Kentucky State Treasury Newsroom
Treasurer Hollenbach’s Proposed Financial Literacy Bill Sponsored by Rep. James Kay
Treasurer Todd Hollenbach’s proposed bill to create a Kentucky Financial Literacy Commission, HB 375, has been filed in the House this week by Representative James Kay.
“Advancing financial literacy has been a focus of my administration and I’m grateful to Representative Kay for his willingness to shepherd this important bill through the House,” said Treasurer Todd Hollenbach. “We have a real opportunity with HB 375 to help promote a higher level of financial literacy throughout the Commonwealth.”
The bill would create a Kentucky Financial Literacy Commission (KFLC) that would promote and make available financial educational opportunities on a statewide basis. “The KFLC will be a great resource for people who want to make good financial decisions and aren’t sure where to begin,” said Rep. Kay.
“This commission would attempt to focus on the major areas of financial concern for most Kentuckians, uplifting the financial position of our citizens and therefore our Commonwealth as a whole,” said Treasurer Hollenbach.
HB 375 is rooted in statistics showing a gap in financial literacy among numerous demographic groups. “Young people are starting out their adult lives with significant debt. People are struggling and often bewildered by how to save for their children’s education and their own retirement. There are low-income families who want to plan for a better future. And seniors want to know how to properly deploy their life savings,” said Treasurer Hollenbach. “This bill creates an educational resource for all Kentuckians confronting financial issues.”