Rep. Maura Hirschauer
Filed: 3/19/2021
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1 | AMENDMENT TO HOUSE BILL 3131
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2 | AMENDMENT NO. ______. Amend House Bill 3131 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 1. Short title. This Act may be cited as the | ||||||
5 | Equity through Financial Literacy Task Force Act. | ||||||
6 | Section 5. Purpose; legislative intent.
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7 | (1) Purpose. The purpose of the Equity through | ||||||
8 | Financial Literacy Task Force is to develop | ||||||
9 | recommendations for increasing the availability and uptake | ||||||
10 | of financial education in our State's academic | ||||||
11 | institutions. The Task Force's recommendations shall focus | ||||||
12 | on efforts that will reduce economic disparities among | ||||||
13 | socioeconomic groups that are caused by disparate access | ||||||
14 | to financial education.
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15 | (2) Legislative intent. It is the intent of the | ||||||
16 | General Assembly through enactment of this Act that all |
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1 | young adults who graduate from a public secondary or | ||||||
2 | postsecondary school in this State should be able to: (i) | ||||||
3 | demonstrate competence in managing their finances; (ii) | ||||||
4 | identify and avoid fraud, predatory financial practices, | ||||||
5 | and identity theft; (iii) navigate the terminology | ||||||
6 | associated with on-boarding documents, including, but not | ||||||
7 | limited to, tax documents, life insurance policies, health | ||||||
8 | insurance plans, and retirement plan options; (iv) | ||||||
9 | understand the lending process and the importance of | ||||||
10 | strong credit; (v) understand the basics of investing in | ||||||
11 | the stock market; and (vi) display an awareness of the | ||||||
12 | cost and benefits of credit and compounding interest.
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13 | Section 10. Equity through Financial Literacy Task Force.
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14 | (a) There is hereby established the Equity through | ||||||
15 | Financial Literacy Task Force.
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16 | (b) The Task Force shall consist of the following members:
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17 | (1) one first-generation college student appointed by | ||||||
18 | the Governor;
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19 | (2) one graduating high school student appointed by | ||||||
20 | the Governor;
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21 | (3) one employed young adult (age 18-34 years old) | ||||||
22 | appointed by the Governor;
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23 | (4) one representative from a bank or credit union | ||||||
24 | appointed by the Governor;
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25 | (5) one representative from a nonprofit community |
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1 | organization that serves young adults appointed by the | ||||||
2 | Governor;
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3 | (6) one representative from a financial education | ||||||
4 | nonprofit community organization appointed jointly by the | ||||||
5 | Speaker of the House of Representatives and the President | ||||||
6 | of the Senate;
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7 | (7) one accountant appointed jointly by the Speaker of | ||||||
8 | the House of Representatives and the President of the | ||||||
9 | Senate;
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10 | (8) one professor or staff member that teaches | ||||||
11 | financial capacity at an Illinois public institution of | ||||||
12 | higher education appointed jointly by the Speaker of the | ||||||
13 | House of Representatives and the President of the Senate;
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14 | (9) one professor or staff member that teaches | ||||||
15 | financial capacity at an Illinois public high school | ||||||
16 | appointed jointly by the Speaker of the House of | ||||||
17 | Representatives and the President of the Senate;
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18 | (10) one representative from the Society for Human | ||||||
19 | Resource Management nominated by the Society for Human | ||||||
20 | Resource Management and appointed by the Governor;
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21 | (11) one representative from the Illinois School | ||||||
22 | Counselors Association nominated by the President of the | ||||||
23 | Illinois School Counselors Association and appointed by | ||||||
24 | the Governor;
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25 | (12) one representative from the Illinois School | ||||||
26 | Assistance Commission appointed by the Executive Director |
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1 | of the Commission;
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2 | (13) one representative from the Illinois Community | ||||||
3 | College Board appointed by the Executive Director of the | ||||||
4 | Board;
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5 | (14) one representative from the Illinois Board of | ||||||
6 | Higher Education appointed by the Executive Director of | ||||||
7 | the Board; | ||||||
8 | (15) one representative from the Office of the State | ||||||
9 | Treasurer appointed by the State Treasurer; and | ||||||
10 | (16) two spokespersons appointed one each by the | ||||||
11 | Minority Leader of the House of Representatives and the | ||||||
12 | Minority Leader of the Senate. | ||||||
13 | (c) The Speaker of the House of Representatives and the | ||||||
14 | President of the Senate shall each choose one of their joint | ||||||
15 | appointees to serve as co-chairpersons of the Task Force.
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16 | (d) No less than one-third of the members of the Task Force | ||||||
17 | shall reside in areas outside of the Chicago metropolitan | ||||||
18 | area.
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19 | (e) Members of the Task Force shall serve without | ||||||
20 | compensation, except that the young adult and college student | ||||||
21 | appointees of the Task Force shall receive a stipend for | ||||||
22 | serving as members.
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23 | (f) The Task Force shall hold its first meeting within 90 | ||||||
24 | days after the effective date of this Act, and shall meet at | ||||||
25 | least 4 times during the duration of the Task Force.
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26 | (g) The Office of the Governor shall provide |
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1 | administrative and other support to the Task Force.
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2 | Section 15. Duties; report.
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3 | (a) The primary duty of the Task Force shall be to study | ||||||
4 | and identify best practices for increasing the financial | ||||||
5 | capacity of Illinois young adults, and any other related | ||||||
6 | matters.
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7 | (b) Based upon its findings, the Task Force shall submit a | ||||||
8 | report of recommendations to the General Assembly and Governor | ||||||
9 | that outlines the policies, curriculum, and funding needed to | ||||||
10 | increase the financial capacity of young adults in Illinois | ||||||
11 | high schools and postsecondary schools, particularly those who | ||||||
12 | come from communities targeted by predatory financial | ||||||
13 | practices. The recommendations shall also identify any | ||||||
14 | relevant State agencies for implementation of the | ||||||
15 | recommendations, and identify any relevant data to collect to | ||||||
16 | determine measurable progress in financial capacity and | ||||||
17 | financial stability outcomes among graduates of Illinois | ||||||
18 | schools.
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19 | (c) The Task Force shall submit its report of | ||||||
20 | recommendations to the General Assembly and Governor on or | ||||||
21 | before December 31, 2022.
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22 | Section 20. Repeal. This Act is repealed January 1, 2023.
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23 | Section 99. Effective date. This Act takes effect upon |
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1 | becoming law.".
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