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Floor Speech

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Ms. COLLINS. Mr. President, I rise today to introduce the Accounting STEM Pursuit Act, which would help address workforce shortages in the accounting profession by recognizing accounting as a STEM education subject and adding accounting education programs as an allowable use of K through 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, assist government entities with their finances, and even investigate instances of financial fraud. Yet the United States is facing a shortage of accountants willing and able to fill these important economic roles. In Maine, for example, municipalities have struggled to find accountants to conduct their annual audits.

Recent trends suggest this shortage will continue. According to the Bureau of Labor Statistics, about 124,000 job openings for accountants and auditors are projected each year, on average, over the next decade. At the same time, fewer students are pursuing accounting degrees than in prior years.

The Accounting STEM Pursuit Act seeks to improve the accounting pipeline by expanding K through 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 cyber security 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 Accounting STEM Pursuit Act would also allow school districts to use this flexible grant to strengthen their accounting curricula.

Businesses and individuals rely on accountants to help them develop and reach their financial goals. The Accounting STEM Pursuit 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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