SB1556 - Equity through Financial Literacy Task Force Act

• Establishes the Equity through Financial Literacy Task Force to develop recommendations for increasing financial education availability in Illinois schools and reducing economic disparities caused by disparate access to financial education.

• Task Force consists of 15 members including young adults, educators, financial professionals, and representatives from banks, nonprofits, and state agencies, with at least one-third residing outside the Chicago metropolitan area.

• First-generation college students, high school graduates, and employed young adults (ages 18-34) appointed to the Task Force shall receive stipends; all other members serve without compensation.

• Task Force must submit a report by December 31, 2021 outlining policies, curriculum, and funding needed to increase financial capacity of young adults in Illinois schools, with recommendations targeting communities affected by predatory financial practices.

• Act becomes effective immediately upon enactment and is repealed January 1, 2023.