Rep. Maura Hirschauer

Filed: 3/19/2021

 

 


 

 


 
10200HB3131ham001LRB102 13707 RJF 23730 a

1
AMENDMENT TO HOUSE BILL 3131

2    AMENDMENT NO. ______. Amend House Bill 3131 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5Equity through Financial Literacy Task Force Act.
 
6    Section 5. Purpose; legislative intent.
7        (1) Purpose. The purpose of the Equity through
8    Financial Literacy Task Force is to develop
9    recommendations for increasing the availability and uptake
10    of financial education in our State's academic
11    institutions. The Task Force's recommendations shall focus
12    on efforts that will reduce economic disparities among
13    socioeconomic groups that are caused by disparate access
14    to financial education.
15        (2) Legislative intent. It is the intent of the
16    General Assembly through enactment of this Act that all

 

 

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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
15Financial 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

 

 

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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

 

 

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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
14President of the Senate shall each choose one of their joint
15appointees to serve as co-chairpersons of the Task Force.
16    (d) No less than one-third of the members of the Task Force
17shall reside in areas outside of the Chicago metropolitan
18area.
19    (e) Members of the Task Force shall serve without
20compensation, except that the young adult and college student
21appointees of the Task Force shall receive a stipend for
22serving as members.
23    (f) The Task Force shall hold its first meeting within 90
24days after the effective date of this Act, and shall meet at
25least 4 times during the duration of the Task Force.
26    (g) The Office of the Governor shall provide

 

 

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1administrative 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
4and identify best practices for increasing the financial
5capacity of Illinois young adults, and any other related
6matters.
7    (b) Based upon its findings, the Task Force shall submit a
8report of recommendations to the General Assembly and Governor
9that outlines the policies, curriculum, and funding needed to
10increase the financial capacity of young adults in Illinois
11high schools and postsecondary schools, particularly those who
12come from communities targeted by predatory financial
13practices. The recommendations shall also identify any
14relevant State agencies for implementation of the
15recommendations, and identify any relevant data to collect to
16determine measurable progress in financial capacity and
17financial stability outcomes among graduates of Illinois
18schools.
19    (c) The Task Force shall submit its report of
20recommendations to the General Assembly and Governor on or
21before December 31, 2022.
 
22    Section 20. Repeal. This Act is repealed January 1, 2023.
 
23    Section 99. Effective date. This Act takes effect upon

 

 

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1becoming law.".