Bill Text: NY S08352 | 2021-2022 | 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 1-0)

Status: (Introduced - Dead) 2022-02-15 - REFERRED TO HIGHER EDUCATION [S08352 Detail]

Download: New_York-2021-S08352-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8352

                    IN SENATE

                                    February 15, 2022
                                       ___________

        Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
          printed to be committed to the Committee 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;
    23    (2) determine the projected population of kindergarten children to  be
    24  served;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06553-03-2
        S. 8352                             2

     1    (3)  establish  contacts  with  New York banks, credit unions, philan-
     2  thropic organizations, and other area financial  services  that  may  be
     3  involved in similar efforts;
     4    (4)  explore  marketing  protocols  used  in  San  Francisco and other
     5  states;
     6    (5) solicit information and testimony from  those  individuals,  agen-
     7  cies,  and  entities  that  may be of assistance to the committee in the
     8  performance of its duties, including but not limited to,  the  New  York
     9  state  comptroller,  a  principal  of  an urban elementary school, and a
    10  superintendent of a school district that includes a career and technical
    11  education center; and
    12    (6) develop a proposal for New York, based on  projected  kindergarten
    13  enrollment  during  the  2022-2023  and  2023-2024  school  years,  that
    14  addresses the anticipated investment per student, guidelines for account
    15  maintenance, application procedures, and administrative costs.
    16    d. The first meeting of the committee shall be held within 45 days  of
    17  the effective date of this act.
    18    e. The committee shall report its findings and any recommendations for
    19  proposed legislation to the speaker of the assembly, the temporary pres-
    20  ident of the senate, the assembly clerk, the senate clerk, the governor,
    21  and  the  state  library on or before November 1, 2023. Upon delivery of
    22  the report and recommendations, the committee shall be disbanded.
    23    § 2. This act shall take effect  immediately  and  shall  be  repealed
    24  November 1, 2023.