Bill Text: IL SB1556 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Creates the Financial Literacy Task Force Act (rather than the Equity through Financial Literacy Task Force Act). Creates the Financial Literacy Task Force to study and identify best practices for increasing the financial capacity of young adults in Illinois and develop recommendations for increasing the availability, uptake, and positive outcomes of financial education in this State's postsecondary academic institutions. Provides for membership of the Task Force. Provides that members appointed to the Commission must reflect the racial, ethnic, religious, and geographic diversity of this State. Provides for administrative support for the Task Force. Provides meeting requirements. Provides that members of the Task Force shall serve without compensation. Provides that on or before December 31, 2022, the Task Force shall submit a report to the Governor and General Assembly regarding financial literacy education in postsecondary academic institutions. Provides for contents of the report. Repeals the Act on January 1, 2024. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2021-07-16 - Senate Floor Amendment No. 2 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB1556 Detail]

Download: Illinois-2021-SB1556-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB1556 Introduced 2/26/2021, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED:
New Act
Creates the Equity through Financial Literacy Task Force Act. Creates the Equity through Financial Literacy Task Force. Provides for membership of the Task Force. Provides that no less than one-third of the members of the Task Force shall reside in areas outside of the Chicago metropolitan area. Provides that members of the Task Force shall serve without compensation, except that the young adult and college student appointees of the Task Force shall receive a stipend for serving as members. Provides for meetings of the Task Force. Provides that the Office of the Governor shall provide administrative and other support to the Task Force. Provides for duties of the Task Force. Requires the Task Force to submit a report of recommendations to the General Assembly and Governor on or before December 31, 2021. Provides for the content of the report. Provides purpose and legislative intent provisions. Repeals the Act on January 1, 2023. Effective immediately.
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A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Equity
through Financial Literacy Task Force Act.
Section 5. Purpose; legislative intent.
(1) Purpose. The purpose of the Equity through
Financial Literacy Task Force is to develop
recommendations for increasing the availability and uptake
of financial education in our State's academic
institutions. The Task Force's recommendations shall focus
on efforts that will reduce economic disparities among
socioeconomic groups that are caused by disparate access
to financial education.
(2) Legislative intent. It is the intent of the
General Assembly through enactment of this Act that all
young adults who graduate from a public secondary or
postsecondary school in this State should be able to: (i)
demonstrate competence in managing their finances; (ii)
identify and avoid fraud, predatory financial practices,
and identity theft; (iii) navigate the terminology
associated with on-boarding documents, including, but not
limited to, tax documents, life insurance policies, health

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insurance plans, and retirement plan options; (iv)
understand the lending process and the importance of
strong credit; (v) understand the basics of investing in
the stock market; and (vi) display an awareness of the
cost and benefits of credit and compounding interest.
Section 10. Equity through Financial Literacy Task Force.
(a) There is hereby established the Equity through
Financial Literacy Task Force.
(b) The Task Force shall consist of the following members:
(1) one first-generation college student appointed by
the Governor;
(2) one graduating high school student appointed by
the Governor;
(3) one employed young adult (age 18-34 years old)
appointed by the Governor;
(4) one representative from a bank or credit union
appointed by the Governor;
(5) one representative from a nonprofit community
organization that serves young adults appointed by the
Governor;
(6) one representative from a financial education
nonprofit community organization appointed jointly by the
Speaker of the House of Representatives and the President
of the Senate;
(7) one accountant appointed jointly by the Speaker of

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the House of Representatives and the President of the
Senate;
(8) one professor or staff member that teaches
financial capacity at an Illinois public institution of
higher education appointed jointly by the Speaker of the
House of Representatives and the President of the Senate;
(9) one professor or staff member that teaches
financial capacity at an Illinois public high school
appointed jointly by the Speaker of the House of
Representatives and the President of the Senate;
(10) one representative from the Society for Human
Resource Management nominated by the Society for Human
Resource Management and appointed by the Governor;
(11) one representative from the Illinois School
Counselors Association nominated by the President of the
Illinois School Counselors Association and appointed by
the Governor;
(12) one representative from the Illinois School
Assistance Commission appointed by the Executive Director
of the Commission;
(13) one representative from the Illinois Community
College Board appointed by the Executive Director of the
Board;
(14) one representative from the Illinois Board of
Higher Education appointed by the Executive Director of
the Board; and

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(15) one representative from the Office of the State
Treasurer appointed by the State Treasurer.
(c) The Speaker of the House of Representatives and the
President of the Senate shall each choose one of their joint
appointees to serve as co-chairpersons of the Task Force.
(d) No less than one-third of the members of the Task Force
shall reside in areas outside of the Chicago metropolitan
area.
(e) Members of the Task Force shall serve without
compensation, except that the young adult and college student
appointees of the Task Force shall receive a stipend for
serving as members.
(f) The Task Force shall hold its first meeting within 60
after the effective date of this Act, and shall meet at least 4
times during the duration of the Task Force.
(g) The Office of the Governor shall provide
administrative and other support to the Task Force.
Section 15. Duties; report.
(a) The primary duty of the Task Force shall be to study
and identify best practices for increasing the financial
capacity of Illinois young adults, and any other related
matters.
(b) Based upon its findings, the Task Force shall submit a
report of recommendations to the General Assembly and Governor
that outlines the policies, curriculum, and funding needed to

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increase the financial capacity of young adults in Illinois
high schools and postsecondary schools, particularly those who
come from communities targeted by predatory financial
practices. The recommendations shall also identify any
relevant State agencies for implementation of the
recommendations, and identify any relevant data to collect to
determine measurable progress in financial capacity and
financial stability outcomes among graduates of Illinois
schools.
(c) The Task Force shall submit its report of
recommendations to the General Assembly and Governor on or
before December 31, 2021.
Section 20. Repeal. This Act is repealed January 1, 2023.
Section 99. Effective date. This Act takes effect upon
becoming law.