senate Bill S7344D

Signed by Governor

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

See Assembly Version of this Bill:
A9199F
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:S7344D

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

PURPOSE: 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 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
according to practices and best standards of currently operating summer
youth employment programs or other similar model used by local govern-
ment in coordination with nonprofit organizations and/or financial
institutions for any summer youth employment program that do not have
such a program already in place. 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 capabil-
ity 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 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 invest-
ment in our State's and nation's economic prosperity. Financial capabil-
ity is the capacity, based on knowledge, skills, and access, to manage
financial resources prudently and effectively. Efforts to improve finan-
cial 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 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 liter-
acy 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--D
    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 -- again amended and ordered reprinted,
  retaining its place in the order of third reading -- again 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-18-4

S. 7344--D                          2

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:
  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.
  (B)  THE  FINANCIAL LITERACY EDUCATION SHALL BE DEVELOPED AND PROVIDED
IN ACCORDANCE WITH THE STANDARDS AND BEST PRACTICES OF CURRENTLY OPERAT-
ING SUMMER YOUTH EMPLOYMENT PROGRAMS OR OTHER  SIMILAR  MODELS  USED  BY
LOCAL  GOVERNMENT  IN  COORDINATION  WITH NONPROFIT ORGANIZATIONS AND/OR
FINANCIAL INSTITUTIONS FOR ANY SUMMER YOUTH EMPLOYMENT PROGRAMS THAT  DO
NOT  ALREADY  HAVE  A WORKSHOP AS OF THE EFFECTIVE DATE OF THIS SUBDIVI-
SION.
  (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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