House File 2474 - Introduced HOUSE FILE 2474 BY COMMITTEE ON COMMERCE (SUCCESSOR TO HF 2181) A BILL FOR An Act establishing an Iowa financial literacy program within 1 the office of the treasurer of state. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 6157HV (4) 83 rn/nh
H.F. 2474 Section 1. NEW SECTION . 12G.1 Iowa financial literacy 1 program —— legislative intent. 2 The general assembly finds that the general welfare of this 3 state and well-being of its citizens is directly related to 4 the financial education of those citizens. While the state 5 has limited resources to promote financial literacy, a vital 6 and valid public purpose shall be served by the creation 7 and implementation of programs which encourage and make 8 possible the attainment of financial literacy by the largest 9 possible number of citizens in this state, and particularly by 10 low-income to moderate-income families. 11 Sec. 2. NEW SECTION . 12G.2 Program created. 12 An Iowa financial literacy program is created within the 13 office of the treasurer of state. The treasurer of state shall 14 have all powers necessary to carry out and effectuate the 15 purposes, objectives, and provisions pertaining to the program, 16 including the authority to do all of the following: 17 1. Promote the advantages of personal savings and the 18 viability and desirability of implementing a personal savings 19 program regardless of an individual’s or family’s financial 20 status. 21 2. Create an incentive program and awards ceremony whereby 22 individuals and families who have made significant progress 23 toward achieving personal savings goals shall be officially 24 recognized. 25 3. Create strategies for coordination of the program with 26 the Iowa educational savings plan trust established in chapter 27 12D. 28 4. Make presentations to groups including but not limited 29 to schools, hospitals, civic organizations, and privately 30 organized clubs and groups regarding the existence of the 31 program. 32 5. Coordinate conferences, meetings, and events which 33 promote financial literacy and education. 34 Sec. 3. NEW SECTION . 12G.3 Funding. 35 -1- LSB 6157HV (4) 83 rn/nh 1/ 2
H.F. 2474 The treasurer of state may utilize and allocate any funds 1 legally available for purposes of promoting financial literacy 2 to administer the program created in section 12G.2, and shall 3 submit a report to the governor and the general assembly 4 regarding the program on an annual basis. 5 EXPLANATION 6 This bill provides for the establishment of a financial 7 literacy program within the office of the treasurer of state. 8 The objective of the program shall be to encourage and make 9 possible the achievement of financial literacy by the largest 10 number of citizens in Iowa, and especially by low to moderate 11 income families. 12 The bill provides that the state treasurer shall be 13 authorized to promote the advantages of personal savings and 14 the viability and desirability of implementing a personal 15 savings program regardless of an individual’s or a family’s 16 financial status; to create an incentive program and awards 17 ceremony recognizing individuals and families who have made 18 significant progress toward achieving personal savings goals; 19 to create strategies for coordination of the program with the 20 Iowa educational savings plan trust; to make presentations to 21 schools, hospitals, civic organizations, privately organized 22 clubs and groups and other groups regarding the existence of 23 the program; and to coordinate conferences, meetings, and 24 events promoting financial literacy and education. 25 The bill allows the treasurer of state to utilize and 26 allocate any funds legally available for purposes of promoting 27 the program, and directs the treasurer to submit a report to 28 the governor and the general assembly regarding the program on 29 an annual basis. 30 -2- LSB 6157HV (4) 83 rn/nh 2/ 2