S T A T E O F N E W Y O R K
Cal. No. 912
I N S E N A T E
May 13, 2014
Introduced by Sens. GRISANTI, PERKINS -- read twice and ordered printed,
and when printed to be committed to the Committee on Banks -- reported
favorably from said committee, ordered to first report, amended on
first report, ordered to a second report and ordered reprinted,
retaining its place in the order of second report -- ordered to a
third reading, amended and ordered reprinted, retaining its place in
the order of third reading
AN ACT to amend the financial services law, in relation to financial
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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 7344--B 2
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
S 3. The financial services law is amended by adding a new section 311
to read as follows:
S 311. FINANCIAL LITERACY EDUCATION. (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM, AS DEFINED IN SUBDIVISION (C) OF
THIS SECTION, SHALL BE PROVIDED WITH FINANCIAL LITERACY EDUCATION WORK-
SHOP MATERIALS WITHIN THE FIRST TWO WEEKS OF ANY SUCH PROGRAM.
(B) THE FINANCIAL LITERACY EDUCATION WORKSHOP MATERIALS SHALL BE
DEVELOPED BY THE DEPARTMENT IN CONSULTATION WITH BANKS, CREDIT UNIONS,
AND ANY OTHER LICENSED FINANCIAL SERVICE PROVIDERS THE DEPARTMENT CHOOS-
ES IN ITS DISCRETION, FOR ANY SUMMER YOUTH EMPLOYMENT PROGRAMS THAT DO
NOT ALREADY HAVE SUCH MATERIALS AS OF THE EFFECTIVE DATE OF THIS SUBDI-
(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 July 1, 2016.