SECTION 1. A special commission after this referred to as the Children’s Savings Account Study Commission, is hereby established for the purpose of making an investigation and study relative to the feasibility of creating, structuring, managing, marketing, and funding a universal children’s savings account program, the purpose of which shall be to promote financial literacy and higher education access among low and moderate income families.
SECTION 2. The commission shall include the house and senate chairs of the joint committee on higher education, the secretary of education or a designee, the speaker of the house of representatives or a designee, the president of the senate or a designee, the minority leader of the house of representatives or a designee, the minority leader of the senate or a designee, the governor or a designee, the chair of the house committee on ways and means or a designee, the chair of the senate committee on ways and means or a designee, the house chair of the joint committee on financial services or a designee, the senate chair of the joint committee on financial services or a designee, and 2 parents of school-aged children, the children of at least one of which shall be eligible for free or reduced lunch, who shall be nominated by the Massachusetts Parent Teacher Association.
SECTION 3. The Commission shall study the feasibility of creating, structuring, managing, marketing, and funding a universal children’s savings account program in the Commonwealth. The committee shall: (a) review the structure and success of the Kindergarten to College (K2C) program in San Francisco and the status of similar programs in elsewhere in the United States, including New England, and abroad; (b) determine the projected population of children to be served; (c) consider the possible and best uses of the accounts by the recipients in creating asset-building opportunities for the recipients; (d) establish contacts with Massachusetts banks, credit unions, philanthropic organizations, and other area financial services that may be involved in similar efforts; (e) explore marketing and outreach protocols used in San Francisco and other states; (f) solicit information and testimony from those individuals, agencies, and entities that may be of assistance to the Commission in the performance of its duties, including but not limited to, the state treasurer, principals of urban and rural elementary schools, and a superintendent of a school district that includes a career and technical education center; and (g) develop a proposal for the Commonwealth that addresses the anticipated investment per student, guidelines for account maintenance, application procedures, and administrative costs.
SECTION 4. The members of the Commission shall elect a chairperson from among the members.. The first meeting of the Commission shall be held within 45 days of the effective date of this section. Four members of the Commission shall constitute a quorum.
SECTION 5. The Commission shall report its findings and recommendations, together with drafts of legislation necessary to carry those recommendations into effect by filing the same with the clerks of the house of representatives and senate and the house and senate committees on ways and means not later than January 1, 2016.
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