S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3440
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
   tee on Higher Education
 
 AN ACT to establish a committee to study the feasibility  of  funding  a
   kindergarten  to  college/career ready program and a universal college
   savings account; and providing for the repeal of such provisions  upon
   expiration thereof

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. a. There is hereby established a  committee  to  study  the
 feasibility of creating, structuring, managing, marketing, and funding a
 kindergarten  to  college/career  (K2C/C)  ready program and a universal
 college savings account, the purpose of which shall be to promote  indi-
 vidual financial literacy among low and moderate income families.
   b.  The  members  of  the committee shall be selected as follows: five
 members of the New York state assembly, appointed by the speaker of  the
 assembly,  one  of  whom  shall be a member of the children and families
 committee, one of whom shall be a member of the education committee, one
 of whom shall be a member of the ways and means committee, one  of  whom
 shall be a member of the banks committee; and one member of the New York
 state  senate,  appointed  by the temporary president of the senate. The
 members of the study committee shall elect a chairperson from among  the
 members.  Four  members  of  the committee shall constitute a quorum for
 voting purposes.
   c. The committee shall study the feasibility of creating, structuring,
 managing, marketing, and funding a K2C/C ready program and  a  universal
 college  savings  account  and  asset  building program in New York. The
 committee shall:
   (1) review the structure and success of the K2C ready program  in  San
 Francisco  and  the status of similar programs in Ohio, Nevada, Washing-
 ton, and elsewhere in the United States;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06553-01-1
              

 A. 3440                             2
 
   (2) determine the projected population of kindergarten children to  be
 served;
   (3)  establish  contacts  with  New York banks, credit unions, philan-
 thropic organizations, and other area financial  services  that  may  be
 involved in similar efforts;
   (4)  explore  marketing  protocols  used  in  San  Francisco and other
 states;
   (5) solicit information and testimony from  those  individuals,  agen-
 cies,  and  entities  that  may be of assistance to the committee in the
 performance of its duties, including but not limited to,  the  New  York
 state  comptroller,  a  principal  of  an urban elementary school, and a
 superintendent of a school district that includes a career and technical
 education center; and
   (6) develop a proposal for New York, based on  projected  kindergarten
 enrollment  during  the  2021-2022  and  2022-2023  school  years,  that
 addresses the anticipated investment per student, guidelines for account
 maintenance, application procedures, and administrative costs.
   d. The first meeting of the committee shall be held within 45 days  of
 the effective date of this act.
   e. The committee shall report its findings and any recommendations for
 proposed legislation to the speaker of the assembly, the temporary pres-
 ident of the senate, the assembly clerk, the senate clerk, the governor,
 and  the  state  library on or before November 1, 2022. Upon delivery of
 the report and recommendations, the committee shall be disbanded.
   § 2. This act shall take effect  immediately  and  shall  be  repealed
 November 1, 2022.