understand the
complexities of today’s financial decisions
is imperative for California citizens to lead
financially healthy and secure lives
New Board of Accountancy
Members Appointed
Gov. Newsom has appointed three new
members of the California Board of
Accountancy (CBA) to fulfill open vacancies:
Kristian Latta, CPA of Eastvale is the
owner and CEO of The Chic CPA and had
worked previously as an audit supervisor and
in industry as a financial analyst.
Joseph Rosenbaum, CPA of Sausalito is
president at Rosenbaum & Co., a forensics
accounting firm, and previously was a
partner at EY, PwC and Arthur Andersen.
Latta and Rosenbaum are CalCPA
members.
Evangeline Ward of Concord is a dental
hygiene instructor at the Contra Costa
Community College District and has worked
as a registered dental hygienist since 2017.
Ward fills a public member position on the
CBA.
Additionally, CalCPA member Nancy
Corrigan, CPA of Glendora has been
reappointed to the CBA. Corrigan has served
on the CBA since 2018, including two years
as President. She is a sole practitioner and
was previously a partner at SingerLewak.
Jason Fox is CalCPA’s vice president of
government relations. You can reach him at
jason.fox@calcpa.org.
www.calcpa.org
JUNE 2022 CALIFORNIA CPA 23
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