Amendment #20 to S.1806

Creating a program of financial literacy

Mr. Durant of Spencer move that the bill be amended in SECTION 4, paragraph (t) by striking the paragraph in its entirety and inserting the words:-

create a curriculum on personal financial literacy to be implemented in each department of transitional assistance office that shall include, at a minimum, the following: understanding loans, borrowing money, interest, credit card debt, and online commerce; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; creating a budget and balancing a checkbook; state and federal taxes; charitable giving; proper card usage, card and PIN security; advantages of having a bank account, available additional education and training resources and supports, local job opportunities and other topics as the department considers appropriate. All recipients of cash assistance benefits under emergency aid to elders, disabled and children and transitional aid to families with dependent children shall be required to complete the personal financial literacy curriculum within 270 days of receiving benefits.