Bill > A06173

This bill establishes a temporary committee to study the feasibility of creating a kindergarten-to-college/career ready (K2C/C) program and a universal college savings account specifically designed to promote financial literacy among low and moderate income families. The committee will consist of six members (five from the New York State Assembly and one from the State Senate) appointed by legislative leadership, who will investigate similar programs in other states like San Francisco, Ohio, Nevada, and Washington. The committee's specific tasks include determining the potential student population, establishing contacts with financial institutions and philanthropic organizations, exploring marketing strategies, gathering testimony from educational and financial experts, and developing a detailed proposal for New York that covers student investment, account maintenance guidelines, application procedures, and administrative costs. The committee must hold its first meeting within 45 days of the act's effective date and submit a comprehensive report with findings and legislative recommendations by November 1, 2024, after which the committee will be dissolved. The bill is set to be automatically repealed on November 1, 2026, ensuring its temporary nature and providing a clear sunset provision for the study committee.

Education

https://www.nysenate.gov/legislation/bills/2025/A6173