This measure creates a financial literacy fund established in the Office of the Treasurer to authorize the Controller to use the fund for financial literacy efforts throughout the state. The fund would provide a funding source for organizations interested in partnering with California to provide consumers with the information they need to make sound financial decisions. It represents a commitment by the state to start addressing the root causes of personal financial struggles precipitated by a lack of consumer financial education and codifies the state’s financial interest in reducing consumer debt and bolstering personal savings.
New America's Ellen Seidman presented on the need for financial education in California- click here for background on this topic.
This bill was introduced February 19, 2010. It cleared Assembly Policy Committees on April 20, was passed by the Assembly on June 2, and cleared the Legislature August 23 . It was vetoed by Governor Schwarzenegger on September 23. Final bill text is attached at right.
The Asset Building Program previously sponsored AB 2123, which addressed financial literacy, in the 2007-2008 legislative session.