Bill Text: NY A10339 | 2015-2016 | General Assembly | Introduced
Bill Title: Establishes the state financial literacy commission; creates a state financial literacy commission to measurably improve the financial literacy and financial capability of New York state residents.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-05-23 - referred to banks [A10339 Detail]
Download: New_York-2015-A10339-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10339 IN ASSEMBLY May 23, 2016 ___________ Introduced by M. of A. ROBINSON -- read once and referred to the Commit- tee on Banks AN ACT to amend the financial services law, in relation to establishing the state financial literacy commission The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The financial services law is amended by adding a new arti- 2 cle 7 to read as follows: 3 ARTICLE 7 4 STATE FINANCIAL LITERACY COMMISSION 5 Section 701. Definitions. 6 702. State financial literacy commission. 7 703. Powers and duties. 8 § 701. Definitions. For the purposes of this article, the following 9 terms shall have the following meanings: 10 1. "Financial capability" means: (a) financial literacy and access to 11 appropriate financial products; and 12 (b)(i) the ability to act, including knowledge, skills, confidence, 13 and motivation; and 14 (ii) the opportunity to act, through access to beneficial financial 15 products and institutions. 16 2. "Financial literacy" means the ability to use knowledge and skills 17 to manage financial resources effectively for a lifetime of financial 18 well-being. 19 § 702. State financial literacy commission. 1. There is created a 20 state financial literacy commission to measurably improve the financial 21 literacy and financial capability of New York state residents. 22 2. The commission shall be composed of the following members: 23 (a) the state comptroller or designee; 24 (b) the commissioner of education or designee; 25 (c) one representative of the executive branch, appointed by the 26 governor, who is an employee of an agency or department that conducts 27 financial literacy education outreach efforts in New York state, includ- 28 ing the office of children and family services, department of financial EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13758-01-6A. 10339 2 1 services, or the department of labor, but not including the department 2 of education; 3 (d) a member of the assembly appointed by the speaker of the assembly 4 and a member of the senate appointed by the temporary president of the 5 senate; 6 (e) a kindergarten through twelfth grade public school financial 7 literacy educator appointed by New York state united teachers; 8 (f) one representative of kindergarten through twelfth grade public 9 school administration, currently serving as a school board member, 10 superintendent, or principal, appointed by the governor based on nomi- 11 nees submitted by the New York state school boards association, the New 12 York state council of school superintendents, and the school administra- 13 tors association of New York state; 14 (g) three representatives focused on collegiate financial literacy 15 issues: 16 (i) the chairman of the New York state higher education services 17 corporation or designee; 18 (ii) one representative appointed by the governor from the state 19 university of New York; and 20 (iii) one representative appointed by the governor from an independent 21 college in New York; 22 (h) two representatives from nonprofit entities engaged in providing 23 financial literacy education to New York adults appointed by the gover- 24 nor; and 25 (i) two representatives from New York state's financial services busi- 26 ness community that actively promote financial literacy education to New 27 York state adults, appointed by the governor. 28 3. The state comptroller or designee and another member of the commis- 29 sion, appointed by the governor, who is not an employee of the state of 30 New York, shall serve as co-chairs of the commission. 31 4. (a) Each member shall serve for a three-year term, provided that 32 the state comptroller shall have the authority to designate whether an 33 initial term for each appointee shall be for a one, two, or three-year 34 initial term in order to ensure that no more than one-third of the terms 35 expire in any given year. 36 (b) A vacancy shall be filled by the appointing authority as provided 37 in subdivision two of this section for the remainder of the term. 38 5. The commission may request from any branch, division, department, 39 board, commission, or other agency of the state or any entity that 40 receives state funds, such information as will enable the commission to 41 perform its duties as required in this article. 42 § 703. Powers and duties. The commission established by section seven 43 hundred two of this article shall have the following powers and duties 44 necessary and appropriate to achieve the purposes of this chapter: 45 1. collaborate with relevant state agencies and departments, private 46 enterprise, and nonprofit organizations; 47 2. incentivize New York state's kindergarten through twelfth grade 48 educational system, businesses, community organizations, and govern- 49 mental agencies to implement financial literacy and capability programs; 50 3. advise the governor, agencies and departments, and the legislature 51 on the current status of New York state residents' financial literacy 52 and capability; 53 4. create and maintain a current inventory of all financial literacy 54 and capability initiatives available in the state, and in particular 55 identify trusted options that will benefit New York state residents;A. 10339 3 1 5. identify ways to equip New York state residents with the training, 2 information, skills, and tools they need to make sound financial deci- 3 sions throughout their lives and ways to help individuals with low 4 income get access to needed financial products and services; 5 6. identify ways to help New York state residents with low income save 6 and build assets; 7 7. identify ways to help increase the percentage of New York state 8 employees saving for retirement; 9 8. recommend actions that can be taken by the public and private 10 sector to achieve the goal of increasing the financial literacy and 11 capability of all New York state residents; 12 9. promote and raise the awareness in the state about the importance 13 of financial literacy and capability; 14 10. identify key indicators to be tracked regarding financial literacy 15 and capability in New York state; 16 11. analyze data to monitor the progress in achieving an increase in 17 the financial literacy and capability of New York state residents; 18 12. pursue and accept funding from diverse sources outside state 19 government to launch, sustain, expand, and enhance financial literacy 20 and capability efforts in the state; 21 13. disburse funds raised through fund development activities in 22 accordance with the priorities set forth by this section and by the 23 commission; 24 14. consider and implement research and policy initiatives that 25 provide effective and meaningful results; and 26 15. issue a report on the commission's progress and recommendations 27 for increasing the financial literacy and capability of New York state 28 residents to the governor and the legislative committees of jurisdiction 29 during the first month of each legislative session. 30 § 2. This act shall take effect immediately.
