senate Bill S7344

Signed by Governor Amended

Relates to the development of financial literacy education

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
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actions

  • 13 / May / 2014
    • REFERRED TO BANKS
  • 21 / May / 2014
    • 1ST REPORT CAL.912
  • 28 / May / 2014
    • AMENDED 7344A
  • 28 / May / 2014
    • 2ND REPORT CAL.
  • 29 / May / 2014
    • ADVANCED TO THIRD READING
  • 02 / Jun / 2014
    • AMENDED ON THIRD READING 7344B
  • 12 / Jun / 2014
    • AMENDED ON THIRD READING 7344C
  • 16 / Jun / 2014
    • AMENDED ON THIRD READING 7344D
  • 19 / Jun / 2014
    • PASSED SENATE
  • 19 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 19 / Jun / 2014
    • REFERRED TO WAYS AND MEANS
  • 19 / Jun / 2014
    • SUBSTITUTED FOR A9199F
  • 19 / Jun / 2014
    • ORDERED TO THIRD READING RULES CAL.292
  • 19 / Jun / 2014
    • PASSED ASSEMBLY
  • 19 / Jun / 2014
    • RETURNED TO SENATE
  • 09 / Oct / 2014
    • DELIVERED TO GOVERNOR
  • 21 / Oct / 2014
    • SIGNED CHAP.421

Summary

Develops a financial literacy education program for teenagers and young adult participants in the summer youth employment program.

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Bill Details

Versions:
S7344
S7344A
S7344B
S7344C
S7344D
Legislative Cycle:
2013-2014
Law Section:
Financial Services Law
Laws Affected:
Add ยง311, Fin Serv L

Votes

18
0
18
Aye
0
Nay
1
aye with reservations
0
absent
0
excused
0
abstained
show Banks committee vote details

Sponsor Memo

BILL NUMBER:S7344

TITLE OF BILL: An act to amend the financial services law, in
relation to financial literacy education

PURPOSE OR GENERAL IDEA OF BILL: In order to strengthen the financial
capability of our youth, this legislation establishes the Financial
Literacy Education in the New York State Summer Youth Employment
Program Act.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1: Legislative Intent

Section 2: The financial services law is amended by adding a new
section 311 to read as follows: Any youth participating in the Summer
Youth Employment Program shall be provided with financial literacy
education workshop materials within the first two weeks of the
program. The financial literacy education materials developed by banks
and credit unions shall be used by the program in conjunction with
banks and credit unions to provide financial literacy education
workshop to all participating youth within the first two weeks of the
program. This section also defines the Summer Youth Employment
Program.

Section 3. This act shall take effect immediately.

JUSTIFICATION: In order to contribute to the State's and nation's
future financial stability and increase upward economic mobility, it
should be the policy of New York State Legislature to promote
financial capability among its youth and encourage building the
financial capability of young people at an early stage in schools,
families, communities, and the workplace; such as the State's Youth
Employment program. Each year and for thousands of youth, the summer
youth employment program is their first exposure to a job and a
paycheck. Engaging these youth in basic financial literacy
instruction, such as creating a savings account, balancing their
budget, and managing their disposable income is tremendously
important.

By starting early, young people can begin to learn the difference
between wants and needs, the importance and power of saving, and the
positive and productive role money can play in their lives. Having a
basic understanding of money management from an early age will make
our young people better equipped to tackle more complex financial
decisions in their transition to adulthood, when critical decisions
about financing higher education and saving for retirement can have
lasting consequences for financial security.

Strengthening the financial capability of our young people is an
investment in our State's and nation's economic prosperity. Financial
capability is the capacity, based on knowledge, skills, and access, to
manage financial resources prudently and effectively. Efforts to
improve financial capability, which should be based on evidence of
effectiveness, empower individuals to make informed choices, plan and
set goals, avoid pitfalls, know where to seek help, and take other
actions to better their present and long-term financial well-being.


Therefore, in order to strengthen the financial capability of our
youth it is important to establish the Financial Literacy Education in
the New York State Summer Youth Employment Program.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None. Local banks and credit unions as well as
consumer groups have developed materials for all age groups on
financial literacy. The collating of available materials is all that
is required.

EFFECTIVE DATE: This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7344

                            I N  S E N A T E

                              May 13, 2014
                               ___________

Introduced  by Sen. GRISANTI -- 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  financial
  literacy education

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Legislative intent. In order to contribute to the  state's
and the nation's future financial stability and increase upward economic
mobility,  it is the policy of the New York state legislature to promote
financial capability among young Americans and  encourage  building  the
financial capability of young people at an early stage in schools, fami-
lies, communities, and the workplace.
  By  starting  early,  young  people  can begin to learn the difference
between wants and needs, the importance and power  of  saving,  and  the
positive  and  productive  role  money can play in their lives. Having a
basic understanding of money management from an early age will make  our
young  people better equipped to tackle more complex financial decisions
in their transition to adulthood, when critical decisions about  financ-
ing  higher  education and saving for retirement can have lasting conse-
quences for financial security.
  Strengthening the financial capability  of  our  young  people  is  an
investment in our state's and our nation's economic prosperity.
  Financial  capability is the capacity, based on knowledge, skills, and
access, to manage financial resources prudently and effectively. Efforts
to improve financial capability, which should be based  on  evidence  of
effectiveness,  empower  individuals  to make informed choices, plan and
set goals, avoid pitfalls, know where  to  seek  help,  and  take  other
actions to better their present and long-term financial well-being.
  S  2.  Short  title.  This  act shall be known and may be cited as the
"financial literacy education in the New  York  state  youth  employment
program act".
  S 3. The financial services law is amended by adding a new section 311
to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-07-4

S. 7344                             2

  S  311.  FINANCIAL LITERACY EDUCATION.  (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM SHALL  BE  PROVIDED  WITH  FINANCIAL
LITERACY  EDUCATION WORKSHOP MATERIALS WITHIN THE FIRST TWO WEEKS OF THE
PROGRAM.
  (B)  THE FINANCIAL LITERACY EDUCATION MATERIALS DEVELOPED BY BANKS AND
CREDIT UNIONS SHALL BE USED BY THE SUMMER YOUTH EMPLOYMENT  PROGRAM,  IN
CONJUNCTION  WITH  LOCAL  BANKS  AND CREDIT UNIONS, TO PROVIDE FINANCIAL
LITERACY EDUCATION TO ALL PARTICIPATING YOUTH WITHIN THE FIRST TWO WEEKS
OF THE PROGRAM.
  (C) FOR  THE  PURPOSES  OF  THIS  SECTION,  "SUMMER  YOUTH  EMPLOYMENT
PROGRAM" SHALL MEAN ANY SUCH PROGRAM FUNDED THROUGH THE OFFICE OF TEMPO-
RARY AND DISABILITY ASSISTANCE.
  S 4. This act shall take effect immediately.

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