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PA Bulletin, Doc. No. 04-1113

THE GOVERNOR

Title 4--ADMINISTRATION

PART I.  GOVERNOR'S OFFICE

[4 PA.  CODE CH. 6]

[EXECUTIVE ORDER 2004-7]

[34 Pa.B. 3236]

Financial Education and Literacy

April 29, 2004

   Whereas, over the past decade, there has been a significant decline in personal savings rates, an increase in personal bankruptcy and foreclosure filings, and rising percentages of family income devoted to servicing debt; and

   Whereas, Pennsylvania has the second highest gap between whites and nonwhites in net worth among the states, has a very low small business ownership rate, and ranks low in women business ownership; and

   Whereas, the understanding of personal finance has become increasingly important because the evolution of our financial system has resulted in an expanded availability of credit, a wider array of savings and investment products, and an increased responsibility for retirement savings by employees; and

   Whereas, financial literacy encourages greater economic self-sufficiency, higher levels of home-ownership and enhanced retirement security, and improves the quality of life for Pennsylvanians, providing them with the skills they need to be successful in managing their lives, homes, and businesses; and

   Whereas, basic education and training in personal finance can help form a lifetime of habits devoted to sound money management, wise use of credit and debt, and increased savings and investing; and

   Whereas, financial literacy will help diminish the problems of predatory lending, bankruptcy and high indebtedness, empowering individuals to make wise financial decisions, and reduce the confusion inherent in an increasingly complex economy; and

   Whereas, there is limited coordination among the various agencies of state government, nonprofit organizations, businesses, and other entities that are addressing financial literacy issues.

   Now, Therefore, I, Edward G. Rendell, Governor of the Commonwealth of Pennsylvania, by virtue of the authority vested in me by the Constitution of the Commonwealth of Pennsylvania and other laws, do formally establish the Office of Financial Education and the Governor's Task Force for Working Families and do order and direct as follows:


Governor

   Fiscal Note: GOV 04-7. (1) Banking Fund; (2) Implementing Year 2003-04 is $51,000; (3) 1st Succeeding Year 2004-05 is $156,000; 2nd Succeeding Year 2005-06 is $159,000; 3rd Succeeding Year 2006-07 is $166,000; 4th Succeeding Year 2007-08 is $173,000; 5th Succeeding Year 2008-09 is $188,000; (4) 2002-03 Program--$N/A; 2001-02 Program--$N/A; 2000-01 Program--$ N/A; (7) General Government Operations; (8) recommends adoption.

Annex A

TITLE 4.  ADMINISTRATION

PART I.  GOVERNOR'S OFFICE

CHAPTER 6.  ADDITIONAL COUNCILS AND COMMITTEES

Subchapter M.  FINANCIAL EDUCATION AND LITERACY

Sec.

6.201.Office of Financial Education.
6.202.Governor's Task Force for Working Families.
6.203.Responsibilities of other State agencies.
6.204.Effective date.

§ 6.201.  Office of Financial Education.

   The Office of Financial Education (Office) is created.

   (1)  Responsibilities. The Office will be responsible for:

   (i)  Coordinating financial education programs across Commonwealth agencies.

   (ii)  Developing and maintaining a comprehensive database of financial education programs, materials and resources.

   (iii)  Providing support for the Task Force on Working Families.

   (iv)  Advising the Governor and other State agencies on financial education matters.

   (v)  Representing the Commonwealth in developing partnerships with appropriate public and private financial education agencies.

   (vi)  Performing other duties assigned by the Governor or the Secretary of Banking.

   (2)  Director. The Office will be headed by a Director of Financial Education.

   (3)  Housing. The Office will be housed within the Department of Banking.

§ 6.202.  Governor's Task Force for Working Families.

   The Governor's Task Force (Task Force) for Working Families is created.

   (1)  Responsibilities. The Task Force will be responsible for:

   (i)  Identifying and developing strategies and programs to:

   (A)  Build incomes and assets for working families.

   (B)  Promote financial education and literacy.

   (C)  Protect working families from predatory and abusive financial services.

   (ii)  Promoting the coordination of programs that affect the financial viability of working families.

   (iii)  Working with charitable foundations, local government, advocacy groups, community and religious leaders, academia, policy and research organizations, and other entities, as may be appropriate.

   (2)  Report. The Task Force shall issue a final report to the Governor containing its findings and recommendations and conclude its work by March 1, 2005.

   (3)  Membership. The Task Force shall consist of the following members, when appropriate, to be appointed by and serve at the pleasure of the Governor. The Governor will appoint two members to serve as Co-Chairs of the Task Force.

   (i)  Adjutant General.

   (ii)  Secretary of Aging.

   (iii)  Secretary of Banking.

   (iv)  Secretary of the Budget.

   (v)  Secretary of Community and Economic Development.

   (vi)  Secretary of Education.

   (vii)  Insurance Commissioner.

   (viii)  Secretary of Labor and Industry.

   (ix)  Secretary of Public Welfare.

   (x)  Secretary of Revenue.

   (xi)  Secretary of the Commonwealth.

   (xii)  A member of the Securities Commission.

   (xiii)  President of the Pennsylvania Higher Education Assistance Agency.

   (xiv)  Executive Director of the Pennsylvania Housing Finance Agency.

   (xv)  Director of the Governor's Policy Office.

   (xvi)  Four members of the House of Representatives, two appointed by the Majority Leader, and two by the Minority Leader.

   (xvii)  Four members of the Senate, two appointed by the Majority Leader, and two by the Minority Leader.

   (xviii)  Representatives of the financial services industry, social service agencies, business organizations, organized labor and other advocacy organizations, to ensure broad representation of interests.

   (4)  Compensation. Members of the Task Force will receive no compensation for their service.

§ 6.203.  Responsibilities of other State agencies.

   Neither the Governor's Task Force for Working Families (Task Force) nor the Office of Financial Education (Office) shall have direct responsibility for the day-to-day operations of any State agency. State agencies under the jurisdiction of the Governor shall provide services, information, records or materials, as necessary, for the Office and the Task Force to perform their responsibilities. The Department of Banking will provide administrative support for the Office, Task Force and the Director.

§ 6.204.  Effective date.

   This subchapter takes effect immediately.

[Pa.B. Doc. No. 04-1113. Filed for public inspection June 25, 2004, 9:00 a.m.]


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