Sen. Celina Villanueva

Filed: 4/9/2021

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 1556

2    AMENDMENT NO. ______. Amend Senate Bill 1556 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5Financial Literacy Task Force Act.
 
6    Section 5. Financial Literacy Task Force.
7    (a) The Financial Literacy Task Force is established to
8study and identify best practices for increasing the financial
9capacity of young adults in Illinois and develop
10recommendations for increasing the availability, uptake, and
11positive outcomes of financial education in this State's
12postsecondary academic institutions.
13    (b) The Task Force shall consist of the following members:
14        (1) one Representative appointed by the Speaker of the
15    House of Representatives;
16        (2) one Representative appointed by the Minority

 

 

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1    Leader of the House of Representatives;
2        (3) one Senator appointed by the President of the
3    Senate;
4        (4) one Senator appointed by the Minority Leader of
5    the Senate;
6        (5) the State Treasurer or his or her designee;
7        (6) the Executive Director of the Illinois Student
8    Assistance Commission or his or her designee;
9        (7) the State Superintendent of Education or his or
10    her designee;
11        (8) the Executive Director of the Board of Higher
12    Education or his or her designee; and
13        (9) the Executive Director of the Community College
14    Board or his or her designee.
15    (c) The Task Force shall also consist of the following
16members appointed by the Executive Director of the Illinois
17Student Assistance Commission:
18        (1) one first generation college student enrolled at a
19    public university in this State;
20        (2) one first year college student enrolled at a
21    public university in this State;
22        (3) one employed adult under the age of 34;
23        (4) one representative of an association representing
24    a statewide banking association exclusively representing
25    banks with assets below $20,000,000,000;
26        (5) one representative of an association representing

 

 

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1    credit unions;
2        (6) one representative of a nonprofit community
3    organization that serves young adults;
4        (7) one representative of a financial education
5    nonprofit community organization;
6        (8) one accountant;
7        (9) two professors at different public universities in
8    this State who teach financial capacity; and
9        (10) one representative of a human resource management
10    organization.
11    (d) Members appointed to the Commission must reflect the
12racial, ethnic, religious, and geographic diversity of this
13State.
14    (e) The Governor's Office shall appoint a member of the
15House of Representatives whose staff shall provide
16administrative support for the Task Force. The appointed
17member may delegate administrative responsibilities to a
18community organization. The Task Force shall hold its first
19meeting within 6 months after the effective date of this Act
20and shall meet at least 4 times during the duration of the Task
21Force. The Task Force shall select from among its members a
22chairperson.
23    (f) Members of the Task Force shall serve without
24compensation.
 
25    Section 10. Report.

 

 

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1    (a) On or before December 31, 2022, the Task Force shall
2submit a report to the Governor and General Assembly regarding
3financial literacy education in postsecondary academic
4institutions.
5    (b) The report shall include recommendations aimed at
6reducing economic disparities among socioeconomic groups
7caused by disparate access to financial education and may
8include strategies to ensure that young adults who graduate
9from a public postsecondary school in this State can:
10        (1) demonstrate competence in managing their finances;
11        (2) identify and avoid fraud, predatory financial
12    practices, and identify theft;
13        (3) navigate the terminology associated with
14    on-boarding documents, including, but not limited to, tax
15    documents, life insurance policies, health insurance
16    plans, and retirement plan options;
17        (4) understand the lending process and the importance
18    of strong credit;
19        (5) understand the basics of investing in the stock
20    market; and
21        (6) display an awareness of the cost and benefits of
22    credit and compounding interest.
23    (c) The report shall also include recommended policies,
24programs, funding, and data points required to assess and
25increase the financial capacity of young adults in
26postsecondary schools in Illinois, particularly those who come

 

 

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1from communities targeted by predatory financial practices.
 
2    Section 15. Repeal. This Act is repealed January 1, 2024.
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.".