(a) The Department of Education, the Board of Regents for Higher Education, and the Board of Trustees for The University of Connecticut, in consultation with the Department of Banking, may develop a plan to provide to each student of a public high school or a constituent unit, as defined in section 10a-1, instruction in financial literacy, including, but not limited to, banking, investing, savings, the handling of personal finance matters, and the impact of using credit cards and debit cards. Upon development and implementation of such plan, such instruction may occur during a student’s final year of high school and, for a student of a constituent unit, not later than such student’s completion of his or her second semester at such constituent unit.

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(b) The Department of Education, the Board of Regents for Higher Education and the Board of Trustees for The University of Connecticut shall work with the Department of Banking to leverage any available federal, state or private funds to implement the plan developed pursuant to subsection (a) of this section.

(c) Not later than January 1, 2015, the Commissioner of Education, the president of the Connecticut State Colleges and Universities, the chairperson of the Board of Trustees for The University of Connecticut and the Banking Commissioner shall report to the joint standing committee of the General Assembly having cognizance of matters relating to banks on the status of the plan described in subsection (a) of this section.