Rep. Marlow H. Colvin
Filed: 4/11/2007
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1 | AMENDMENT TO HOUSE BILL 1662
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2 | AMENDMENT NO. ______. Amend House Bill 1662, AS AMENDED, by | ||||||
3 | replacing Section 15 with the following: | ||||||
4 | "Section 15. Children's Savings Account Task Force. There | ||||||
5 | is hereby created a Children's Savings Account Task Force. The | ||||||
6 | purpose of the task force shall be to review and make | ||||||
7 | recommendations about children's savings account program | ||||||
8 | options and to create a strategic implementation plan to create | ||||||
9 | a savings account at birth for every child born in Illinois to | ||||||
10 | Illinois residents. The task force shall consist of a maximum | ||||||
11 | of 30 members, to be appointed within 60 days after the | ||||||
12 | effective date of this Act. One member shall be appointed by | ||||||
13 | the President of the Senate, one member appointed by the Senate | ||||||
14 | Minority Leader, one member appointed by the Speaker of the | ||||||
15 | House, one member appointed by the House Minority Leader, and | ||||||
16 | one member representing the Office of the State Treasurer | ||||||
17 | appointed by the State Treasurer. All other members shall be |
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1 | appointed by the Governor as follows: | ||||||
2 | (1) A member of the Governor's leadership staff. | ||||||
3 | (2) Public members with an interest in asset building | ||||||
4 | in Illinois, including a representative from each of the | ||||||
5 | following types of organizations/entities: | ||||||
6 | (A)and operator of an individual development | ||||||
7 | account or matched savings and financial education | ||||||
8 | program, or both; | ||||||
9 | (B) a grassroots organizing entity; | ||||||
10 | (C) a poverty law center; | ||||||
11 | (D) a service-based human rights provider | ||||||
12 | organization; | ||||||
13 | (E) a business association; | ||||||
14 | (F) a bankers' professional association; | ||||||
15 | (G) a child advocacy organization | ||||||
16 | (H) a rural economic development entity;
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17 | (I) organized labor; | ||||||
18 | (J) a bank; | ||||||
19 | (K) a credit union; and | ||||||
20 | (L) an investment services provider. | ||||||
21 | In addition, the following officials shall serve as | ||||||
22 | ex-officio members of the task force: (i) the State Treasurer | ||||||
23 | or his or her designee; (ii) the State Superintendent of | ||||||
24 | Education or his or her designee; (iii) the Secretary of | ||||||
25 | Financial and Professional Regulation or his or her designee; | ||||||
26 | (iv) the Director of Commerce and Economic Opportunity or his |
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1 | or her designee; (v) the Secretary of Human Services or his or | ||||||
2 | her designee; (vi) the Director of Healthcare and Family | ||||||
3 | Services or his or her designee; (vii) the Executive Director | ||||||
4 | of the Board of Higher Education or his or her designee; (viii) | ||||||
5 | the Executive Director of the Illinois Community College Board | ||||||
6 | or his or her designee; and (ix) the Director of Children and | ||||||
7 | Family Services or his or her designee. Representatives of the | ||||||
8 | Office of the Governor and the Office of the State Treasurer | ||||||
9 | shall serve as co-chairpersons of the task force. The Governor | ||||||
10 | shall designate one of the public members to serve as a third | ||||||
11 | co-chairperson.
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12 | The Department of Commerce and Economic Opportunity shall | ||||||
13 | be responsible for administrative and logistical support of the | ||||||
14 | task force, including coordination of task force member | ||||||
15 | appointments, distribution of meeting notices and minutes, | ||||||
16 | coordination of meeting logistics, providing a staff liaison to | ||||||
17 | the task force, facilitation of public meetings as well as | ||||||
18 | drafting and filing of the final report. Task force members or | ||||||
19 | the staff liaison, or both, may confer and collaborate with | ||||||
20 | relevant State and national organizations with expertise in | ||||||
21 | asset building, financial education, college savings, | ||||||
22 | investing, home ownership, and small business development, | ||||||
23 | including the Illinois Asset Building Group. | ||||||
24 | Goals of the program shall include increasing the levels of | ||||||
25 | financial literacy and savings in the State, increasing the | ||||||
26 | number of Illinois children who own assets and who attend |
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1 | post-secondary education or training, purchase a home, or open | ||||||
2 | a small business. The task force shall consider the following | ||||||
3 | factors in its recommendations for the design of the program: | ||||||
4 | (1) return on investment, safety of the investment and | ||||||
5 | insurance for the account, ease of managing the account, | ||||||
6 | and ease of making various forms of deposits; | ||||||
7 | (2) the impact on eligibility for student financial | ||||||
8 | aid, public assistance, and other public benefits, and | ||||||
9 | taxation of the account earnings and distributions; | ||||||
10 | (3) the provision of financial education to child and | ||||||
11 | family, and access to additional financial services; | ||||||
12 | (4) restrictions on the withdrawal or distribution | ||||||
13 | prior to the child reaching age 18, portability of the | ||||||
14 | account, and limits on permissible uses of the account; | ||||||
15 | (5) revenue sources for the initial deposit and any | ||||||
16 | savings match for deposits for children in low-income | ||||||
17 | families; | ||||||
18 | (6) mechanisms for data collection and tracking; and | ||||||
19 | (7) all other factors that the task force deems | ||||||
20 | important to the program design. | ||||||
21 | The task force shall hold at least 4 public meetings at a | ||||||
22 | variety of geographic locations throughout the State at times | ||||||
23 | and places established by the task force. The purpose of the | ||||||
24 | public meetings is to gather information from community | ||||||
25 | residents and institutions, families with children, financial | ||||||
26 | education providers, schools, and local financial services |
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1 | providers. The initial meeting of the task force shall be | ||||||
2 | called by the co-chairs and held no later than 30 days after | ||||||
3 | the task force members are appointed. The activities of the | ||||||
4 | task force shall conclude no later than September 1, 2008.".
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