senate Bill S7344B

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

Sponsor Memo

BILL NUMBER:S7344B

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

PURPOSE:

In order to strengthening 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 PROVISION:

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 the
department in consultation with banks, credit unions and any other
licensed financial services provider shall be used by the summer youth
employment program, which do not have such a program already in place,
in conjunction with local 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 4. This act shall take effect July 1, 2016.

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 strengthening the financial capability of our
youth it is important to establish financial literacy education in the
New York State Summer Youth Employment Program. The summer youth
employment programs that have already developed financial literacy
components for their participants are not impacted by this
legislation. However the bulk of the programs that do not offer such
critical pro-youth and pro-consumer education will have the resources
to build the financial literacy of the communities they serve.

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 July 1, 2016.

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

                                 7344--B
    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
  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-12-4

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
program act".
  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-
VISION.
  (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.

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