New York S 6676: Establishes a committee to study the feasibility of funding a kindergarten to college/career ready program and a universal college savings account

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S06676 Summary:

BILL NOS06676 

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SAME ASSAME AS A06173

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SPONSORCLEARE

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COSPNSR

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MLTSPNSR

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Establishes a committee to study the feasibility of funding a kindergarten to college/career ready program and a universal college savings account.

Go to top S06676 Actions:

BILL NOS06676 

&nbsp

03/19/2025REFERRED TO HIGHER EDUCATION

01/07/2026REFERRED TO HIGHER EDUCATION

Go to topS06676 Committee&nbspVotes:

Go to topS06676 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06676 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6676

 2025-2026 Regular Sessions

 IN SENATE

 March 19, 2025
 ___________

 Introduced by Sen. CLEARE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Higher Education

 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.
 LBD10166-01-5

 S. 6676 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