Budget Amendment ID: FY2019-S4-498
Senior Financial Literacy
Messrs. Tarr, Crighton, Moore, Eldridge, Welch and Barrett, Ms. L'Italien, Ms. Gobi, Messrs. O'Connor and Cyr moved that the proposed new text be amended by adding after section ___ the following new section:
“SECTION _. Notwithstanding any general or special law to the contrary, there shall be a special commission established to study and develop a statewide financial literacy program on personal financial management to be offered to senior citizens in the Commonwealth. The commission shall be overseen by the Office of Elder Affairs and the Office of Health and Human Services in conjunction with the Office of the State Treasurer. The focus of the commission will be to provide a universal program for the purpose of teaching senior citizens how to best manage their personal finances, maintain their financial independence, and avoid financial exploitation. The course shall include materials on the use of computers and smart phones relative to personal financial management and shall assist participating senior citizens in the program on how to best utilize technology to aid to their personal financial management.
The commission shall consist of the house and senate chairs of the joint committee on elder affairs, who shall be the co-chairs; the house and senate chairs of the joint committee on education or their designees; the speaker of the house of representatives or a designee; the president of the senate or a designee; the house minority leader or a designee; the senate minority leader or a designee; the state treasurer or a designee; the secretary of the executive office of elder affairs or a designee; the secretary of health and human services or a designee; 2 representatives of the Council on Aging; and 2 residents of the Commonwealth who are 65 years or older.
The commission shall submit its finalized proposal for the senior financial literacy program, along with any recommendations, to the house and senate committees on ways and means, the joint committee on elder affairs, the joint committee on education and the clerks of the house of representatives and the senate by February 1, 2019.”