Bill Text: NY A01647 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes a committee to study the feasibility of funding a kindergarten to college/career ready program and a universal college savings account.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2016-01-06 - referred to higher education [A01647 Detail]

Download: New_York-2015-A01647-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1647
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 12, 2015
                                      ___________
       Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
         tee on Higher Education
       AN ACT to establish a committee to study the feasibility  of  funding  a
         kindergarten  to  college/career ready program and a universal college
         savings account; and providing for the repeal of such provisions  upon
         expiration thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. a. There is hereby established a  committee  to  study  the
    2  feasibility of creating, structuring, managing, marketing, and funding a
    3  kindergarten  to  college/career  (K2C/C)  ready program and a universal
    4  college savings account, the purpose of which shall be to promote  indi-
    5  vidual financial literacy among low and moderate income families.
    6    b.  The  members  of  the committee shall be selected as follows: five
    7  members of the New York state assembly, appointed by the speaker of  the
    8  assembly,  one  of  whom  shall be a member of the children and families
    9  committee, one of whom shall be a member of the education committee, one
   10  of whom shall be a member of the ways and means committee, one  of  whom
   11  shall be a member of the banks committee; and one member of the New York
   12  state  senate,  appointed  by the temporary president of the senate. The
   13  members of the study committee shall elect a chairperson from among  the
   14  members.  Four  members  of  the committee shall constitute a quorum for
   15  voting purposes.
   16    c. The committee shall study the feasibility of creating, structuring,
   17  managing, marketing, and funding a K2C/C ready program and  a  universal
   18  college  savings  account  and  asset  building program in New York. The
   19  committee shall:
   20    (1) review the structure and success of the K2C ready program  in  San
   21  Francisco  and  the status of similar programs in Ohio, Nevada, Washing-
   22  ton, and elsewhere in the United States;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06780-01-5
       A. 1647                             2
    1    (2) determine the projected population of kindergarten children to  be
    2  served;
    3    (3)  establish  contacts  with  New York banks, credit unions, philan-
    4  thropic organizations, and other area financial  services  that  may  be
    5  involved in similar efforts;
    6    (4)  explore  marketing  protocols  used  in  San  Francisco and other
    7  states;
    8    (5) solicit information and testimony from  those  individuals,  agen-
    9  cies,  and  entities  that  may be of assistance to the committee in the
   10  performance of its duties, including but not limited to,  the  New  York
   11  state  comptroller,  a  principal  of  an urban elementary school, and a
   12  superintendent of a school district that includes a career and technical
   13  education center; and
   14    (6) develop a proposal for New York, based on  projected  kindergarten
   15  enrollment  during  the  2015-2016  and  2016-2017  school  years,  that
   16  addresses the anticipated investment per student, guidelines for account
   17  maintenance, application procedures, and administrative costs.
   18    d. The first meeting of the committee shall be held within 45 days  of
   19  the effective date of this act.
   20    e. The committee shall report its findings and any recommendations for
   21  proposed legislation to the speaker of the assembly, the temporary pres-
   22  ident of the senate, the assembly clerk, the senate clerk, the governor,
   23  and  the  state  library on or before November 1, 2017. Upon delivery of
   24  the report and recommendations, the committee shall be disbanded.
   25    S 2. This act shall take effect immediately and shall be  repealed  on
   26  November 1, 2017.