FRANKFORT, Ky. – Kentucky State Treasurer Allison Ball has announced plans to launch Kentucky’s Financial Empowerment Commission as part of an expanded
financial literacy effort that has the backing of Kentucky’s credit unions.
According to the Kentucky Credit Union League, in 2018 Treasurer Ball was an outspoken advocate of HB 132, which made a financial literacy course or program a high school graduation requirement. She also launched Kentucky’s Financial Empowerment Coalition and Database in April 2018, the league noted.
House Bill 139, the Financial Empowerment Commission bill, will provide support to educators teaching financial literacy and will be funded by private donations and receive no state funding.
The Kentucky Credit Union League (KCUL) said the state’s CUs back the Financial Empowerment Commission. Under HB 139, the Commission will be tasked with developing and implementing plans to improve the financial literacy of Kentuckians. For these purposes, the funding from Kentucky’s credit unions is critical as it ensures that the Commission’s duties can be completed, the KCUL said.
Proud of Partnership
“Improving the financial literacy of Kentuckians has always been a priority of Kentucky credit unions,” Debbie Painter, KCUL president and CEO, said. “We are proud to continue our partnership with Treasurer Ball by supporting the Financial Empowerment Commission.”
According to the league, the Kentucky Department of Education is currently updating its Financial Literacy academic standards and the support of Kentucky Commissioner of Education, Dr. Wayne Lewis, is necessary to the Commission’s success.
“I am excited about the opportunities this Commission will bring to educators implementing HB 132,” Lewis said at a press conference. “This Commission will ease the financial burden on school districts working to build students’ financial knowledge and skills.”
HB 139 was introduced in the House on Jan. 9, 2019 and sent to the State Government Committee.