.................... moves to amend H.F. No. 2294, the delete everything amendment
(H2294DE2), as follows:
Page 21, after line 24, insert:
"Sec. 15. Laws 2010, chapter 374, section 1, is amended to read:
LADDER OUT OF POVERTY ASSET DEVELOPMENT AND
1.6FINANCIAL LITERACY TASK FORCE.
Subdivision 1. Creation.
(a) The task force consists of the following members:
(1) four senators, including two members of the majority party and two members of
the minority party, appointed by the Subcommittee on Committees of the Committee on
Rules and Administration of the senate;
(2) four members of the house of representatives, including two members of the
majority party, appointed by the speaker of the house, and two members of the minority
party, appointed by the minority leader; and
(3) the commissioner of the Minnesota Department of Commerce or the
1.16 (4) the attorney general or the attorney general's designee.
(b) The task force shall ensure that representatives of the following have the
opportunity to meet with and present views to the task force: the attorney general;
unions; independent community banks; state and federal financial institutions; community
action agencies; faith-based financial counseling agencies; faith-based social justice
organizations; legal services organizations representing low-income persons; nonprofit
organizations providing free tax preparation services as part of the volunteer income tax
assistance program; relevant state and local agencies; University of Minnesota faculty
involved in personal and family financial education; philanthropic organizations that have
as one of their missions combating predatory lending; organizations representing older
Minnesotans; and organizations representing the interests of women, Latinos and Latinas,
African-Americans, Asian-Americans, American Indians, and immigrants.
Subd. 2. Duties.
(a) At a minimum, the task force must identify specific policies,
strategies, and actions to
: reduce asset poverty and increase household financial security
2.3by improving opportunities for households to earn, learn, save, invest, and protect
2.4assets through expansion of such asset building opportunities as the Family Assets for
2.5Independence in Minnesota (FAIM) program and Earned Income Tax Credit (EITC)
2.7 (1) increase opportunities for poor and near-poor families and individuals to acquire
2.8 assets and create and build wealth;
2.9 (2) expand the utilization of Family Assets for Independence in Minnesota (FAIM)
2.10 or other culturally specific individual development account programs;
2.11 (3) reduce or eliminate predatory financial practices in Minnesota through regulatory
2.12 actions, legislative enactments, and the development and deployment of alternative,
2.13 nonpredatory financial products;
2.14 (4) provide incentives or assistance to private sector financial institutions to
2.15 offer additional programs and services that provide alternatives to and education about
2.16 predatory financial products;
2.17 (5) provide financial literacy information to low-income families and individuals at
2.18 the time the recipient has the ability, opportunity, and motivation to receive, understand,
2.19 and act on the information provided; and
2.20 (6) identify incentives and mechanisms to increase community engagement in
2.21 combating poverty and helping poor and near-poor families and individuals to acquire
2.22 assets and create and build wealth.
2.23For purposes of this section, "asset poverty" means an individual's or family's
2.24inability to meet fixed financial obligations and other financial requirements of daily living
2.25with existing assets for a three-month period in the event of a disruption in income or
2.26extraordinary economic emergency.
By June 1, 2012 During the 2013 and 2014 legislative sessions
, the task force
provide written recommendations and any draft develop
implement the recommendations to the chairs and ranking minority members of the
2.30 legislative committees and divisions with jurisdiction over commerce and consumer
2.31 protection fulfill the duties enumerated in paragraph (a)
Subd. 3. Administrative provisions.
(a) The director of the Legislative
Coordinating Commission, or a designee of the director, must convene the initial meeting
of the task force by September 15, 2010. The members of the task force must elect a chair
or cochairs from the legislative members at the initial meeting.
(b) Members of the task force serve without compensation or payment of expenses
except as provided in this paragraph. To the extent possible, meetings of the task force
shall be scheduled on dates when legislative members of the task force are able to
attend legislative meetings that would make them eligible to receive legislative per diem
(c) The task force expires June 1,
2012, or upon the submission of the report required
3.7 under subdivision 3, whichever is earlier 2014
(d) The task force may accept gifts and grants, which are accepted on behalf of the
state and constitute donations to the state. The funds must be deposited in an account in
the special revenue fund and are appropriated to the Legislative Coordinating Commission
for purposes of the task force.
(e) The Legislative Coordinating Commission shall provide fiscal services to the
task force as needed under this subdivision.
Subd. 4. Deadline for appointments and designations.
The appointments and
designations authorized under this section must be completed no later than August 15,
3.17EFFECTIVE DATE.This section is effective the day following final enactment.
Renumber the sections in sequence and correct the internal references