SB 1556

Abstract

Creates the Equity through Financial Literacy Task Force Act. Creates the Equity through Financial Literacy Task Force. Provides for membership of the Task Force. Provides that no less than one-third of the members of the Task Force shall reside in areas outside of the Chicago metropolitan area. Provides that members of the Task Force shall serve without compensation, except that the young adult and college student appointees of the Task Force shall receive a stipend for serving as members. Provides for meetings of the Task Force. Provides that the Office of the Governor shall provide administrative and other support to the Task Force. Provides for duties of the Task Force. Requires the Task Force to submit a report of recommendations to the General Assembly and Governor on or before December 31, 2021. Provides for the content of the report. Provides purpose and legislative intent provisions. Repeals the Act on January 1, 2023. Effective immediately. Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Creates the Financial Literacy Task Force Act (rather than the Equity through Financial Literacy Task Force Act). Creates the Financial Literacy Task Force to study and identify best practices for increasing the financial capacity of young adults in Illinois and develop recommendations for increasing the availability, uptake, and positive outcomes of financial education in this State's postsecondary academic institutions. Provides for membership of the Task Force. Provides that members appointed to the Commission must reflect the racial, ethnic, religious, and geographic diversity of this State. Provides for administrative support for the Task Force. Provides meeting requirements. Provides that members of the Task Force shall serve without compensation. Provides that on or before December 31, 2022, the Task Force shall submit a report to the Governor and General Assembly regarding financial literacy education in postsecondary academic institutions. Provides for contents of the report. Repeals the Act on January 1, 2024. Effective immediately.