File #: Int 0054-2022    Version: Name: Financial empowerment education in department of youth and community development programs.
Type: Introduction Status: Enacted
Committee: Committee on Youth Services
On agenda: 2/24/2022
Enactment date: 7/11/2023 Law number: 2023/098
Title: A Local Law to amend the administrative code of the city of New York, in relation to financial empowerment education in department of youth and community development programs
Sponsors: Farah N. Louis, Tiffany Cabán, Kalman Yeger , Lincoln Restler, Erik D. Bottcher, Althea V. Stevens, Alexa Avilés, Amanda Farías, Sandy Nurse, Carlina Rivera , Selvena N. Brooks-Powers, Eric Dinowitz
Council Member Sponsors: 12
Summary: This bill would require the Department of Youth and Community Development (DYCD) to include financial literacy training as part of all youth employment programs and programs for runaway and homeless youth. Such training would include instruction on banking, budgeting, credit, debt, saving, and taxes. DYCD would be required to issue an annual report on how many participants received financial literacy training, the methods and manner in which the topics were covered and the amount of time spent covering such topics. The first report would be due on January 1, 2023.
Indexes: Report Required
Attachments: 1. Summary of Int. No. 54-A, 2. Summary of Int. No. 54, 3. Int. No. 54, 4. February 24, 2022 - Stated Meeting Agenda, 5. Hearing Transcript - Stated Meeting 2-24-22, 6. Minutes of the Stated Meeting - February 24, 2022, 7. Committee Report 4/24/23, 8. Hearing Testimony 4/24/23, 9. Hearing Transcript 4/24/23, 10. Proposed Int. No. 54-A - 6/15/23, 11. Committee Report 6/22/23, 12. Hearing Transcript 6/22/23, 13. Committee Report - Stated Meeting, 14. June 22, 2023 - Stated Meeting Agenda, 15. Hearing Transcript - Stated Meeting 6-22-23, 16. Minutes of the Stated Meeting - June 22, 2023, 17. Int. No. 54-A (FINAL), 18. Fiscal Impact Statement, 19. Mayor's Letter, 20. Local Law 98
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
7/13/2023AFarah N. Louis City Council Recved from Mayor by Council  Action details Meeting details Not available
7/11/2023AFarah N. Louis Mayor Signed Into Law by Mayor  Action details Meeting details Not available
7/11/2023AFarah N. Louis Mayor Hearing Held by Mayor  Action details Meeting details Not available
6/22/2023AFarah N. Louis City Council Sent to Mayor by Council  Action details Meeting details Not available
6/22/2023AFarah N. Louis City Council Approved by CouncilPass Action details Meeting details Not available
6/22/2023*Farah N. Louis Committee on Youth Services Hearing Held by Committee  Action details Meeting details Not available
6/22/2023*Farah N. Louis Committee on Youth Services Amendment Proposed by Comm  Action details Meeting details Not available
6/22/2023*Farah N. Louis Committee on Youth Services Amended by Committee  Action details Meeting details Not available
6/22/2023AFarah N. Louis Committee on Youth Services Approved by CommitteePass Action details Meeting details Not available
4/24/2023*Farah N. Louis Committee on Youth Services Hearing Held by Committee  Action details Meeting details Not available
4/24/2023*Farah N. Louis Committee on Youth Services Laid Over by Committee  Action details Meeting details Not available
2/24/2022*Farah N. Louis City Council Referred to Comm by Council  Action details Meeting details Not available
2/24/2022*Farah N. Louis City Council Introduced by Council  Action details Meeting details Not available

Int. No. 54-A

 

By Council Members Louis, Cabán, Yeger, Restler, Bottcher, Stevens, Avilés, Farías, Nurse, Rivera, Brooks-Powers and Dinowitz

 

A Local Law to amend the administrative code of the city of New York, in relation to financial empowerment education in department of youth and community development programs

 

Be it enacted by the Council as follows:

 

Section 1. Chapter 4 of title 21 of the administrative code of the city of New York is amended by adding a new section 21-415 to read as follows:

§ 21-415 Financial empowerment education in department programs. a. As used in this section, the following terms have the following meanings:

Financial empowerment education. The term “financial empowerment education” means training that includes instruction on personal finances, including banking, budgeting, credit, debt, saving, investment, and taxes.

Youth employment program. The term “youth employment program” means a department-funded program in which program participants are provided with employment or internships.

b. The department shall ensure that its youth employment programs include at least 2 hours of financial empowerment education for all program participants.

c. The department shall ensure that any entity that the department contracts with to provide a transitional independent living support program or a runaway and homeless youth crisis services program shall offer at least 2 hours of financial empowerment education to all program participants, and continue to offer financial empowerment services education to youth participating in programs for 6 months or longer.

d. No later than January 31, 2024, and no later than 30 days after the end of each calendar year thereafter, the department shall post on its website and submit to the speaker of the council a report on how many program participants participated in financial empowerment education and a description of the relevant financial empowerment education curriculum provided to program participants.

§ 2. This local law takes effect 90 days after it becomes law.

 

 

 

 

 

 

CY

6/14/23

4:34pm

 

 

Session 12

NLB

LS # 3651

12/28/21

 

Session 11

AM

LS# 13141