NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9370
SPONSOR: Solages 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:
To establish a commission to study and report the feasibility of funding
a kindergarten to college/career ready program and a universal college
savings account.
SUMMARY:
Section 1. Establishes a committee. Section 2. Sets the effective date.
JUSTIFICATION:
Education can prepare a child for a successful, productive life. Few
things have a bigger impact than a college education. College graduates
have a big advantage over individuals without bachelor degrees.They are
more likely to obtain better jobs, avoid layoffs, and earn higher sala-
ries, 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 New York, the
State will help students save and plan for college starting on the first
day of school. This initiative will promote a kindergarten to college
pipeline, whereby we will see an increase of college enrollment.
This bill will establish a commission to study the feasibility funding a
kindergarten to college/career ready program and a universal college
savings account
RACIAL JUSTICE IMPACT:
A system of educational inequity has continuously posed a limit to the
advancement of Black and Brown communities. Disparities embedded within
educational systems have produced racial gaps in college attainment.
Hence, many students of color are less likely to acquire a college
degree. According to studies, 27% of Black and 20% of Hispanic New York-
ers have attained a bachelor's degree while the city's Asian and white
population have attained at least a bachelor's degree at 45% and 64%
1.
As a result of this disparity, Black and Latino students are signif-
icantly underrepresented in important fields such as engineering and
education, mathematics and statistics, and the physical sciences. By
establishing a committee to study the feasibility of funding a kinder-
garten to college or career ready program, we can eradicate disparities
within the education system and create a wider range of opportunities
for Black and Latino learners to have more representation in high earn-
ing fields.
GENDER JUSTICE IMPACT
TBD.
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:
This act shall take effect immediately and shall be repealed November 1,
2024.
1 https://amsterd amnews.com/news/202 1 /02/11 /report-reveals-nyc-ra-
cial-gap-degree-attainment/
STATE OF NEW YORK
________________________________________________________________________
9370
IN ASSEMBLY
March 6, 2024
___________
Introduced by M. of A. SOLAGES, SANTABARBARA, STECK, ZEBROWSKI, THIELE,
JACOBSON, WOERNER, GUNTHER, SIMON, DeSTEFANO, HYNDMAN, SAYEGH,
JEAN-PIERRE, DiPIETRO, GLICK, LUPARDO, MANKTELOW, MILLER, MAGNARELLI,
PALMESANO -- read once and referred to the Committee on Higher Educa-
tion
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
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. a. There is hereby established a committee to study the
2 feasibility of creating, structuring, managing, marketing, and funding a
3 kindergarten to college/career (K2C/C) ready program and a universal
4 college savings account, the purpose of which shall be to promote indi-
5 vidual financial literacy among low and moderate income families.
6 b. The members of the committee shall be selected as follows: five
7 members of the New York state assembly, appointed by the speaker of the
8 assembly, one of whom shall be a member of the children and families
9 committee, one of whom shall be a member of the education committee, one
10 of whom shall be a member of the ways and means committee, one of whom
11 shall be a member of the banks committee; and one member of the New York
12 state senate, appointed by the temporary president of the senate. The
13 members of the study committee shall elect a chairperson from among the
14 members. Four members of the committee shall constitute a quorum for
15 voting purposes.
16 c. The committee shall study the feasibility of creating, structuring,
17 managing, marketing, and funding a K2C/C ready program and a universal
18 college savings account and asset building program in New York. The
19 committee shall:
20 (1) review the structure and success of the K2C ready program in San
21 Francisco and the status of similar programs in Ohio, Nevada, Washing-
22 ton, and elsewhere in the United States;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08149-01-3
A. 9370 2
1 (2) determine the projected population of kindergarten children to be
2 served;
3 (3) establish contacts with New York banks, credit unions, philan-
4 thropic organizations, and other area financial services that may be
5 involved in similar efforts;
6 (4) explore marketing protocols used in San Francisco and other
7 states;
8 (5) solicit information and testimony from those individuals, agen-
9 cies, and entities that may be of assistance to the committee in the
10 performance of its duties, including but not limited to, the New York
11 state comptroller, a principal of an urban elementary school, and a
12 superintendent of a school district that includes a career and technical
13 education center; and
14 (6) develop a proposal for New York, based on projected kindergarten
15 enrollment during the 2023-2024 and 2024-2025 school years, that
16 addresses the anticipated investment per student, guidelines for account
17 maintenance, application procedures, and administrative costs.
18 d. The first meeting of the committee shall be held within 45 days of
19 the effective date of this act.
20 e. The committee shall report its findings and any recommendations for
21 proposed legislation to the speaker of the assembly, the temporary pres-
22 ident of the senate, the assembly clerk, the senate clerk, the governor,
23 and the state library on or before November 1, 2024. Upon delivery of
24 the report and recommendations, the committee shall be disbanded.
25 § 2. This act shall take effect immediately and shall be repealed
26 November 1, 2024.
