[Congressional Record Volume 169, Number 84 (Thursday, May 18, 2023)]
[Senate]
[Page S1749]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. COLLINS (for herself and Ms. Rosen):
  S. 1705. A bill to amend the Student Support and Academic Enrichment 
Grant program to promote career awareness in accounting as part of a 
well-rounded STEM educational experience; to the Committee on Health, 
Education, Labor, and Pensions.
  Ms. COLLINS. Madam President, I rise today to introduce the STEM 
Education in Accounting Act, which would help address workforce 
shortages in the accounting profession by recognizing accounting as 
part of a STEM education and adding accounting education programs as an 
allowable use of K-12 Federal grant funding. I want to thank Senator 
Rosen for coleading this bill with me.
  Accountants play a key role in today's economy. They serve as trusted 
advisers for companies large and small, assist in measuring business 
performance, help individuals and businesses file their taxes in an 
accurate and timely manner, and even investigate instances of financial 
fraud. Yet, the United States is facing a shortage of accountants 
willing and able to fill this important economic role. In Maine, for 
example, municipalities have struggled to find public accountants to 
conduct their annual audits.
  Recent trends suggest this shortage will continue. According to the 
Bureau of Labor Statistics, job openings for accountants and auditors 
are expected to grow by 6 percent from 2021 to 2031--about 136,400 
openings each year. At the same time, fewer students are pursuing 
accounting degrees than in prior years.
  The STEM Education in Accounting Act seeks to improve the accounting 
pipeline by expanding K-12 students' exposure to accounting programs. 
As with other areas of STEM education, this bill would qualify 
accounting instruction for Federal funds. This recognition aligns with 
the increasing need for accounting professionals to have high-level 
math and technology skills, including the ability to analyze big data, 
ensure data security, and manage cybersecurity risk.
  In particular, this bill would allow States and school districts to 
use a portion of their Federal student support and academic enrichment 
grant funding to support accounting education, including accounting 
career awareness. The Student Support and Academic Enrichment Grant 
Program was created as part of the Every Student Succeeds Act and aims 
to help States and school districts offer a well-rounded educational 
experience to all students. The STEM Education in Accounting Act would 
also allow school districts to use this flexible grant to strengthen 
accounting curricula, including increasing access to high-quality 
accounting courses for members of groups underrepresented in the 
accounting profession.
  Businesses and individuals rely on accountants to help them develop 
and reach their financial goals. The STEM Education in Accounting Act 
would help address the shortage of accountants by promoting accounting 
education and improving the pipeline of future accountants. I encourage 
my colleagues to support this bipartisan bill.
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