The Ladder Out of Poverty Task Force Bill

February 11, 2010

By Ryan Johnson, Outreach Specialist

Child poverty is on the rise in Minnesota and around the country. However, with wise investments, we can ensure good outcomes for Minnesota's children.

The Ladder Out of Poverty Task Force bill (HF 2062: Lanning / SF 1770: Jungbauer) descends directly from the work of the Legislative Commission to End Poverty by 2020. This idea springs from one of the three central recommendations of that Commission: increase efforts at asset development and financial literacy.

The goals of the task force are to:

Increase opportunities for low-income families to build wealth, and coordinate the asset building efforts going on around the state;
Expand the utilization of the Family Assets for Independence in Minnesota (FAIM);
Develop and scale financial products that will provide alternatives to higher-cost fringe financial products;
Increase the financial literacy among consumers and develop standards for financial literacy curriculum.

The vision of the bill is to create an official forum for the continuing discussion and development of ideas to assist the state's poor and near-poor to improve their ability to move toward financial stability. It's a way to bring together the public, private, nonprofit, academic and philanthropic communities around a subject in which they all have an interest and a stake.

After passing out of the House Labor and Consumer Protection Committee last Friday, there is a Senate hearing for the bill this Friday, February 12th (see below for details).

Here are two ways you can help support the bill:

1) If you are a constituent of one of the Committee members (see below) please email or call them to express your support for the bill, focusing on the benefits of asset development and financial education for low-income Minnesotans.

2) Attend the hearing if you are able! If you are unable to attend, there will be other opportunities in the coming weeks as it travels through other committees.

State and Local Government Operations and Oversight Committee

Friday, February 12, 2010, 10 a.m.

Room 123 Capitol

Chair: Ann H. Rest (DFL-45)

Vice Chair: Tony Lourey (DFL-08)

Ranking Minority Member: Chris Gerlach (R-37)

Members:

Rick E. Olseen (DFL-17)