Kentucky State Treasury Newsroom
Financial Literacy Bill Passes in House
House Bill 375, a bill to create a Kentucky Financial Literacy Commission was passed in the Kentucky House of Representatives.
“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.
“Our neighbor to the south has made tremendous strides toward goals we also seek here in our Commonwealth,” stated Treasurer Hollenbach. “This bill and commission is modeled by their success, and I feel it is only prudent to use a model already proven to be effective in advancing our own state. I hope to see the support for this initiative in the Senate that the House has given it,” continued Hollenbach. “This is something that Kentuckians really want and need.”