Tennessee House Bill HB0644

Tennessee 2023-2024 Regular Session

• Introduced: 1/26/23
• Refer: 2/1/23
• Refer: 2/21/23
• Refer: 3/15/23
• Engrossed: 3/21/23
• Enrolled: 4/11/23
• Passed: 4/28/23
• Chaptered: 5/3/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 15, Chapter 2 and Title 49, relative to financial literacy.

Impact

The implications of HB0644 include fostering a culture of financial awareness and responsibility among Tennessee citizens. By addressing gaps in financial literacy, the bill intends to empower individuals with knowledge about managing their finances, understanding credit, and navigating banking services. The proposed study will evaluate the current state of financial literacy and recommend actions to improve educational outreach, aligning resources to support communities most in need of financial guidance.

Summary

House Bill 0644 aims to improve financial literacy among Tennesseans by mandating a comprehensive study on the subject. This legislation recognizes the pressing financial challenges faced by many residents, including high student loan debt and a substantial percentage of individuals who do not access traditional banking services. The bill seeks to enhance educational programs related to financial literacy, particularly for younger populations and families affected by debt. By establishing April as 'Financial Literacy Month,' the state promotes awareness about the critical importance of financial education for overall economic welfare.

Sentiment

Generally, sentiments surrounding the bill are positive, with supporters emphasizing the necessity of financial education as a means to combat the rising debt levels and financial instability among Tennesseans. The bill is largely seen as a proactive approach to equip citizens with essential skills that can lead to better financial decision-making and overall economic prosperity. However, some may express concern about the implementation and effectiveness of the proposed study and subsequent initiatives.

Contention

While advocates endorse financial literacy as crucial for success in modern society, potential points of contention include the adequacy of funding for the initiatives that may arise from the study and how effectively these programs will reach underserved populations. Some critics may argue that the bill should include specific actionable steps rather than solely conducting a study, seeking guarantees that the efforts will lead to real, measurable benefits for the community.