NY State Senate Bill 2023-S2361

Senate Bill S2361

2023-2024 Legislative Session

Establishes a state university of New York pilot program to encourage individuals in college to enter the financial planning industry

download bill text pdf

Current Bill Status - In Senate Committee Higher Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to higher education
Jan 20, 2023	referred to higher education

2023-S2361 (ACTIVE) - Details

See Assembly Version of this Bill:: A2288
Current Committee:: Senate Higher Education
Law Section:: Education Law
Laws Affected:: Add §355-f, Ed L
Versions Introduced in 2021-2022 Legislative Session:: S8756, A9912

2023-S2361 (ACTIVE) - Summary

Establishes a state university of New York career pilot program to encourage individuals in college to enter the financial planning industry; utilizes campus resources to encourage a well-rounded program and diverse student involvement.

2023-S2361 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2361

SPONSOR: MANNION
 
TITLE OF BILL:

An act to amend the education law, in relation to establishing a state
university of New York pilot program to encourage individuals in college
to enter the financial planning industry; and providing for the repeal
of such provisions upon expiration thereof

 
PURPOSE:

The purpose of this bill is to require the State University of New York
(SUNY) to create a three-year financial career pilot program.

 
SUMMARY OF PROVISIONS:

Section 1 of this bill would amend the Education Law by adding a new
section 355-f, establishing the SUNY financial career pilot program,
which requires that such program be well-rounded and include diverse
enrollment. Additionally, the SUNY Board of Trustees would be required
to release a report within one year of the effective date and on the

first January thereafter on the program's effectiveness.

Section 2 of this bill would provide that the effective date shall take
effect immediately and shall expire and be deemed repealed three years
after such date.

 
JUSTIFICATION:

The financial planning industry struggles with efforts to attract new
talent and boost diversity, despite firms emphasizing the issue in their
recent recruiting strategies. For example, Black and Hispanic certified
financial planners represented just 4% of the 87,784 total Certified
Financial Planners (CFPs) in 2019 - despite being nearly 30% of the U.S.
population, according to a Center for Financial Planning Board report
published in 2019. In addition, women have made up about 23% of CFPs for
a decade, despite accounting for more than half the U.S. population,
according to the 2019 report. This bill would require SUNY to create a
three-year financial career pilot program to educate students on oppor-
tunities and train them for professions within the financial planning
industry.

 
LEGISLATIVE HISTORY:

2021-22: S.8756-A (Mannion) - Referred to Higher Education.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed three years after such date.

2023-S2361 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2361
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 2023
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Higher Education
 
 AN ACT to amend the education law, in relation to establishing  a  state
   university  of  New  York  pilot  program  to encourage individuals in
   college to enter the financial planning industry;  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. The education law is amended by adding a new section  355-f
 to read as follows:
   §  355-F. STATE UNIVERSITY OF NEW YORK FINANCIAL CAREER PILOT PROGRAM.
 1.  THERE SHALL BE ESTABLISHED BY THE BOARD OF  TRUSTEES  OF  THE  STATE
 UNIVERSITY,  A  STATE  UNIVERSITY  OF  NEW  YORK  FINANCIAL CAREER PILOT
 PROGRAM DESIGNED TO EDUCATE COLLEGE STUDENTS ON THE CAREER OPPORTUNITIES
 IN THE FINANCIAL PLANNING INDUSTRY.
   2. THE BOARD OF TRUSTEES SHALL, THROUGH ITS OWN MEANS OR BY PARTNERING
 WITH A COMPANY THAT IMPLEMENTS FINANCIAL  CAREER  PLANNING  INITIATIVES,
 CREATE  A  PILOT  PROGRAM THAT WORKS WITH THE FOLLOWING STATE UNIVERSITY
 CAMPUS RESOURCES TO CREATE A WELL-ROUNDED PROGRAM  AND  DIVERSE  STUDENT
 INVOLVEMENT:
   (A) CAMPUS MULTI-CULTURAL CENTER;
   (B) CAMPUS CAREER COUNSELING CENTER; AND
   (C)  ANY OTHER CAMPUS RESOURCE DEEMED NECESSARY FOR THE PROGRAM ESTAB-
 LISHED PURSUANT TO THIS SECTION.
   3. (A) IN CONJUNCTION WITH  THE  STATE  UNIVERSITY,  THE  BOARD  SHALL
 CREATE A PILOT PROGRAM THAT INCLUDES:
   (I) A PAID INTERNSHIP AT AN APPROVED FINANCIAL INSTITUTION;
   (II) CAREER COUNSELING;
   (III) PREPARATION FOR THE SECURITY INDUSTRY ESSENTIALS EXAM; AND
   (IV) A GRADE POINT AVERAGE REQUIREMENT OF 2.8 ON A 4.0 SCALE;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04742-01-3
 S. 2361                             2

 
   (B)  THE  BOARD  SHALL DETERMINE A FINANCIAL INSTITUTION'S ELIGIBILITY
 CRITERIA TO RECEIVE A STUDENT EMPLOYEE WHICH SHALL INCLUDE, BUT  NOT  BE
 LIMITED TO, THE FOLLOWING:
   (I) AN APPLICATION TO BE COMPLETED BY THE FINANCIAL INSTITUTION;
   (II)  A  MANDATED,  VIRTUAL ORIENTATION TO BE ATTENDED BY THE APPROVED
 FINANCIAL INSTITUTIONS' REPRESENTATIVES;
   (III) AN AGREEMENT TO PAY THE STUDENT EMPLOYEES AT A SET  WAGE  TO  BE
 DETERMINED BY THE BOARD OF TRUSTEES;
   (IV) AN APPROVED STUDENT TO MENTOR RATIO; AND
   (V)  REPORTING REQUIREMENTS ON STUDENT AND PROGRAM SUCCESS, INCLUDING,
 BUT NOT LIMITED TO, A MID-SEMESTER  AND  FINAL  REVIEW  OF  THE  STUDENT
 EMPLOYEE  WHICH  MAY  INCLUDE, BUT IS NOT LIMITED TO, THE FOLLOWING ON A
 SCALE OF EXCEPTIONAL, GOOD, FAIR, AND UNSATISFACTORY:
   (1) QUALITY OF WORK;
   (2) ABILITY TO MEET DEADLINES;
   (3) WRITTEN COMMUNICATION SKILLS;
   (4) ORAL COMMUNICATION SKILLS; AND
   (5) THE ABILITY TO ASSESS AND INITIATE THINGS INDEPENDENTLY.
   4. THE BOARD OF TRUSTEES SHALL BE RESPONSIBLE FOR MONITORING THE QUAL-
 ITY, APPROPRIATENESS AND EFFECTIVENESS OF SUCH PROGRAM AND SHALL  REPORT
 TO  THE  LEGISLATURE  WITHIN  ONE  YEAR  OF  THE  EFFECTIVE DATE OF THIS
 SECTION, AND ON THE  FIRST  OF  JANUARY  ANNUALLY  THEREAFTER,  ON  SUCH
 PROGRAM'S EFFECTIVENESS.
   §  2.  This  act shall take effect immediately and shall expire and be
 deemed repealed three years after such date.

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