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Senate committee approves amendment to Arkansas Financial Education Commission membership
Summary
The Senate Education Committee approved an amendment to give the Arkansas Financial Education Commission broader flexibility in appointments and meeting schedules, and heard from a treasurer’s office official about the commission’s recent listening tour and planned public financial education resources.
Senator Missy Irvin, sponsor of Senate Bill 373, told the Senate Education Committee that the bill would revise the makeup and meeting requirements for the Arkansas Financial Education Commission and give the commission more flexibility in making appointments and scheduling meetings.
The committee approved the amendment and passed the bill by voice vote. The amendment adds a member designated by the secretary of state and removes prescriptive language requiring one meeting in spring and one in fall, replacing it with flexible meeting timing. Fran Janssen, director of the Arkansas 529 and ABLE programs in the state treasurer’s office, described the commission’s formation in 2021, a statewide listening tour, and three initiatives the commission is preparing — including a free, noncommercial financial education platform and a savings initiative that would match small monthly savings with nonprofit funds.
Committee members asked about diversity on the commission after language requiring specific female and racial-minority membership was struck. Irvin said she and the treasurer had discussed the issue and expected organizations involved in appointments, such as the Arkansas Bankers Association, to provide diverse candidates. Janssen described the commission’s outreach to community leaders, high school and college students, and nonprofit partners as part of its work developing curricula and statewide resources.
The committee chair called for questions, and with no one signed up to speak against the bill, the committee voted by voice and the bill passed. No further implementation details or effective dates were specified during the hearing.
Senator Missy Irvin described the bill as technical and supportive of the commission’s ongoing work on financial literacy curriculum and statewide resources; Janssen said one proposed initiative would gamify small-dollar savings with matching funds from nonprofit partners and would not use state funds.
The committee record shows the sponsor’s presentation, testimony from a state treasurer’s office official, several committee questions about representation and appointment processes, and a voice vote approving the amendment and advancing the bill.
The committee did not specify an effective date or provide additional budgetary detail during the meeting.
