NY State Senate Bill 2023-S3213

Senate Bill S3213

2023-2024 Legislative Session

Establishes a committee to study the feasibility of funding a kindergarten to college/career ready program and a universal college savings account

download bill text pdf

Current Bill Status - In Senate Committee Higher Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to higher education
Jan 30, 2023	referred to higher education

2023-S3213 (ACTIVE) - Details

See Assembly Version of this Bill:: A9370
Current Committee:: Senate Higher Education
Law Section:: Education
Versions Introduced in Other Legislative Sessions:: 2013-2014: A9875
2015-2016: A1647
2017-2018: A3449
2019-2020: A2360
2021-2022: S8352, A3440

2023-S3213 (ACTIVE) - Summary

Establishes a committee to study the feasibility of funding a kindergarten to college/career ready program and a universal college savings account.

2023-S3213 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S3213

SPONSOR: CLEARE
 
TITLE OF BILL:

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

 
PURPOSE OR GENERAL IDEA OF BILL:

Establish a commission to study the feasibility of funding a kindergar-
ten to college/career ready program and a universal college savings
account and report thereon within 2 years

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 established a committee to study the feasibility of creating,.
structuring, managing, marketing and funding a kindergarten to
college/career ready program and a universal college savings account,
which will serve the purpose to promote individual financial literacy

among low and moderate income families.

This committee shall be consisted of five members of the New York State
Assembly, who will be appointed by the Speaker of the Assembly; a member
of the committee of children and families, education committee, banks
committee, and one member of the New York State Senate.

The first meeting of the committee shall be held within 45 days of the
effective date of this act.

 
JUSTIFICATION:

Education can prepare a child for a successful, productive life. Few
things have a bigger impact than a college education. College grads have
a big advantage over kids who end their educations after high school.
They obtain better jobs, avoid layoffs, and earn higher salaries, which
can help build stronger communities.

Many children are born into families without savings or assets, and they
may not have access to financial products. By establishing a Kindergar-
ten to College universal children's savings program in the New York, the
State will help students save and plan for college starting on the first
day of school.

This bill will establish a commission to study the feasibility funding a
kindergarten to college/career ready program and a universal college
savings account

 
PRIOR LEGISLATIVE HISTORY:

2019-20: print number A2360; referred to higher education

2017-18:  print number A3449; referred to higher education

 
FISCAL IMPLICATIONS:

None
 
EFFECTIVE DATE:
November 1, 2023

2023-S3213 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3213
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2023
                                ___________
 
 Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
   printed to be committed to the Committee 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.
                                                            LBD08149-01-3
 S. 3213                             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  2023-2024  and  2024-2025  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, 2024. 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, 2024.

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