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Committee approves change to Financial Education Commission appointments
Summary
The House Education Committee approved an amendment to give the Arkansas Financial Education Commission broader appointment flexibility, adding a Secretary of State designee and removing prescriptive makeup and meeting-date language, sponsors said.
Senator Missy Irvin, District 24, told the House Education Committee that Senate Bill 373 revises the makeup and some administrative rules of the Arkansas Financial Education Commission, and the committee approved the amendment by voice vote.
The amendment adds a member designated by the Secretary of State and removes prescriptive language that set specific demographic slots and fixed spring/fall meeting dates. "We gave them a little, you know, I would say great latitude, in order to make these appointments," Irvin said. She told the committee the change is intended to give the commission flexibility on appointments and meeting timing.
Fran Janssen, director of the Arkansas 529 and ABLE programs at the state treasurer’s office, described the commission’s work since its creation in 2021. Janssen said the commission conducted a statewide listening tour, drafted rules and a mission, and has developed three initiatives, including a free, non-commercial financial education platform for Arkansans and a nonprofit-backed savings initiative that would reward small monthly savings. "None of this is state money," Janssen said of the matching/reward fund she described.
Committee members pressed sponsors on the decision to strike language that previously specified a minimum number of female or racial-minority appointees. One member asked how diversity will be ensured without the explicit statutory language; Irvin said she and the treasurer discussed the issue and said the Arkansas Bankers Association and other appointers have a record of recruiting diverse members. "I trust that they're gonna make sure that they have a good range of diversity on this commission," Irvin said.
Supporters framed the measure as technical and enabling: it preserves the commission’s work supporting financial literacy curriculum and gives appointing authorities flexibility to recruit members and set meeting schedules. The committee approved the amendment and passed the bill to the next stage by voice vote.
