The 2005 General Assembly approved Senate Bill 950, a bill directing the Virginia Board of Education to "establish objectives for economic education and financial literacy" to be required of all students at the middle and high school levels. As a result, the Code of Virginia §22.1–200.03 required the Board of Education to develop and approve objectives for economics education and financial literacy to be required of all students at the middle and high school levels to "further the development of knowledge, skills, and attitudes needed for responsible citizenship in a constitutional democracy." The addition of one credit in economics and personal finance as a graduation requirement for the Standard and Advanced Studies Diplomas, which was to begin with the 9th grade class in 2010, was delayed until the 9th grade class in 2011 due to General Assembly action.
On April 26, 2006, the Board of Education adopted Economics Education and Financial Literacy: Objectives and Correlations to Mathematics and History and Social Science Standards of Learning and Career and Technical Education Competencies (PDF). These objectives are designed to "further the development of knowledge, skills, and attitudes needed for responsible citizenship in a constitutional democracy." They are correlated to the Mathematics Standards of Learning, the History and Social Sciences Standards of Learning and the Career and Technical Education competencies.
- Economics Education and Financial Literacy Expanded Pool of Teachers for Finance Course (excerpt from state superintendent's e-mail message sent 2/14/07) (PDF)