Senate Bill S7062

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

                                  7062

                            I N  S E N A T E

                             March 22, 2016
                               ___________

Introduced  by  Sen. SANDERS -- 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  establishing
  the state financial literacy commission

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

  Section 1. The financial services law is amended by adding a new arti-
cle 7 to read as follows:
                                ARTICLE 7
                   STATE FINANCIAL LITERACY COMMISSION
SECTION 701. DEFINITIONS.
  702. STATE FINANCIAL LITERACY COMMISSION.
  703. POWERS AND DUTIES.
  S 701. DEFINITIONS. FOR THE PURPOSES OF THIS  ARTICLE,  THE  FOLLOWING
TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  1.  "FINANCIAL CAPABILITY" MEANS: (A) FINANCIAL LITERACY AND ACCESS TO
APPROPRIATE FINANCIAL PRODUCTS; AND
  (B)(I) THE ABILITY TO ACT, INCLUDING  KNOWLEDGE,  SKILLS,  CONFIDENCE,
AND MOTIVATION; AND
  (II)  THE  OPPORTUNITY  TO ACT, THROUGH ACCESS TO BENEFICIAL FINANCIAL
PRODUCTS AND INSTITUTIONS.
  2. "FINANCIAL LITERACY" MEANS THE ABILITY TO USE KNOWLEDGE AND  SKILLS
TO  MANAGE  FINANCIAL  RESOURCES EFFECTIVELY FOR A LIFETIME OF FINANCIAL
WELL-BEING.
  S 702. STATE FINANCIAL LITERACY COMMISSION.  1.  THERE  IS  CREATED  A
STATE  FINANCIAL LITERACY COMMISSION TO MEASURABLY IMPROVE THE FINANCIAL
LITERACY AND FINANCIAL CAPABILITY OF NEW YORK STATE RESIDENTS.
  2. THE COMMISSION SHALL BE COMPOSED OF THE FOLLOWING MEMBERS:
  (A) THE STATE COMPTROLLER OR DESIGNEE;
  (B) THE COMMISSIONER OF EDUCATION OR DESIGNEE;
  (C) ONE REPRESENTATIVE OF  THE  EXECUTIVE  BRANCH,  APPOINTED  BY  THE
GOVERNOR,  WHO  IS  AN EMPLOYEE OF AN AGENCY OR DEPARTMENT THAT CONDUCTS
FINANCIAL LITERACY EDUCATION OUTREACH EFFORTS IN NEW YORK STATE, INCLUD-
ING THE OFFICE OF CHILDREN AND FAMILY SERVICES, DEPARTMENT OF  FINANCIAL

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

                                                           LBD13758-01-6

S. 7062                             2

SERVICES,  OR  THE DEPARTMENT OF LABOR, BUT NOT INCLUDING THE DEPARTMENT
OF EDUCATION;
  (D)  A MEMBER OF THE ASSEMBLY APPOINTED BY THE SPEAKER OF THE ASSEMBLY
AND A MEMBER OF THE SENATE APPOINTED BY THE TEMPORARY PRESIDENT  OF  THE
SENATE;
  (E)  A  KINDERGARTEN  THROUGH  TWELFTH  GRADE  PUBLIC SCHOOL FINANCIAL
LITERACY EDUCATOR APPOINTED BY NEW YORK STATE UNITED TEACHERS;
  (F) ONE REPRESENTATIVE OF KINDERGARTEN THROUGH  TWELFTH  GRADE  PUBLIC
SCHOOL  ADMINISTRATION,  CURRENTLY  SERVING  AS  A  SCHOOL BOARD MEMBER,
SUPERINTENDENT, OR PRINCIPAL, APPOINTED BY THE GOVERNOR BASED  ON  NOMI-
NEES  SUBMITTED BY THE NEW YORK STATE SCHOOL BOARDS ASSOCIATION, THE NEW
YORK STATE COUNCIL OF SCHOOL SUPERINTENDENTS, AND THE SCHOOL ADMINISTRA-
TORS ASSOCIATION OF NEW YORK STATE;
  (G) THREE REPRESENTATIVES FOCUSED  ON  COLLEGIATE  FINANCIAL  LITERACY
ISSUES:
  (I)  THE  CHAIRMAN  OF  THE  NEW  YORK STATE HIGHER EDUCATION SERVICES
CORPORATION OR DESIGNEE;
  (II) ONE REPRESENTATIVE APPOINTED  BY  THE  GOVERNOR  FROM  THE  STATE
UNIVERSITY OF NEW YORK; AND
  (III) ONE REPRESENTATIVE APPOINTED BY THE GOVERNOR FROM AN INDEPENDENT
COLLEGE IN NEW YORK;
  (H)  TWO  REPRESENTATIVES FROM NONPROFIT ENTITIES ENGAGED IN PROVIDING
FINANCIAL LITERACY EDUCATION TO NEW YORK ADULTS APPOINTED BY THE  GOVER-
NOR; AND
  (I) TWO REPRESENTATIVES FROM NEW YORK STATE'S FINANCIAL SERVICES BUSI-
NESS COMMUNITY THAT ACTIVELY PROMOTE FINANCIAL LITERACY EDUCATION TO NEW
YORK STATE ADULTS, APPOINTED BY THE GOVERNOR.
  3. THE STATE COMPTROLLER OR DESIGNEE AND ANOTHER MEMBER OF THE COMMIS-
SION,  APPOINTED BY THE GOVERNOR, WHO IS NOT AN EMPLOYEE OF THE STATE OF
NEW YORK, SHALL SERVE AS CO-CHAIRS OF THE COMMISSION.
  4. (A) EACH MEMBER SHALL SERVE FOR A THREE-YEAR  TERM,  PROVIDED  THAT
THE  STATE  COMPTROLLER SHALL HAVE THE AUTHORITY TO DESIGNATE WHETHER AN
INITIAL TERM FOR EACH APPOINTEE SHALL BE FOR A ONE, TWO,  OR  THREE-YEAR
INITIAL TERM IN ORDER TO ENSURE THAT NO MORE THAN ONE-THIRD OF THE TERMS
EXPIRE IN ANY GIVEN YEAR.
  (B)  A VACANCY SHALL BE FILLED BY THE APPOINTING AUTHORITY AS PROVIDED
IN SUBDIVISION TWO OF THIS SECTION FOR THE REMAINDER OF THE TERM.
  5. THE COMMISSION MAY REQUEST FROM ANY BRANCH,  DIVISION,  DEPARTMENT,
BOARD,  COMMISSION,  OR  OTHER  AGENCY  OF  THE STATE OR ANY ENTITY THAT
RECEIVES STATE FUNDS, SUCH INFORMATION AS WILL ENABLE THE COMMISSION  TO
PERFORM ITS DUTIES AS REQUIRED IN THIS ARTICLE.
  S  703. POWERS AND DUTIES. THE COMMISSION ESTABLISHED BY SECTION SEVEN
HUNDRED TWO OF THIS ARTICLE SHALL HAVE THE FOLLOWING POWERS  AND  DUTIES
NECESSARY AND APPROPRIATE TO ACHIEVE THE PURPOSES OF THIS CHAPTER:
  1.  COLLABORATE  WITH RELEVANT STATE AGENCIES AND DEPARTMENTS, PRIVATE
ENTERPRISE, AND NONPROFIT ORGANIZATIONS;
  2. INCENTIVIZE NEW YORK STATE'S  KINDERGARTEN  THROUGH  TWELFTH  GRADE
EDUCATIONAL  SYSTEM,  BUSINESSES,  COMMUNITY  ORGANIZATIONS, AND GOVERN-
MENTAL AGENCIES TO IMPLEMENT FINANCIAL LITERACY AND CAPABILITY PROGRAMS;
  3. ADVISE THE GOVERNOR, AGENCIES AND DEPARTMENTS, AND THE  LEGISLATURE
ON  THE  CURRENT  STATUS OF NEW YORK STATE RESIDENTS' FINANCIAL LITERACY
AND CAPABILITY;
  4. CREATE AND MAINTAIN A CURRENT INVENTORY OF ALL  FINANCIAL  LITERACY
AND  CAPABILITY  INITIATIVES  AVAILABLE  IN THE STATE, AND IN PARTICULAR
IDENTIFY TRUSTED OPTIONS THAT WILL BENEFIT NEW YORK STATE RESIDENTS;

S. 7062                             3

  5. IDENTIFY WAYS TO EQUIP NEW YORK STATE RESIDENTS WITH THE  TRAINING,
INFORMATION,  SKILLS,  AND TOOLS THEY NEED TO MAKE SOUND FINANCIAL DECI-
SIONS THROUGHOUT THEIR LIVES AND  WAYS  TO  HELP  INDIVIDUALS  WITH  LOW
INCOME GET ACCESS TO NEEDED FINANCIAL PRODUCTS AND SERVICES;
  6. IDENTIFY WAYS TO HELP NEW YORK STATE RESIDENTS WITH LOW INCOME SAVE
AND BUILD ASSETS;
  7.  IDENTIFY  WAYS  TO  HELP INCREASE THE PERCENTAGE OF NEW YORK STATE
EMPLOYEES SAVING FOR RETIREMENT;
  8. RECOMMEND ACTIONS THAT CAN BE  TAKEN  BY  THE  PUBLIC  AND  PRIVATE
SECTOR  TO  ACHIEVE  THE  GOAL  OF INCREASING THE FINANCIAL LITERACY AND
CAPABILITY OF ALL NEW YORK STATE RESIDENTS;
  9. PROMOTE AND RAISE THE AWARENESS IN THE STATE ABOUT  THE  IMPORTANCE
OF FINANCIAL LITERACY AND CAPABILITY;
  10. IDENTIFY KEY INDICATORS TO BE TRACKED REGARDING FINANCIAL LITERACY
AND CAPABILITY IN NEW YORK STATE;
  11.  ANALYZE  DATA TO MONITOR THE PROGRESS IN ACHIEVING AN INCREASE IN
THE FINANCIAL LITERACY AND CAPABILITY OF NEW YORK STATE RESIDENTS;
  12. PURSUE AND ACCEPT  FUNDING  FROM  DIVERSE  SOURCES  OUTSIDE  STATE
GOVERNMENT  TO  LAUNCH,  SUSTAIN, EXPAND, AND ENHANCE FINANCIAL LITERACY
AND CAPABILITY EFFORTS IN THE STATE;
  13. DISBURSE FUNDS  RAISED  THROUGH  FUND  DEVELOPMENT  ACTIVITIES  IN
ACCORDANCE  WITH  THE  PRIORITIES  SET  FORTH BY THIS SECTION AND BY THE
COMMISSION;
  14. CONSIDER  AND  IMPLEMENT  RESEARCH  AND  POLICY  INITIATIVES  THAT
PROVIDE EFFECTIVE AND MEANINGFUL RESULTS; AND
  15.  ISSUE  A  REPORT ON THE COMMISSION'S PROGRESS AND RECOMMENDATIONS
FOR INCREASING THE FINANCIAL LITERACY AND CAPABILITY OF NEW  YORK  STATE
RESIDENTS TO THE GOVERNOR AND THE LEGISLATIVE COMMITTEES OF JURISDICTION
DURING THE FIRST MONTH OF EACH LEGISLATIVE SESSION.
  S 2. This act shall take effect immediately.