MO HB1903

Creates the "Federal Budget Stabilization Extension Fund" in the state treasury to receive federal funds from the 111th Congress intended for budget stabilization or extending Medicaid Federal Medical Assistance Percentage (FMAP) increases under the American Recovery and Reinvestment Act of 2009, with funds not reverting to general revenue at end of biennium.

Creates the "Race to the Top Fund" in the state treasury to receive moneys awarded under the Race to the Top program from the American Recovery and Reinvestment Act of 2009, with funds used solely for program administration and reverting to general revenue at end of biennium.

Requires the Commissioner of Education to present proposed distributions of Race to the Top funds to school districts before the Joint Committee on Education, which must approve distributions by majority vote.

Establishes the Joint Committee on Education composed of seven senate and seven house members appointed by the president pro tem and speaker respectively, meeting at least twice yearly with authority to review and monitor education progress and approve or deny Race to the Top fund distributions.

Declares the act an emergency measure effective upon passage and approval to ensure proper receipt and accounting of federal moneys.