(1) (a) The committees on education of the house of representatives and the senate, or any successor committees, shall biennially hold a joint meeting to assess the reports received concerning the effectiveness of the approved educator preparation programs offered by accepted institutions of higher education in the state and the reports of the survey of superintendents conducted by the department of education and submitted by the state board of education pursuant to section 22-2-109 (7).

(b) At the meeting, the committees shall consider the reports on the review of approved educator preparation programs received from the Colorado commission on higher education pursuant to section 23-1-121 (6), C.R.S. The committees shall take testimony from representatives of the institutions of higher education that provide the educator preparation programs, the state board of education, the Colorado commission on higher education, and from any other interested persons. Based on the review of said reports and any testimony received, the committees shall assess whether the approved educator preparation programs are adequately preparing candidates to meet the performance-based educator licensure standards adopted by rule of the state board of education pursuant to section 22-2-109 (3).

(c) At the meeting, the committees shall consider the reports of the survey of superintendents conducted by the department of education and submitted by the state board of education pursuant to section 22-2-109 (7). The committees shall take testimony from representatives of the institutions of higher education that provide the principal preparation programs, the state board of education, the Colorado commission on higher education, and from any other interested persons. Based on the review of said reports and any testimony received, the committees shall assess whether the approved principal preparation programs and alternative forms of principal preparation are adequately preparing principal candidates to meet the performance-based principal licensure standards adopted by rule of the state board of education pursuant to section 22-2-109 (6).

(2) If the committees, based on the reports received from the Colorado commission on higher education and the state board of education, determine that an approved educator preparation program is not adequately preparing licensure candidates, the committees shall instruct the Colorado commission on higher education to reduce the funding received by the institution of higher education that provides the approved educator preparation program during the next fiscal year. The commission shall notify the committees of the amount of said reduction prior to introduction of the annual general appropriation bill.