Establishes the state financial literacy commission

Section 701 will contain definitions.

Section 702 will create the commission for measurably improving the financial literacy and financial capability of New York state residents.

The commission shall be composed of the state comptroller or designee; the Commissioner of Education or designee; one representative of the executive branch, appointed by the governor, who is an employee of an agency or department that conducts financial literacy education outreach efforts in New York state; a member of the Assembly appointed by the Speaker of the Assembly and a member of the Senate appointed by the Temporary President of the Senate; a Kindergarten through twelfth grade public school financial literacy educator appointed by New York State United Teachers; one representative of Kindergarten through twelfth grade public school administration, currently serving as a school board member, superintendent or principal, appointed by the governor based on nominees submitted by the New York State School Boards Association, the New York State Council of School Superintendents and the School Administrators Association of New York State; the chairman of the New York State Higher Education Services Corporation or designee; one representative appointed by the governor from the State University of New York; one representative appointed by the governor from an independent college in New York; two representatives from nonprofit entities engaged in providing financial literacy education to New York adults appointed by the governor; and two representatives from New York state's financial services business community that actively promote financial literacy education to New York state adults, appointed by the governor.

The state comptroller or designee and another member of the commission, appointed by the governor, who is not an employee of New York state, shall serve as co-chairs. Each member shall serve a three-year term, except the comptroller may designate an initial term of one, two or three years to ensure no more than one third of the terms expire in a given year. A vacancy shall be filled by the original appointing authority for the remainder of the term. The financial literacy commission may request from any branch, division, department, board, commission or other state agency or any entity that receives state funds, information necessary for the commission to perform its duties.

Section 703 will outline the powers and duties of the commission: collaborate with relevant state agencies and departments, private enterprise and nonprofit organizations; incentivize New York state's Kindergarten through twelfth grade education system, businesses, community organizations and governmental agencies to implement financial literacy and capability programs; advise the governor, agencies and departments and the legislature on the current status of New York state residents' financial literacy and capability; create and maintain a current inventory of all financial literacy and capability initiatives available in the state, identifying trusted options that will benefit residents; identify ways to equip residents with the tools needed to make sound financial decisions; identify ways to help low income residents save and build assets; identify ways to help increase the percentage of state employees saving for retirement; recommend actions that can be taken by the public and private sector to achieve the goal of increasing financial literacy; promote and raise awareness about financial literacy; identify key indicators to be tracked regarding financial literacy and capability; analyze data to monitor the progress in achieving an increase in financial literacy and capability; pursue and accept funding from diverse sources outside state government for financial literacy and capability efforts; disburse such funds accordingly; implement research and policy initiatives providing effective and meaningful results; and issue a report on the commission's progress and recommendations to the governor and legislative committees of jurisdiction during the first month of each legislation session.

Section 2 of the bill provides this act shall take effect immediately.

Existing law

This is a new law.

Justification

It is a compelling interest of the state to ensure New York residents are properly educated in financial literacy from a young age and have the tools necessary to make sound financial decisions.

Legislative history

New bill

Fiscal implications

None to state

Local fiscal implications

None

Effective date

This act shall take effect immediately.