TASK FORCE TO STUDY HOW TO IMPROVE FINANCIAL LITERACY IN THE STATE

C. Anthony Muse, Co-Chair (designated by Senate President)
Dana M. Stein, Co-Chair (designated by House Speaker)

Appointed by Governor: Will Backstrom; Kulley A. W. Bancroft; Thomas M. Beck; Charlene M. Dukes, Ed.D.; Bert J. Hash, Jr.; Mary Ann Hewitt; Kenneth Venick; three vacancies.

Appointed by Senate President: Katherine A. Klausmeier; C. Anthony Muse.

Appointed by House Speaker: Susan W. Krebs; Dana M. Stein.

Appointed by Senate President & House Speaker: Pamela Banks; Randall Cerveny; Michael F. Croxson; Robin McKinney; Helen Ottley; Jane R. Stern.

Ex officio: Nancy K. Kopp, State Treasurer; Lynne M. Gilli, Ed.D., designee of State Superintendent of Schools; Carol Anne Gilbert, designee of Secretary of Housing & Community Development; Alexander M. Sanchez, Secretary of Labor, Licensing, & Regulation; Melanie Senter Lubin, designee of Chief, Division of Consumer Protection, Office of Attorney General; Sarah Bloom Raskin, Commissioner of Financial Regulation, Department of Labor, Licensing, & Regulation.

Staff: Sara C. Fidler; Lynne Blume Rosen; Jason F. Weintraub.
c/o Dept. of Legislative Services
90 State Circle, Annapolis, MD 21401
(410) 946-5350
e-mail: libr@mlis.state.md.us

Staff: Jay Hutchins, Esq.
c/o Dept. of Labor, Licensing, & Regulation
500 North Calvert St., Baltimore, MD 21202 - 3651
(410) 230-6009
e-mail: jhutchins@dllr.state.md.us

In July 2008, the Task Force to Study How to Improve Financial Literacy in the State was established (Chapters 186 & 187, Acts of 2008). The Task Force charge was to consider how well high school students comprehend basic financial concepts; evaluate the financial literacy education provided in Maryland schools; and assess the usefulness of a financial literacy curriculum in primary and secondary education. Further, the Task Force was to study whether consumers with a high school diploma understand basic financial concepts, and how lack of such basic knowledge negatively impacts them. Finally, the Task Force was to recommend how to address the lack of financial literacy of consumers in the State, and the merits and drawbacks of teaching financial literacy in the public schools.

The Task Force submitted a preliminary report to the Governor and General Assembly in December 2008, and a final report on January 13, 2010. Authorization for the Task Force ended June 30, 2010.

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