|
| | 10200HB3131ham001 | - 2 - | LRB102 13707 RJF 23730 a |
|
|
1 | | young adults who graduate from a public secondary or |
2 | | postsecondary school in this State should be able to: (i) |
3 | | demonstrate competence in managing their finances; (ii) |
4 | | identify and avoid fraud, predatory financial practices, |
5 | | and identity theft; (iii) navigate the terminology |
6 | | associated with on-boarding documents, including, but not |
7 | | limited to, tax documents, life insurance policies, health |
8 | | insurance plans, and retirement plan options; (iv) |
9 | | understand the lending process and the importance of |
10 | | strong credit; (v) understand the basics of investing in |
11 | | the stock market; and (vi) display an awareness of the |
12 | | cost and benefits of credit and compounding interest.
|
13 | | Section 10. Equity through Financial Literacy Task Force.
|
14 | | (a) There is hereby established the Equity through |
15 | | Financial Literacy Task Force.
|
16 | | (b) The Task Force shall consist of the following members:
|
17 | | (1) one first-generation college student appointed by |
18 | | the Governor;
|
19 | | (2) one graduating high school student appointed by |
20 | | the Governor;
|
21 | | (3) one employed young adult (age 18-34 years old) |
22 | | appointed by the Governor;
|
23 | | (4) one representative from a bank or credit union |
24 | | appointed by the Governor;
|
25 | | (5) one representative from a nonprofit community |
|
| | 10200HB3131ham001 | - 3 - | LRB102 13707 RJF 23730 a |
|
|
1 | | organization that serves young adults appointed by the |
2 | | Governor;
|
3 | | (6) one representative from a financial education |
4 | | nonprofit community organization appointed jointly by the |
5 | | Speaker of the House of Representatives and the President |
6 | | of the Senate;
|
7 | | (7) one accountant appointed jointly by the Speaker of |
8 | | the House of Representatives and the President of the |
9 | | Senate;
|
10 | | (8) one professor or staff member that teaches |
11 | | financial capacity at an Illinois public institution of |
12 | | higher education appointed jointly by the Speaker of the |
13 | | House of Representatives and the President of the Senate;
|
14 | | (9) one professor or staff member that teaches |
15 | | financial capacity at an Illinois public high school |
16 | | appointed jointly by the Speaker of the House of |
17 | | Representatives and the President of the Senate;
|
18 | | (10) one representative from the Society for Human |
19 | | Resource Management nominated by the Society for Human |
20 | | Resource Management and appointed by the Governor;
|
21 | | (11) one representative from the Illinois School |
22 | | Counselors Association nominated by the President of the |
23 | | Illinois School Counselors Association and appointed by |
24 | | the Governor;
|
25 | | (12) one representative from the Illinois School |
26 | | Assistance Commission appointed by the Executive Director |
|
| | 10200HB3131ham001 | - 4 - | LRB102 13707 RJF 23730 a |
|
|
1 | | of the Commission;
|
2 | | (13) one representative from the Illinois Community |
3 | | College Board appointed by the Executive Director of the |
4 | | Board;
|
5 | | (14) one representative from the Illinois Board of |
6 | | Higher Education appointed by the Executive Director of |
7 | | the Board; |
8 | | (15) one representative from the Office of the State |
9 | | Treasurer appointed by the State Treasurer; and |
10 | | (16) two spokespersons appointed one each by the |
11 | | Minority Leader of the House of Representatives and the |
12 | | Minority Leader of the Senate. |
13 | | (c) The Speaker of the House of Representatives and the |
14 | | President of the Senate shall each choose one of their joint |
15 | | appointees to serve as co-chairpersons of the Task Force.
|
16 | | (d) No less than one-third of the members of the Task Force |
17 | | shall reside in areas outside of the Chicago metropolitan |
18 | | area.
|
19 | | (e) Members of the Task Force shall serve without |
20 | | compensation, except that the young adult and college student |
21 | | appointees of the Task Force shall receive a stipend for |
22 | | serving as members.
|
23 | | (f) The Task Force shall hold its first meeting within 90 |
24 | | days after the effective date of this Act, and shall meet at |
25 | | least 4 times during the duration of the Task Force.
|
26 | | (g) The Office of the Governor shall provide |
|
| | 10200HB3131ham001 | - 5 - | LRB102 13707 RJF 23730 a |
|
|
1 | | administrative and other support to the Task Force.
|
2 | | Section 15. Duties; report.
|
3 | | (a) The primary duty of the Task Force shall be to study |
4 | | and identify best practices for increasing the financial |
5 | | capacity of Illinois young adults, and any other related |
6 | | matters.
|
7 | | (b) Based upon its findings, the Task Force shall submit a |
8 | | report of recommendations to the General Assembly and Governor |
9 | | that outlines the policies, curriculum, and funding needed to |
10 | | increase the financial capacity of young adults in Illinois |
11 | | high schools and postsecondary schools, particularly those who |
12 | | come from communities targeted by predatory financial |
13 | | practices. The recommendations shall also identify any |
14 | | relevant State agencies for implementation of the |
15 | | recommendations, and identify any relevant data to collect to |
16 | | determine measurable progress in financial capacity and |
17 | | financial stability outcomes among graduates of Illinois |
18 | | schools.
|
19 | | (c) The Task Force shall submit its report of |
20 | | recommendations to the General Assembly and Governor on or |
21 | | before December 31, 2022.
|
22 | | Section 20. Repeal. This Act is repealed January 1, 2023.
|
23 | | Section 99. Effective date. This Act takes effect upon |