Illinois General Assembly - Bill Status for HB1662

Creates the Illinois Children's Savings Accounts Act. Creates a task force to review and make recommendations about children's savings account program options and to create a strategic implementation plan to create a savings account at birth for every child born in Illinois to Illinois residents. Provides the appointment criteria for members of the task force. Provides that the Department of Commerce and Economic Opportunity shall be responsible for administrative and logistical support of the task force. Provides the factors the task force shall consider in its recommendations for the design of the program. Requires the task force to hold at least 4 public meetings at various locations throughout the State. Requires the task force to make a written report of its findings and recommendations, including a strategic implementation plan for an Illinois children's savings account program, to the Department of Commerce and Economic Opportunity no later than September 1, 2008. Provides that on or before November 1, 2008, the Department shall present all reports issued by the task force to the Governor and the General Assembly. Effective immediately.

Changes language to include the State Treasurer or his or her designee as an ex-officio member of the Children's Savings Account Task Force. Changes references from the Department of Commerce and Economic Opportunity to the Office of the State Treasurer throughout the Act.

Removes language that provides that the strategic implementation plan to create a savings account at birth for every child born in Illinois to Illinois residents be seeded with an initial public deposit. Removes language providing that the task force shall consider a State-funded match for savings for low-income children residing in Illinois. Removes language that provides that the task force shall consider the feasibility of State match for deposits for children in low-income families.

Changes the maximum number of members on the Children's Savings Account Task Force from 25 to 30. Adds the State Treasurer or his or her designee as an ex-officio member of the task force. Adds language providing that representatives of the Office of the Governor and the Office of the State Treasurer shall serve as co-chairpersons of the task force and the Governor shall designate one of the public members to serve as a third co-chairperson. Provides that the Office of the State Treasurer (instead of the Department of Commerce and Economic Opportunity) shall be responsible for administrative and logistical support of the task force, including coordination of task force member appointments, distribution of meeting notices and minutes, coordination of meeting logistics, providing a staff liaison to the task force, facilitation of public meetings, and drafting and filing of the final report. Removes language providing that the task force shall consider a State-funded match for savings for low-income children residing in Illinois. Removes language that provides that the task force shall consider the feasibility of State match for deposits for children in low-income families.

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