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

                                  9875

                          I N  A S S E M B L Y

                              May 27, 2014
                               ___________

Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
  tee on Higher Education

AN ACT to establish a committee to study the feasibility  of  funding  a
  kindergarten  to  college/career ready program and a universal college
  savings account; and providing for the repeal of such provisions  upon
  expiration thereof

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

  Section 1. a. There is hereby established a  committee  to  study  the
feasibility of creating, structuring, managing, marketing, and funding a
kindergarten  to  college/career  (K2C/C)  ready program and a universal
college savings account, the purpose of which shall be to promote  indi-
vidual financial literacy among low and moderate income families.
  b.  The  members  of  the committee shall be selected as follows: five
members of the New York state assembly, appointed by the speaker of  the
assembly,  one  of  whom  shall be a member of the children and families
committee, one of whom shall be a member of the education committee, one
of whom shall be a member of the ways and means committee, one  of  whom
shall be a member of the banks committee; and one member of the New York
state  senate,  appointed  by the temporary president of the senate. The
members of the study committee shall elect a chairperson from among  the
members.  Four  members  of  the committee shall constitute a quorum for
voting purposes.
  c. The committee shall study the feasibility of creating, structuring,
managing, marketing, and funding a K2C/C ready program and  a  universal
college  savings  account  and  asset  building program in New York. The
committee shall:
  (1) review the structure and success of the K2C ready program  in  San
Francisco  and  the status of similar programs in Ohio, Nevada, Washing-
ton, and elsewhere in the United States;
  (2) determine the projected population of kindergarten children to  be
served;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15387-01-4

              

A. 9875                             2

  (3)  establish  contacts  with  New York banks, credit unions, philan-
thropic organizations, and other area financial  services  that  may  be
involved in similar efforts;
  (4)  explore  marketing  protocols  used  in  San  Francisco and other
states;
  (5) solicit information and testimony from  those  individuals,  agen-
cies,  and  entities  that  may be of assistance to the committee in the
performance of its duties, including but not limited to,  the  New  York
state  comptroller,  a  principal  of  an urban elementary school, and a
superintendent of a school district that includes a career and technical
education center; and
  (6) develop a proposal for New York, based on  projected  kindergarten
enrollment  during  the  2014-2015  and  2015-2016  school  years,  that
addresses the anticipated investment per student, guidelines for account
maintenance, application procedures, and administrative costs.
  d. The first meeting of the committee shall be held within 45 days  of
the effective date of this act.
  e. The committee shall report its findings and any recommendations for
proposed legislation to the speaker of the assembly, the temporary pres-
ident of the senate, the assembly clerk, the senate clerk, the governor,
and  the  state  library on or before November 1, 2016. Upon delivery of
the report and recommendations, the committee shall be disbanded.
  S 2. This act shall take effect immediately and shall be  repealed  on
November 1, 2016.