FRANKFORT, Ky. (Feb. 10, 2014) – The House voted 94-0 Friday to create a state commission that would guide the development and implementation of financial literacy programs in Kentucky.
The 11-member Kentucky Financial Literacy Commission that would be created by House Bill 223, sponsored by Rep. Jim Glenn, D-Owensboro, would fund, develop, implement, and promote financial literacy programs for Kentuckians from elementary school through retirement age.
“I have been teaching personal finance for over 20 years in the community college system. I wrote my doctoral dissertation in finance,” Glenn said. “It’s really a problem inside this state.”
Duties of the group, the bill states, would include offering grants and awards for financial literacy education, distributing financial literacy information, and creating and maintaining an online “clearinghouse” where people could find information on financial literacy publications, grants, and other news. All funds raised by the commission would be placed in a “financial literacy fund” established by the bill.
An amendment to the bill sponsored by Rep. Bart Rowland, R-Tompkinsville, and approved by the House and would add the Independent Insurance Agents of Kentucky to a list of associations that could recommend commission appointees to the governor.
HB 223 now goes to the Senate.