BILL NUMBER: S6676
SPONSOR: CLEARE
 
TITLE OF BILL:
An act to establish a committee to study the feasibility of funding a
kindergarten to college/career ready program and a universal college
savings account; and providing for the repeal of such provisions upon
expiration thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
Establish a commission to study the feasibility of funding a kindergar-
ten to college/career ready program and a universal college savings
account and report thereon within 2 years
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 established a committee to study the feasibility of creating,.
structuring, managing, marketing and funding a kindergarten to
college/career ready program and a universal college savings account,
which will serve the purpose to promote individual financial literacy
among low and moderate income families.
This committee shall be consisted of five members of the New York State
Assembly, who will be appointed by the Speaker of the Assembly; a member
of the committee of children and families, education committee, banks
committee, and one member of the New York State Senate.
The first meeting of the committee shall be held within 45 days of the
effective date of this act.
 
JUSTIFICATION:
Education can prepare a child for a successful, productive life. Few
things have a bigger impact than a college education. College grads have
a big advantage over kids who end their educations after high school.
They obtain better jobs, avoid layoffs, and earn higher salaries, which
can help build stronger communities.
Many children are born into families without savings or assets, and they
may not have access to financial products. By establishing a Kindergar-
ten to College universal children's savings program in the New York, the
State will help students save and plan for college starting on the first
day of school.
This bill will establish a commission to study the feasibility funding a
kindergarten to college/career ready program and a universal college
savings account
 
PRIOR LEGISLATIVE HISTORY:
2019-20: print number A2360; referred to higher education
2017-18: print number A3449; referred to higher education
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
November 1, 2025