Financial Education and Capability Commission
Maryland Financial Education and Capability Commission
The Commission was passed through legislation in the Maryland General Assembly during the 2012 regular session and signed by the Governor on May 22, 2012. The Commission went into effect on October 1, 2012 and nominations were approved in December 2012. The text of the law can be found here.
The Commission is chaired by Senator Katherine Klausmeier (District 8 – Baltimore County) and Delegate Dana Stein (District 11 – Baltimore County). The Commission is staffed by the nonprofit CASH Campaign of Maryland. CASH Campaign is the first nonprofit to ever staff a legislative commission in the state of Maryland.
The Commission has 4 core tasks:
1) Monitor the implementation of public and private initiatives to improve the financial education and capability of residents of the state.
2) Make recommendations on the coordination of financial education and capability efforts across state agencies.
3) Make an annual report on or before December 1 each year to the Governor and General Assembly on its recommendations and the status of efforts undertaken by state agencies or in partnership with state agencies.
4) Every 3 years, the report of the Commission shall include a comprehensive discussion of statewide efforts to improve the financial education and capability of residents of the state, including initiatives funded by the state or a local government and those undertaken in the private sector by nonprofit organizations, financial institutions, and other persons.
The Commission will meet at least twice each year. Meetings will be open to the public. Check back for more information and meeting dates.