Bill Text: NY S01589 | 2019-2020 | 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) 2019-01-15 - REFERRED TO BANKS [S01589 Detail]

Download: New_York-2019-S01589-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 15, 2019
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee 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
     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;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 1589                             2
     1    (c) one representative of  the  executive  branch,  appointed  by  the
     2  governor,  who  is  an employee of an agency or department that conducts
     3  financial literacy education outreach efforts in New York state, includ-
     4  ing the office of children and family services, department of  financial
     5  services,  or  the department of labor, but not including the department
     6  of education;
     7    (d) a member of the assembly appointed by the speaker of the  assembly
     8  and  a  member of the senate appointed by the temporary president of the
     9  senate;
    10    (e) a kindergarten  through  twelfth  grade  public  school  financial
    11  literacy educator appointed by New York state united teachers;
    12    (f)  one  representative  of kindergarten through twelfth grade public
    13  school administration, currently  serving  as  a  school  board  member,
    14  superintendent,  or  principal, appointed by the governor based on nomi-
    15  nees submitted by the New York state school boards association, the  New
    16  York state council of school superintendents, and the school administra-
    17  tors association of New York state;
    18    (g)  three  representatives  focused  on collegiate financial literacy
    19  issues:
    20    (i) the chairman of the  New  York  state  higher  education  services
    21  corporation or designee;
    22    (ii)  one  representative  appointed  by  the  governor from the state
    23  university of New York; and
    24    (iii) one representative appointed by the governor from an independent
    25  college in New York;
    26    (h) two representatives from nonprofit entities engaged  in  providing
    27  financial  literacy education to New York adults appointed by the gover-
    28  nor; and
    29    (i) two representatives from New York state's financial services busi-
    30  ness community that actively promote financial literacy education to New
    31  York state adults, appointed by the governor.
    32    3. The state comptroller or designee and another member of the commis-
    33  sion, appointed by the governor, who is not an employee of the state  of
    34  New York, shall serve as co-chairs of the commission.
    35    4.  (a)  Each  member shall serve for a three-year term, provided that
    36  the state comptroller shall have the authority to designate  whether  an
    37  initial  term  for each appointee shall be for a one, two, or three-year
    38  initial term in order to ensure that no more than one-third of the terms
    39  expire in any given year.
    40    (b) A vacancy shall be filled by the appointing authority as  provided
    41  in subdivision two of this section for the remainder of the term.
    42    5.  The  commission may request from any branch, division, department,
    43  board, commission, or other agency of  the  state  or  any  entity  that
    44  receives  state funds, such information as will enable the commission to
    45  perform its duties as required in this article.
    46    § 703. Powers and duties. The commission established by section  seven
    47  hundred  two  of this article shall have the following powers and duties
    48  necessary and appropriate to achieve the purposes of this chapter:
    49    1. collaborate with relevant state agencies and  departments,  private
    50  enterprise, and nonprofit organizations;
    51    2.  incentivize  New  York  state's kindergarten through twelfth grade
    52  educational system, businesses,  community  organizations,  and  govern-
    53  mental agencies to implement financial literacy and capability programs;
    54    3.  advise the governor, agencies and departments, and the legislature
    55  on the current status of New York state  residents'  financial  literacy
    56  and capability;

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     1    4.  create  and maintain a current inventory of all financial literacy
     2  and capability initiatives available in the  state,  and  in  particular
     3  identify trusted options that will benefit New York state residents;
     4    5.  identify ways to equip New York state residents with the training,
     5  information, skills, and tools they need to make sound  financial  deci-
     6  sions  throughout  their  lives  and  ways  to help individuals with low
     7  income get access to needed financial products and services;
     8    6. identify ways to help New York state residents with low income save
     9  and build assets;
    10    7. identify ways to help increase the percentage  of  New  York  state
    11  employees saving for retirement;
    12    8.  recommend  actions  that  can  be  taken by the public and private
    13  sector to achieve the goal of  increasing  the  financial  literacy  and
    14  capability of all New York state residents;
    15    9.  promote  and raise the awareness in the state about the importance
    16  of financial literacy and capability;
    17    10. identify key indicators to be tracked regarding financial literacy
    18  and capability in New York state;
    19    11. analyze data to monitor the progress in achieving an  increase  in
    20  the financial literacy and capability of New York state residents;
    21    12.  pursue  and  accept  funding  from  diverse sources outside state
    22  government to launch, sustain, expand, and  enhance  financial  literacy
    23  and capability efforts in the state;
    24    13.  disburse  funds  raised  through  fund  development activities in
    25  accordance with the priorities set forth by  this  section  and  by  the
    26  commission;
    27    14.  consider  and  implement  research  and  policy  initiatives that
    28  provide effective and meaningful results; and
    29    15. issue a report on the commission's  progress  and  recommendations
    30  for  increasing  the financial literacy and capability of New York state
    31  residents to the governor and the legislative committees of jurisdiction
    32  during the first month of each legislative session.
    33    § 2. This act shall take effect immediately.