Bill > S06676

This bill establishes a temporary committee to study the feasibility of creating a kindergarten to college/career (K2C/C) ready program and a universal college savings account in New York, specifically aimed at promoting financial literacy among low and moderate-income families. The committee will be composed of seven members—five from the state assembly (including representatives from the children and families, education, ways and means, and banks committees) and one from the state senate, appointed by their respective leadership. The committee's responsibilities include reviewing similar programs in other states like San Francisco, Ohio, and Nevada; determining the potential student population; establishing contacts with financial institutions and philanthropic organizations; exploring marketing strategies; gathering information from key stakeholders such as the state comptroller and school administrators; and developing a comprehensive proposal for New York that outlines investment per student, 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 is required to submit a report with findings and legislative recommendations by November 1, 2024, after which the committee will be disbanded. The act will be in effect immediately and will be repealed on November 1, 2026.

Education

https://www.nysenate.gov/legislation/bills/2025/S6676