Kentucky State Treasury Newsroom
Treasurer Hollenbach Backed Financial Literacy Bill Passes House Committee
House Bill 375, a bill to create a Kentucky Financial Literacy Commission, passed out of committee with unanimous, bipartisan support today.
“Advancing financial literacy has been an important focus of my administration and I’m thankful to Representative James Kay and Chairman Derrick Graham for advancing this important bill,” said Treasurer Todd Hollenbach. “We have a real opportunity to help provide resources to Kentucky citizens in making sound financial decisions.”
Sponsored by Representative 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.”