.................... moves to amend H.F. No. 2062 as follows:
Delete everything after the enacting clause and insert:
"Section 1. LADDER OUT OF POVERTY TASK FORCE.
1.4 Subdivision 1. Purpose. The final report of the Commission to End Poverty by
1.52020 set forth the following strategies regarding the building and maintaining of wealth
1.7(1) establish public policies to encourage Minnesotans to accumulate and maintain
1.9(2) ban predatory financial practices that erode or deplete existing assets; and
1.10(3) increase financial literacy to reduce vulnerability to predatory practices and
1.11enhance the ability to acquire assets and build wealth, and achieve and maintain
1.13The purpose of the Ladder Out of Poverty Task Force ("the task force") created
1.14in this section is to implement and build on the strategies set forth by the Legislative
1.15Commission to End Poverty to help poor and near-poor Minnesotans, including older
1.16women, who are among the poorest of Minnesotans, have accounted for a larger share
1.17of subprime loans, and are particularly vulnerable to predatory lending and financial
1.18hardship, to avert or escape poverty.
1.19Achieving this purpose will require strong collaboration and coordination among the
1.20public, private, nonprofit, academic, and philanthropic sectors.
1.21 Subd. 2. Creation. (a) The task force consists of the following members:
1.22(1) four senators, including two members of the majority party and two members of
1.23the minority party, appointed by the Subcommittee on Committees of the Committee on
1.24Rules and Administration of the senate;
2.1(2) four members of the house of representatives, including two members of the
2.2majority party, appointed by the speaker of the house, and two members of the minority
2.3party, appointed by the minority leader;
2.4(3) the commissioner of the Minnesota Department of Commerce or the
2.5commissioner's designee; and
2.6(4) the attorney general or the attorney general's designee.
2.7(b) The task force shall ensure that representatives of the following have the
2.8opportunity to meet with and present views to the task force: credit unions; independent
2.9community banks; state and federal financial institutions; community action agencies;
2.10faith-based financial counseling agencies; faith-based social justice organizations;
2.11legal services organization representing low-income persons; nonprofit organizations
2.12providing free tax preparation services as part of the volunteer income tax assistance
2.13program; relevant state and local agencies; University of Minnesota faculty involved
2.14in personal and family financial education; philanthropic organizations that have as
2.15one of their missions combating predatory lending; organizations representing older
2.16Minnesotans; and organizations representing the interests of women, Latinos and Latinas,
2.17African-Americans, Asian-Americans, American Indians, and immigrants.
2.18 Subd. 3. Duties. (a) At a minimum, the task force must identify specific policies,
2.19strategies, and actions to:
2.20(1) increase opportunities for poor and near-poor families and individuals to acquire
2.21assets and create and build wealth;
2.22(2) expand the utilization of Family Assets for Independence in Minnesota (FAIM)
2.23or other culturally specific individual development account programs;
2.24(3) reduce or eliminate predatory financial practices in Minnesota through regulatory
2.25actions, legislative enactments, and the development and deployment of alternative,
2.26non-predatory financial products;
2.27(4) provide incentives or assistance to private sector financial institutions to
2.28offer additional programs and services that provide alternatives to and education about
2.29predatory financial products;
2.30(5) provide financial literacy information to low-income families and individuals at
2.31the time the recipient has the ability, opportunity, and motivation to receive, understand,
2.32and act on the information provided; and
2.33(6) identify incentives and mechanisms to increase community engagement in
2.34combating poverty and helping poor and near-poor families and individuals to acquire
2.35assets and create and build wealth.
3.1(b) By June 1, 2012, the task force must provide written recommendations and
3.2any draft legislation necessary to implement the recommendations to the chairs and
3.3ranking minority members of the legislative committees and divisions with jurisdiction
3.4over commerce and consumer protection.
3.5 Subd. 4. Administrative provisions. (a) The director of the Legislative
3.6Coordinating Commission, or a designee of the director, must convene the initial meeting
3.7of the task force by September 15, 2010. The members of the task force must elect a chair
3.8or co-chairs from the legislative members at the initial meeting.
3.9(b) Members of the task force serve without compensation or payment of expenses
3.10from the task force.
3.11(c) The task force expires June 1, 2012, or upon the submission of the report required
3.12under subdivision 3, whichever is earlier.
3.13(d) The task force may accept gifts and grants, which are accepted on behalf of the
3.14state and constitute donations to the state. The funds must be deposited in an account in
3.15the special revenue fund and are appropriated to the Legislative Coordinating Committee
3.16for purposes of the task force.
3.17(e) The Legislative Coordinating Commission shall provide fiscal services to the
3.18task force as needed under this subdivision.
3.19 Subd. 5. Deadline for appointments and designations. The appointments and
3.20designations authorized under this section must be completed no later than August 15,
3.22EFFECTIVE DATE.This section is effective the day following final enactment.
Amend the title accordingly