S T A T E O F N E W Y O R K
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5813
2017-2018 Regular Sessions
I N A S S E M B L Y
February 15, 2017
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Introduced by M. of A. ZEBROWSKI -- read once and referred 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.
§ 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.
§ 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;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02247-01-7
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(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
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.
§ 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;
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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;
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.
§ 2. This act shall take effect immediately.