SR0311LRB102 18568 MST 26857 r

1
SENATE RESOLUTION

 
2    WHEREAS, All young adults who graduate from a public
3secondary or postsecondary school in this State should be able
4to: (1) demonstrate competence in managing their finances, (2)
5identify and avoid fraud, predatory financial practices, and
6identity theft, (3) navigate the terminology associated with
7on-boarding documents, including, but not limited to, tax
8documents, life insurance policies, health insurance plans,
9and retirement plan options, (4) understand the lending
10process and the importance of strong credit, (5) understand
11the basics of investing in the stock market, and (6) display an
12awareness of the cost and benefits of credit and compounding
13interest; therefore, be it
 
14    RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL
15ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the Bank on
16Commission, housed in the Illinois Comptroller's Office, to
17develop recommendations for improving the financial capability
18of students enrolled in Illinois' public colleges and
19universities; and be it further
 
20    RESOLVED, That the Bank on Commission leadership is urged
21to select at least one member of the commission to lead a task
22force charged with identifying recommendations to improve the
23financial literacy outcomes of students enrolled in two and

 

 

SR0311- 2 -LRB102 18568 MST 26857 r

1four year public colleges and universities in Illinois; and be
2it further
 
3    RESOLVED, That the task force should be composed of young
4adults, financial institutions, community-based
5organizations, practitioners, teachers, and professors who are
6encouraged to serve in an advisory capacity to the commission
7and may or may not be part of the larger Bank on Commission;
8and be it further
 
9    RESOLVED, That relevant state agencies, including the
10Illinois Board of Higher Education, the Illinois Student
11Assistance Commission, the Illinois State Board of Education,
12and the State Treasurer's Office, should fully cooperate in
13submitting needed information for the aforementioned task
14force to develop thorough, well-informed recommendations; and
15be it further
 
16    RESOLVED, That we urge the task force to complete its work
17and submit its recommendations to the Governor's Office and
18the General Assembly no later than December 31, 2022.