Senate File 329 - Introduced
SENATE FILE
BY BOETTGER
(COMPANION TO LSB 2006HH
BY ZIRKELBACH)
Passed Senate, Date Passed House, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act providing for the establishment of a financial literacy
2 council within the office of the governor, providing for its
3 future repeal, and providing an effective date.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 TLSB 2006SS 83
6 kh/sc/14
PAG LIN
1 1 Section 1. NEW SECTION. 256.29 FINANCIAL LITERACY
1 2 COUNCIL.
1 3 1. COUNCIL ESTABLISHED. A financial literacy council is
1 4 established within the office of the governor. The office of
1 5 the governor shall provide staff support to the council.
1 6 2. PURPOSE.
1 7 a. The purpose of the council shall be to improve the
1 8 financial literacy of Iowa citizens. The council shall
1 9 develop and implement, if sufficient funds are appropriated by
1 10 the general assembly, financial education efforts for youth
1 11 and adults in collaboration with other state agencies, private
1 12 entities, educational institutions, and other not=for=profit
1 13 institutions.
1 14 b. For purposes of this section, "financial literacy"
1 15 includes but is not limited to financial responsibility and
1 16 planning skills; money management skills, including setting
1 17 financial goals, creating spending plans, and using financial
1 18 instruments; applying decision=making skills to analyze debt
1 19 incurrence and debt management; understanding risk management,
1 20 including the features and functions of insurance; and
1 21 understanding saving and investing as applied to long=term
1 22 financial security and asset building.
1 23 3. POWERS AND DUTIES.
1 24 a. The council shall do all of the following:
1 25 (1) Strengthen and coordinate public and private sector
1 26 financial education programs.
1 27 (2) Create a strategic plan to develop, communicate, and
1 28 integrate financial literacy knowledge and information in the
1 29 lives of Iowa's citizens through the distribution of
1 30 educational materials and programs designed for youth and
1 31 adults.
1 32 (3) Act as a clearinghouse for information on financial
1 33 literacy programs and curriculum in Iowa and the availability
1 34 of resources for financial literacy programming.
1 35 (4) Establish and make available to the public a single
2 1 state resource for consumers to contact for financial
2 2 assistance and consumer protection.
2 3 (5) Study and recommend methods to provide youth and
2 4 adults with the tools and resources needed to make informed
2 5 financial decisions.
2 6 (6) Study and make recommendations for the establishment
2 7 of an outreach program to educate youth and adults through
2 8 public meetings or seminars or the distribution of materials.
2 9 (7) Develop a unified interagency strategy for state and
2 10 local governments to coordinate the development and
2 11 distribution of their financial literacy resources efficiently
2 12 and effectively and to eliminate duplication.
2 13 b. To the extent possible, the council may procure
2 14 information from and coordinate with any state agency, public
2 15 entity, political subdivision, municipal corporation,
2 16 educational institution, not=for=profit institution, private
2 17 entity, or public officer to carry out its responsibilities
2 18 under this section.
2 19 4. MEMBERSHIP.
2 20 a. The council shall be comprised of fifteen members
2 21 appointed by the governor to three=year staggered terms as
2 22 designated by the governor.
2 23 b. In selecting the members of the board, consideration
2 24 shall be given to their knowledge, ability, and experience in
2 25 financial education and financial services, including persons
2 26 with backgrounds as providers, consumers, educators, and
2 27 advocates of financial education and financial services. At
2 28 least two members shall be members of the general public.
2 29 Members shall be from urban, suburban, and rural areas of the
2 30 state.
2 31 c. The council shall annually elect its own chairperson
2 32 and vice=chairperson from among the members of the council.
2 33 The council shall meet at least quarterly and at the call of
2 34 the chairperson or upon the written request to the chairperson
2 35 of eight or more members. A majority of the members of the
3 1 council constitutes a quorum. Vacancies shall be filled by
3 2 appointment of the governor for the unexpired term of the
3 3 original appointee. Members are entitled to receive
3 4 reimbursement for actual and necessary expenses incurred in
3 5 performance of their official duties. Members are also
3 6 entitled to receive compensation as provided in section 7E.6.
3 7 All expense moneys paid to the members shall be paid from
3 8 funds appropriated to the office of the governor.
3 9 5. REPORTS. By January 15 annually, the council shall
3 10 submit a detailed list of its activities, expenditures,
3 11 anticipated and available financial resources, and
3 12 recommendations in a report to the governor and the general
3 13 assembly.
3 14 6. FINANCIAL RESOURCES. The council may accept grants and
3 15 donations, and shall apply for any federal, state, or private
3 16 grants available, to fund the activities and materials
3 17 developed, implemented, or distributed in accordance with this
3 18 section. Any grants or donations received shall be deposited
3 19 in a separate fund in the state treasury and used exclusively
3 20 in accordance with this section or, if received from the
3 21 federal government, as federal law directs.
3 22 7. REPEAL. This section is repealed June 30, 2014.
3 23 Sec. 2. EFFECTIVE DATE. This Act, being deemed of
3 24 immediate importance, takes effect upon enactment.
3 25 EXPLANATION
3 26 This bill establishes a financial literacy council within
3 27 the office of the governor. The council is directed to
3 28 develop and implement, if sufficient funds are appropriated by
3 29 the general assembly, financial education efforts for youth
3 30 and adults in collaboration with other state agencies, private
3 31 entities, educational institutions, and other not=for=profit
3 32 institutions.
3 33 "Financial literacy" includes but is not limited to
3 34 financial responsibility and planning skills; money management
3 35 skills, including setting financial goals, creating spending
4 1 plans, and using financial instruments; applying
4 2 decision=making skills to analyze debt incurrence and debt
4 3 management; understanding risk management, including the
4 4 features and functions of insurance; and understanding saving
4 5 and investing as applied to long=term financial security and
4 6 asset building.
4 7 The bill enumerates the powers and duties of the 15=member
4 8 council. The council is authorized, to the extent possible,
4 9 to procure information from and coordinate with any state
4 10 agency, political subdivision, municipal corporation, school
4 11 district, public or private entity, or public officer to carry
4 12 out its responsibilities. Members will be reimbursed for
4 13 actual and necessary expenses incurred in performance of their
4 14 official duties and are entitled to receive compensation.
4 15 Expense moneys are to be paid from funds appropriated to the
4 16 governor's office.
4 17 The council must submit a detailed list of its activities,
4 18 expenditures, and anticipated and available financial
4 19 resources, and its recommendations in a report to the governor
4 20 and the general assembly by January 15 annually.
4 21 The council may accept grants and donations and shall apply
4 22 for any federal, state, or private grants available to fund
4 23 the activities and materials developed, implemented, or
4 24 distributed by the council.
4 25 The provision establishing the council is repealed June 30,
4 26 2014.
4 27 The bill takes effect upon enactment.
4 28 LSB 2006SS 83
4 29 kh/sc/14