1.1.................... moves to amend H.F. No. 203 as follows:
1.2Delete everything after the enacting clause and insert:

1.3    "Section 1. CHILD SAVINGS ACCOUNT TASK FORCE.
1.4    Subdivision 1. Establishment. A child savings account task force is established to
1.5review and make recommendations about child savings account options and to create a
1.6strategic implementation plan to create a savings account at birth for every child born in
1.7Minnesota to Minnesota residents.
1.8    Subd. 2. Membership. (a) The task force shall consist of 20 members, to be
1.9appointed within 60 days of the effective date of this act. One legislative member shall be
1.10appointed by the president of the senate, one legislative member shall be appointed by the
1.11senate minority leader, one legislative member shall be appointed by the speaker of the
1.12house, and one legislative member shall be appointed by the house minority leader. All
1.13other members shall be appointed by the governor as follows:
1.14(1) a member of the governor's leadership staff;
1.15(2) an operator of an individual development account or matched savings and
1.16financial education program;
1.17(3) a representative of a service-based human rights provider organization;
1.18(4) a representative of a business association;
1.19(5) a representative of a bankers' professional association;
1.20(6) a representative of a child advocacy organization;
1.21(7) a representative of a rural economic development entity;
1.22(8) a representative of organized labor;
1.23(9) a representative of a bank;
1.24(10) a representative of a credit union;
1.25(11) a representative of an investment services provider;
1.26(12) the commissioner of education, or designee;
1.27(13) the commissioner of human services, or designee;
2.1(14) the commissioner of commerce, or designee;
2.2(15) the director of the Office of Higher Education, or designee; and
2.3(16) the director of the legislative Office on the Economic Status of Women.
2.4(b) The task force members shall elect a task force chairperson from among their
2.5membership at their first meeting.
2.6(c) The director of the Office on the Economic Status of Women shall convene the
2.7first meeting of the task force no later than 30 calendar days after the task force members
2.8are appointed.
2.9    Subd. 3. Task force staff. The legislative Office on the Economic Status of Women,
2.10in partnership with community action agencies and other statewide organizations involved
2.11in asset development, shall be responsible for administrative and logistical support of
2.12the task force.
2.13    Subd. 4. Duties. The task force duties include, but are not limited to, exploring a
2.14variety of funding mechanisms for child savings accounts, reviewing the lessons from the
2.15universal child savings account program in the United Kingdom, reviewing the research
2.16from the national SEED demonstration program, exploring safe and effective investment
2.17strategies for savings deposits, exploring allowable purposes for the savings deposits,
2.18exploring incorporation of age appropriate financial education learning and practices for
2.19children, and exploring existing matched savings account networks.
2.20    Subd. 5. Task force meetings. The task force shall hold at least four public
2.21meetings at a variety of geographic locations throughout the state at times and places
2.22established by the task force.
2.23    Subd. 6. Report. The task force shall make a written report of its findings and
2.24recommendations, including a strategic implementation plan for a Minnesota child savings
2.25account program, to the legislature no later than January 15, 2010. The task force shall
2.26consider the following factors in its recommendations for the design of the program:
2.27(1) return on investment, safety of the investment and insurance for the account,
2.28ease of managing the account, and ease of making various forms of deposits;
2.29(2) the impact on eligibility for student financial aid, public assistance, and other
2.30public benefits, and taxation of the account earnings and distributions;
2.31(3) the provision of financial education to children and families, and access to
2.32additional financial services;
2.33(4) restrictions on withdrawal or distribution prior to the child reaching age 18,
2.34portability of the account, and limitations on permissible uses of the account;
2.35(5) revenue sources for the initial deposit and any savings match for deposits for
2.36children in low-income families;
3.1(6) mechanisms for data collection and tracking; and
3.2(7) all other factors that the task force deems important to the program design.
3.3    Subd. 7. Sunset. The task force shall sunset on January 15, 2011."
3.4Amend the title accordingly