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Floor Speech

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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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