102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1556

 

Introduced 2/26/2021, by Sen. Celina Villanueva

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Equity through Financial Literacy Task Force Act. Creates the Equity through Financial Literacy Task Force. Provides for membership of the Task Force. Provides that no less than one-third of the members of the Task Force shall reside in areas outside of the Chicago metropolitan area. Provides that members of the Task Force shall serve without compensation, except that the young adult and college student appointees of the Task Force shall receive a stipend for serving as members. Provides for meetings of the Task Force. Provides that the Office of the Governor shall provide administrative and other support to the Task Force. Provides for duties of the Task Force. Requires the Task Force to submit a report of recommendations to the General Assembly and Governor on or before December 31, 2021. Provides for the content of the report. Provides purpose and legislative intent provisions. Repeals the Act on January 1, 2023. Effective immediately.


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A BILL FOR

 

SB1556LRB102 16519 RJF 21913 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Equity
5through 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
17    young adults who graduate from a public secondary or
18    postsecondary school in this State should be able to: (i)
19    demonstrate competence in managing their finances; (ii)
20    identify and avoid fraud, predatory financial practices,
21    and identity theft; (iii) navigate the terminology
22    associated with on-boarding documents, including, but not
23    limited to, tax documents, life insurance policies, health

 

 

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1    insurance plans, and retirement plan options; (iv)
2    understand the lending process and the importance of
3    strong credit; (v) understand the basics of investing in
4    the stock market; and (vi) display an awareness of the
5    cost and benefits of credit and compounding interest.
 
6    Section 10. Equity through Financial Literacy Task Force.
7    (a) There is hereby established the Equity through
8Financial Literacy Task Force.
9    (b) The Task Force shall consist of the following members:
10        (1) one first-generation college student appointed by
11    the Governor;
12        (2) one graduating high school student appointed by
13    the Governor;
14        (3) one employed young adult (age 18-34 years old)
15    appointed by the Governor;
16        (4) one representative from a bank or credit union
17    appointed by the Governor;
18        (5) one representative from a nonprofit community
19    organization that serves young adults appointed by the
20    Governor;
21        (6) one representative from a financial education
22    nonprofit community organization appointed jointly by the
23    Speaker of the House of Representatives and the President
24    of the Senate;
25        (7) one accountant appointed jointly by the Speaker of

 

 

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1    the House of Representatives and the President of the
2    Senate;
3        (8) one professor or staff member that teaches
4    financial capacity at an Illinois public institution of
5    higher education appointed jointly by the Speaker of the
6    House of Representatives and the President of the Senate;
7        (9) one professor or staff member that teaches
8    financial capacity at an Illinois public high school
9    appointed jointly by the Speaker of the House of
10    Representatives and the President of the Senate;
11        (10) one representative from the Society for Human
12    Resource Management nominated by the Society for Human
13    Resource Management and appointed by the Governor;
14        (11) one representative from the Illinois School
15    Counselors Association nominated by the President of the
16    Illinois School Counselors Association and appointed by
17    the Governor;
18        (12) one representative from the Illinois School
19    Assistance Commission appointed by the Executive Director
20    of the Commission;
21        (13) one representative from the Illinois Community
22    College Board appointed by the Executive Director of the
23    Board;
24        (14) one representative from the Illinois Board of
25    Higher Education appointed by the Executive Director of
26    the Board; and

 

 

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1        (15) one representative from the Office of the State
2    Treasurer appointed by the State Treasurer.
3    (c) The Speaker of the House of Representatives and the
4President of the Senate shall each choose one of their joint
5appointees to serve as co-chairpersons of the Task Force.
6    (d) No less than one-third of the members of the Task Force
7shall reside in areas outside of the Chicago metropolitan
8area.
9    (e) Members of the Task Force shall serve without
10compensation, except that the young adult and college student
11appointees of the Task Force shall receive a stipend for
12serving as members.
13    (f) The Task Force shall hold its first meeting within 60
14after the effective date of this Act, and shall meet at least 4
15times during the duration of the Task Force.
16    (g) The Office of the Governor shall provide
17administrative and other support to the Task Force.
 
18    Section 15. Duties; report.
19    (a) The primary duty of the Task Force shall be to study
20and identify best practices for increasing the financial
21capacity of Illinois young adults, and any other related
22matters.
23    (b) Based upon its findings, the Task Force shall submit a
24report of recommendations to the General Assembly and Governor
25that outlines the policies, curriculum, and funding needed to

 

 

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1increase the financial capacity of young adults in Illinois
2high schools and postsecondary schools, particularly those who
3come from communities targeted by predatory financial
4practices. The recommendations shall also identify any
5relevant State agencies for implementation of the
6recommendations, and identify any relevant data to collect to
7determine measurable progress in financial capacity and
8financial stability outcomes among graduates of Illinois
9schools.
10    (c) The Task Force shall submit its report of
11recommendations to the General Assembly and Governor on or
12before December 31, 2021.
 
13    Section 20. Repeal. This Act is repealed January 1, 2023.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.