S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3604
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2017
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation to  establishing
   the state financial literacy commission
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The financial services law is amended by adding a new arti-
 cle 7 to read as follows:
                                 ARTICLE 7
                    STATE FINANCIAL LITERACY COMMISSION
 SECTION 701. DEFINITIONS.
         702. STATE FINANCIAL LITERACY COMMISSION.
         703. POWERS AND DUTIES.
   § 701. DEFINITIONS. FOR THE PURPOSES OF THIS  ARTICLE,  THE  FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1.  "FINANCIAL CAPABILITY" MEANS: (A) FINANCIAL LITERACY AND ACCESS TO
 APPROPRIATE FINANCIAL PRODUCTS; AND
   (B)(I) THE ABILITY TO ACT, INCLUDING  KNOWLEDGE,  SKILLS,  CONFIDENCE,
 AND MOTIVATION; AND
   (II)  THE  OPPORTUNITY  TO ACT, THROUGH ACCESS TO BENEFICIAL FINANCIAL
 PRODUCTS AND INSTITUTIONS.
   2. "FINANCIAL LITERACY" MEANS THE ABILITY TO USE KNOWLEDGE AND  SKILLS
 TO  MANAGE  FINANCIAL  RESOURCES EFFECTIVELY FOR A LIFETIME OF FINANCIAL
 WELL-BEING.
   § 702. STATE FINANCIAL LITERACY COMMISSION.  1.  THERE  IS  CREATED  A
 STATE  FINANCIAL LITERACY COMMISSION TO MEASURABLY IMPROVE THE FINANCIAL
 LITERACY AND FINANCIAL CAPABILITY OF NEW YORK STATE RESIDENTS.
   2. THE COMMISSION SHALL BE COMPOSED OF THE FOLLOWING MEMBERS:
   (A) THE STATE COMPTROLLER OR DESIGNEE;
   (B) THE COMMISSIONER OF EDUCATION OR DESIGNEE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02247-01-7
              

 S. 3604                             2
 
   (C) ONE REPRESENTATIVE OF  THE  EXECUTIVE  BRANCH,  APPOINTED  BY  THE
 GOVERNOR,  WHO  IS  AN EMPLOYEE OF AN AGENCY OR DEPARTMENT THAT CONDUCTS
 FINANCIAL LITERACY EDUCATION OUTREACH EFFORTS IN NEW YORK STATE, INCLUD-
 ING THE OFFICE OF CHILDREN AND FAMILY SERVICES, DEPARTMENT OF  FINANCIAL
 SERVICES,  OR  THE DEPARTMENT OF LABOR, BUT NOT INCLUDING THE DEPARTMENT
 OF EDUCATION;
   (D) A MEMBER OF THE ASSEMBLY APPOINTED BY THE SPEAKER OF THE  ASSEMBLY
 AND  A  MEMBER OF THE SENATE APPOINTED BY THE TEMPORARY PRESIDENT OF THE
 SENATE;
   (E) A KINDERGARTEN  THROUGH  TWELFTH  GRADE  PUBLIC  SCHOOL  FINANCIAL
 LITERACY EDUCATOR APPOINTED BY NEW YORK STATE UNITED TEACHERS;
   (F)  ONE  REPRESENTATIVE  OF KINDERGARTEN THROUGH TWELFTH GRADE PUBLIC
 SCHOOL ADMINISTRATION, CURRENTLY  SERVING  AS  A  SCHOOL  BOARD  MEMBER,
 SUPERINTENDENT,  OR  PRINCIPAL, APPOINTED BY THE GOVERNOR BASED ON NOMI-
 NEES SUBMITTED BY THE NEW YORK STATE SCHOOL BOARDS ASSOCIATION, THE  NEW
 YORK STATE COUNCIL OF SCHOOL SUPERINTENDENTS, AND THE SCHOOL ADMINISTRA-
 TORS ASSOCIATION OF NEW YORK STATE;
   (G)  THREE  REPRESENTATIVES  FOCUSED  ON COLLEGIATE FINANCIAL LITERACY
 ISSUES:
   (I) THE CHAIRMAN OF THE  NEW  YORK  STATE  HIGHER  EDUCATION  SERVICES
 CORPORATION OR DESIGNEE;
   (II)  ONE  REPRESENTATIVE  APPOINTED  BY  THE  GOVERNOR FROM THE STATE
 UNIVERSITY OF NEW YORK; AND
   (III) ONE REPRESENTATIVE APPOINTED BY THE GOVERNOR FROM AN INDEPENDENT
 COLLEGE IN NEW YORK;
   (H) TWO REPRESENTATIVES FROM NONPROFIT ENTITIES ENGAGED  IN  PROVIDING
 FINANCIAL  LITERACY EDUCATION TO NEW YORK ADULTS APPOINTED BY THE GOVER-
 NOR; AND
   (I) TWO REPRESENTATIVES FROM NEW YORK STATE'S FINANCIAL SERVICES BUSI-
 NESS COMMUNITY THAT ACTIVELY PROMOTE FINANCIAL LITERACY EDUCATION TO NEW
 YORK STATE ADULTS, APPOINTED BY THE GOVERNOR.
   3. THE STATE COMPTROLLER OR DESIGNEE AND ANOTHER MEMBER OF THE COMMIS-
 SION, APPOINTED BY THE GOVERNOR, WHO IS NOT AN EMPLOYEE OF THE STATE  OF
 NEW YORK, SHALL SERVE AS CO-CHAIRS OF THE COMMISSION.
   4.  (A)  EACH  MEMBER SHALL SERVE FOR A THREE-YEAR TERM, PROVIDED THAT
 THE STATE COMPTROLLER SHALL HAVE THE AUTHORITY TO DESIGNATE  WHETHER  AN
 INITIAL  TERM  FOR EACH APPOINTEE SHALL BE FOR A ONE, TWO, OR THREE-YEAR
 INITIAL TERM IN ORDER TO ENSURE THAT NO MORE THAN ONE-THIRD OF THE TERMS
 EXPIRE IN ANY GIVEN YEAR.
   (B) A VACANCY SHALL BE FILLED BY THE APPOINTING AUTHORITY AS  PROVIDED
 IN SUBDIVISION TWO OF THIS SECTION FOR THE REMAINDER OF THE TERM.
   5.  THE  COMMISSION MAY REQUEST FROM ANY BRANCH, DIVISION, DEPARTMENT,
 BOARD, COMMISSION, OR OTHER AGENCY OF  THE  STATE  OR  ANY  ENTITY  THAT
 RECEIVES  STATE FUNDS, SUCH INFORMATION AS WILL ENABLE THE COMMISSION TO
 PERFORM ITS DUTIES AS REQUIRED IN THIS ARTICLE.
   § 703. POWERS AND DUTIES. THE COMMISSION ESTABLISHED BY SECTION  SEVEN
 HUNDRED  TWO  OF THIS ARTICLE SHALL HAVE THE FOLLOWING POWERS AND DUTIES
 NECESSARY AND APPROPRIATE TO ACHIEVE THE PURPOSES OF THIS CHAPTER:
   1. COLLABORATE WITH RELEVANT STATE AGENCIES AND  DEPARTMENTS,  PRIVATE
 ENTERPRISE, AND NONPROFIT ORGANIZATIONS;
   2.  INCENTIVIZE  NEW  YORK  STATE'S KINDERGARTEN THROUGH TWELFTH GRADE
 EDUCATIONAL SYSTEM, BUSINESSES,  COMMUNITY  ORGANIZATIONS,  AND  GOVERN-
 MENTAL AGENCIES TO IMPLEMENT FINANCIAL LITERACY AND CAPABILITY PROGRAMS;
   3.  ADVISE THE GOVERNOR, AGENCIES AND DEPARTMENTS, AND THE LEGISLATURE
 ON THE CURRENT STATUS OF NEW YORK STATE  RESIDENTS'  FINANCIAL  LITERACY
 AND CAPABILITY;

 S. 3604                             3
 
   4.  CREATE  AND MAINTAIN A CURRENT INVENTORY OF ALL FINANCIAL LITERACY
 AND CAPABILITY INITIATIVES AVAILABLE IN THE  STATE,  AND  IN  PARTICULAR
 IDENTIFY TRUSTED OPTIONS THAT WILL BENEFIT NEW YORK STATE RESIDENTS;
   5.  IDENTIFY WAYS TO EQUIP NEW YORK STATE RESIDENTS WITH THE TRAINING,
 INFORMATION, SKILLS, AND TOOLS THEY NEED TO MAKE SOUND  FINANCIAL  DECI-
 SIONS  THROUGHOUT  THEIR  LIVES  AND  WAYS  TO HELP INDIVIDUALS WITH LOW
 INCOME GET ACCESS TO NEEDED FINANCIAL PRODUCTS AND SERVICES;
   6. IDENTIFY WAYS TO HELP NEW YORK STATE RESIDENTS WITH LOW INCOME SAVE
 AND BUILD ASSETS;
   7. IDENTIFY WAYS TO HELP INCREASE THE PERCENTAGE  OF  NEW  YORK  STATE
 EMPLOYEES SAVING FOR RETIREMENT;
   8.  RECOMMEND  ACTIONS  THAT  CAN  BE  TAKEN BY THE PUBLIC AND PRIVATE
 SECTOR TO ACHIEVE THE GOAL OF  INCREASING  THE  FINANCIAL  LITERACY  AND
 CAPABILITY OF ALL NEW YORK STATE RESIDENTS;
   9.  PROMOTE  AND RAISE THE AWARENESS IN THE STATE ABOUT THE IMPORTANCE
 OF FINANCIAL LITERACY AND CAPABILITY;
   10. IDENTIFY KEY INDICATORS TO BE TRACKED REGARDING FINANCIAL LITERACY
 AND CAPABILITY IN NEW YORK STATE;
   11. ANALYZE DATA TO MONITOR THE PROGRESS IN ACHIEVING AN  INCREASE  IN
 THE FINANCIAL LITERACY AND CAPABILITY OF NEW YORK STATE RESIDENTS;
   12.  PURSUE  AND  ACCEPT  FUNDING  FROM  DIVERSE SOURCES OUTSIDE STATE
 GOVERNMENT TO LAUNCH, SUSTAIN, EXPAND, AND  ENHANCE  FINANCIAL  LITERACY
 AND CAPABILITY EFFORTS IN THE STATE;
   13.  DISBURSE  FUNDS  RAISED  THROUGH  FUND  DEVELOPMENT ACTIVITIES IN
 ACCORDANCE WITH THE PRIORITIES SET FORTH BY  THIS  SECTION  AND  BY  THE
 COMMISSION;
   14.  CONSIDER  AND  IMPLEMENT  RESEARCH  AND  POLICY  INITIATIVES THAT
 PROVIDE EFFECTIVE AND MEANINGFUL RESULTS; AND
   15. ISSUE A REPORT ON THE COMMISSION'S  PROGRESS  AND  RECOMMENDATIONS
 FOR  INCREASING  THE FINANCIAL LITERACY AND CAPABILITY OF NEW YORK STATE
 RESIDENTS TO THE GOVERNOR AND THE LEGISLATIVE COMMITTEES OF JURISDICTION
 DURING THE FIRST MONTH OF EACH LEGISLATIVE SESSION.
   § 2. This act shall take effect immediately.