HF 2474 (LSB 6157HV (4) 83)

HOUSE FILE 2474

BY  COMMITTEE ON COMMERCE

(SUCCESSOR TO HF 2181)

A BILL FOR

An Act establishing an Iowa financial literacy program within the office of the treasurer of state.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  12G.1  Iowa financial literacy program —— legislative intent.

   The general assembly finds that the general welfare of this state and well-being of its citizens is directly related to the financial education of those citizens. While the state has limited resources to promote financial literacy, a vital and valid public purpose shall be served by the creation and implementation of programs which encourage and make possible the attainment of financial literacy by the largest possible number of citizens in this state, and particularly by low-income to moderate-income families.
    Sec. 2.  NEW SECTION.  12G.2  Program created.

   An Iowa financial literacy program is created within the office of the treasurer of state. The treasurer of state shall have all powers necessary to carry out and effectuate the purposes, objectives, and provisions pertaining to the program, including the authority to do all of the following:

   1.  Promote the advantages of personal savings and the viability and desirability of implementing a personal savings program regardless of an individual’s or family’s financial status.
   2.  Create an incentive program and awards ceremony whereby individuals and families who have made significant progress toward achieving personal savings goals shall be officially recognized.
   3.  Create strategies for coordination of the program with the Iowa educational savings plan trust established in chapter 12D.
   4.  Make presentations to groups including but not limited to schools, hospitals, civic organizations, and privately organized clubs and groups regarding the existence of the program.
   5.  Coordinate conferences, meetings, and events which promote financial literacy and education.
    Sec. 3.  NEW SECTION.  12G.3  Funding.

   The treasurer of state may utilize and allocate any funds legally available for purposes of promoting financial literacy to administer the program created in section 12G.2, and shall submit a report to the governor and the general assembly regarding the program on an annual basis.
EXPLANATION
   This bill provides for the establishment of a financial literacy program within the office of the treasurer of state. The objective of the program shall be to encourage and make possible the achievement of financial literacy by the largest number of citizens in Iowa, and especially by low to moderate income families.
   The bill provides that the state treasurer shall be authorized to promote the advantages of personal savings and the viability and desirability of implementing a personal savings program regardless of an individual’s or a family’s financial status; to create an incentive program and awards ceremony recognizing individuals and families who have made significant progress toward achieving personal savings goals; to create strategies for coordination of the program with the Iowa educational savings plan trust; to make presentations to schools, hospitals, civic organizations, privately organized clubs and groups and other groups regarding the existence of the program; and to coordinate conferences, meetings, and events promoting financial literacy and education.
   The bill allows the treasurer of state to utilize and allocate any funds legally available for purposes of promoting the program, and directs the treasurer to submit a report to the governor and the general assembly regarding the program on an annual basis.