MISSISSIPPI LEGISLATURE

2009 Regular Session

To: Education; Appropriations

By: Senator(s) Jackson (15th)

Senate Bill 3118

AN ACT TO CREATE THE TASK FORCE ON FINANCIAL LITERACY FOR THE PURPOSE OF STUDYING STRATEGIES FOR EDUCATING THE STATE'S RESIDENTS ABOUT PERSONAL FINANCES; TO PROVIDE FOR THE MEMBERSHIP OF THE TASK FORCE; TO SET FORTH THE DUTIES OF THE TASK FORCE; TO PROVIDE THAT THE TASK FORCE SHALL PERFORM ITS DUTIES WITHOUT THE LEGISLATIVE APPROPRIATION OR USE OF ANY STATE FUNDS; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  (1)  The Task Force on Financial Literacy is hereby created to for the purpose of studying strategies for educating the state's residents about personal finances, including but not limited to, budgeting, saving, credit and identity theft.   The task force shall make recommendations to the Legislature on how to improve financial literacy in the State of Mississippi. 

Members of the task force shall be composed of the following:

          (a)  One (1) person who represents the Department of Education, appointed by State Superintendent of Education;

          (b)  One (1) person serving in the Mississippi House of Representatives, appointed by the Speaker of the House;

          (c)  One (1) person serving in the Mississippi Senate, appointed by the Lieutenant Governor;

          (d)  One (1) person who is employed by a financial institution in the business of making home mortgage loans, appointed by the President of the Mississippi Bankers Association;

          (e)  One (1) person appointed by the Governor;

          (f)  One (1) person who is a license realtor, appointed by the President of the Mississippi Association of Realtors; 

          (g)  One (1) person who is a certified public accountant, appointed by the President of the Mississippi Society of Certified Public Accountants;

          (h)  One (1) person appointed by the President of the Mississippi Economic Council; and

          (i)  One (1) person appointed by the State Treasurer;

     (2)  The task force shall file a report with the Legislature, not later than December 1, 2010, making specific recommendations on ways to improve the financial literacy of the citizens of the State of Mississippi.

     (3)  Appointments to the task force shall be made within thirty (30) days after the effective date of this act.  The task force shall hold its first meeting not later than June 1, 2009, with the date, time and location of the meeting to be designated by the Governor.  At that first meeting, the task force shall elect from among its membership a chairman, vice chairman and any other officers determined to be necessary, and shall set the date, time and locations of its subsequent meetings.

     (4)  Members of the task force shall serve without compensation for their services, and the task force shall perform its duties without the legislative appropriation or use of any state funds for that purpose; however, the task force, by approval of a majority of the appointed members of the task force, is authorized to accept funds that may be donated or provided in the form of financial grants from public or private sources.  Further, any department, agency or court of the state, at the request of the chairman, shall provide to the task force the staff and other support necessary for the task force to perform its duties.

     (5)  Upon presentation of its report to the Mississippi State Legislature, the task force shall be dissolved.

     SECTION 2.  This act shall take effect and be in force from and after its passage.