Financial Education and Capability Commission Established
(Annapolis)- Governor Martin O’Malley today joined Senate President Thomas V. Mike Miller, Jr., House Speaker Michael E. Busch, and Lieutenant Governor Anthony G. Brown to sign legislation to establish the Financial Education and Capability Commission.
Delegate Dana Stein, the lead House sponsor of this legislation explained that, “the impetus for the founding of this Commission came after the ending of the 2008-2010 Task Force on How to Improve Financial Literacy in the State. Even with 18 recommendations made in 2010, many of which have since been implemented, including the adoption of a financial education curriculum by MSDE, Senator Kathy Klausmeier, the lead Senate sponsor, and I agreed that there is still a lot of work to be done on this issue.”
Under this bill, the Commission comprised of State agencies and private sector representatives will convene at least two times each year to monitor the implementation of public and private initiatives to improve financial education; recommend how these initiatives can be improved; and make recommendations on how State agencies can coordinate their financial education initiatives.
"Financial literacy is a basic life skill that is essential for everyone,” said Delegate Stein, “all people need to know how to manage money, save for the future, and plan for retirement."
Senator Klausmeier added that “In many cases, the financial troubles that individuals are facing could have been avoided or lessened if they knew just a little bit more about personal finance.”