Full Text of HB1662 95th General Assembly
HB1662ham003 95TH GENERAL ASSEMBLY
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Rep. Marlow H. Colvin
Filed: 4/11/2007
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09500HB1662ham003 |
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LRB095 09545 MJR 34891 a |
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| AMENDMENT TO HOUSE BILL 1662
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| 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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| 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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| (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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| 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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| 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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| 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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| 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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