Kentucky State Treasury Newsroom
Treasurer Hollenbach Financial Literacy Bill Passes in House

Press Release Date:  Friday, February 27, 2015  
Contact Information:  Mark Pfeiffer 502-564-8860
Bethany E. Goad 502-564-8821
 


“We’ve got a lot of public support for moving Kentucky forward in financial literacy,” said Treasurer Todd Hollenbach.  “This is something we need in our commonwealth and I’m glad the House agrees.”

Sponsored by Representative James Kay, the bill would create a Kentucky Financial Literacy Commission that would make its focus to increase the college savings rate, the rate of retirement savings, provide a resource for everyday money management, and free resources to parents and educators to utilize for teaching children about money.
           
“This commission would be set up as a 501(c)3 non-profit organization, paid for by corporate donations and fundraising by the commission.  No general fund dollars will be used to fund the commission,” said Treasurer Hollenbach. “Most importantly, we’ll be providing a resource for Kentuckians, uplifting the financial position of our citizens and therefore our Commonwealth as a whole,”

The bill is modeled after a similar bill which passed into Tennessee law in 2010.  Since the commission was created in Tennessee, their state has risen to be a national leader in financial literacy, receiving the highest ranking given by The Center for Financial Literacy at Champlain College.