California 2011-2012 Regular Session Status: Enacted

AB 597 — California Financial Literacy Fund.

Last action — Chaptered by Secretary of State - Chapter 612, Statutes of 2011.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 16, 2011. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 8 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

The California Constitution requires the Legislature to encourage the promotion of intellectual improvement. Existing law regulates financial institutions and their interactions with the public. Existing law recognizes the existence of specialized financial institutions that provide services, including, but not limited to, financial literacy training, to underserved communities. This bill would establish the California Financial Literacy Fund in the State Treasury for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians' financial literacy. The bill would require the fund to be administered by the Controller and would authorize the Controller to deposit private donations into the fund. The bill would require those moneys to be made available upon appropriation in the annual Budget Act and would require donations to be returned to contributors if not appropriated within 18 months. The bill would authorize the Controller to convene an advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. The bill would prohibit use of donations to promote or market the financial products of any contributor. The bill would require the Controller, beginning in 2013, to provide an annual summary to specified committees of the Legislature on the use of those moneys appropriated from the fund.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 612, Statutes of 2011.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 11 a.m.

  4. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 2854.).

  5. In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 2 pursuant to Assembly Rule 77.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 28. Noes 7. Page 2165.).

  7. Read second time. Ordered to third reading.

  8. From committee: Do pass. (Ayes 6. Noes 3.) (August 25).

  9. In committee: Referred to APPR. suspense file.

  10. Read second time and amended. Re-referred to Com. on APPR.

  11. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 1.) (July 6).

  12. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.

  13. Re-referred to Com. on B. & F.I.

  14. Referred to Com. on RLS.

  15. In Senate. Read first time. To Com. on RLS. for assignment.

  16. Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1350.)

  17. Read second time. Ordered to third reading.

  18. From committee: Do pass. (Ayes 17. Noes 0.) (May 4).

  19. From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (April 11). Re-referred to Com. on APPR.

  20. Referred to Com. on B. & F.

  21. From printer. May be heard in committee March 19.

  22. Read first time. To print.

Sponsors

  • Eng · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

  • Eng

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 597 ENG Concurrence in Senate Amendments

Passed 77 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 74003
Democratic 1000
Republican 2000
Total 77003
% of votes cast 96%0%0%4%
How each member voted (80)
Member Party Vote
Gorell — Not Voting
Hagman — Yea
Hall — Yea
Yamada — Yea
Halderman — Yea
Butler — Yea
Hill — Yea
Huber — Yea
Hueso — Yea
John A. Pérez — Yea
Mitchell — Yea
Knight — Yea
Atkins — Yea
Campos — Yea
Logue — Yea
Mendoza — Yea
Carter — Yea
Portantino — Yea
Ammiano — Yea
Bradford — Yea
Cedillo — Yea
Cook — Yea
Dickinson — Yea
Donnelly — Yea
Miller — Yea
Perea — Yea
Skinner — Yea
Valadao — Yea
Wagner — Yea
Allen — Yea
Feuer — Yea
Fuentes — Yea
Fong — Yea
Fletcher — Yea
Furutani — Yea
Galgiani — Yea
Bonilla — Not Voting
Gordon — Yea
Harkey — Yea
Hayashi — Yea
Huffman — Yea
Ma — Yea
Monning — Yea
Beall — Yea
Block — Yea
Conway — Yea
Davis — Not Voting
Morrell — Yea
Nestande — Yea
Nielsen — Yea
Smyth — Yea
Torres — Yea
Achadjian — Yea
Alejo — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Jeffries — Yea
Lara — Yea
Mansoor — Yea
Norby — Yea
Olsen — Yea
Pan — Yea
Silva — Yea
Solorio — Yea
Swanson — Yea
Wieckowski — Yea
Williams — Yea
Chesbro — Yea
Eng — Yea
Garrick — Yea
Gatto — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Calderon, Lisa Democratic Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

3rd Reading AB597 Eng By Lieu

Passed 28 Yea · 7 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 26605
Democratic 2000
Republican 0100
Total 28705
% of votes cast 70%18%0%13%
How each member voted (40)
Member Party Vote
Yee — Yea
Hancock — Yea
Wyland — Yea
De León — Yea
Hernandez — Yea
Lieu — Yea
Liu — Yea
Price — Yea
Steinberg — Yea
Wolk — Yea
Wright — Yea
Negrete McLeod — Yea
Cannella — Yea
Evans — Yea
Lowenthal — Not Voting
Runner — Not Voting
Rubio — Not Voting
Fuller — Nay
Corbett — Yea
Harman — Not Voting
Anderson — Nay
Correa — Yea
Dutton — Nay
Walters — Nay
Alquist — Yea
Blakeslee — Yea
Huff — Nay
Kehoe — Yea
Leno — Yea
Pavley — Yea
Simitian — Yea
Vargas — Yea
Emmerson — Nay
DeSaulnier — Yea
Beth Gaines — Yea
Bill Berryhill — Not Voting
La Malfa — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Nay

Official roll call →

Do pass.

Passed 6 Yea · 3 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6300
Total 6300
% of votes cast 67%33%0%0%
How each member voted (9)
Member Party Vote
Runner — Nay
Kehoe — Yea
Price — Yea
Alquist — Yea
Lieu — Yea
Pavley — Yea
Steinberg — Yea
Walters — Nay
Emmerson — Nay

Official roll call →

Placed on Appropriations Suspense file.

Passed 8 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 8001
Total 8001
% of votes cast 89%0%0%11%
How each member voted (9)
Member Party Vote
Runner — Not Voting
Kehoe — Yea
Pavley — Yea
Price — Yea
Walters — Yea
Alquist — Yea
Lieu — Yea
Steinberg — Yea
Emmerson — Yea

Official roll call →

AB 597 ENG Assembly Third Reading

Passed 75 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 70005
Republican 2000
Democratic 3000
Total 75005
% of votes cast 94%0%0%6%
How each member voted (80)
Member Party Vote
Gorell — Not Voting
Hall — Yea
Feuer — Yea
Carter — Yea
Cook — Yea
Olsen — Yea
Butler — Yea
Fuentes — Yea
Galgiani — Yea
Gatto — Yea
Gordon — Yea
Chesbro — Yea
John A. Pérez — Yea
Mitchell — Yea
Hagman — Yea
Fletcher — Yea
Halderman — Yea
Harkey — Yea
Conway — Yea
Hayashi — Yea
Bonilla — Yea
Ammiano — Yea
Block — Yea
Davis — Yea
Dickinson — Yea
Huber — Yea
Hueso — Yea
Jeffries — Yea
Knight — Yea
Logue — Yea
Mendoza — Yea
Miller — Yea
Monning — Yea
Nielsen — Yea
Norby — Yea
Perea — Yea
Skinner — Yea
Smyth — Yea
Valadao — Yea
Wagner — Yea
Williams — Yea
Atkins — Yea
Garrick — Not Voting
Portantino — Not Voting
Campos — Yea
Donnelly — Yea
Morrell — Yea
Torres — Not Voting
Achadjian — Yea
Alejo — Yea
Beall — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Hill — Yea
Huffman — Yea
Lara — Yea
Ma — Yea
Mansoor — Yea
Nestande — Yea
Pan — Yea
Silva — Yea
Solorio — Yea
Swanson — Yea
Wieckowski — Yea
Cedillo — Not Voting
Eng — Yea
Yamada — Yea
Furutani — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Allen, Benjamin Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass.

Passed 17 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 1000
Unaffiliated 16000
Total 17000
% of votes cast 100%0%0%0%
How each member voted (17)
Member Party Vote
Mitchell — Yea
Fuentes — Yea
Gatto — Yea
Hall — Yea
Harkey — Yea
Lara — Yea
Nielsen — Yea
Norby — Yea
Campos — Yea
Donnelly — Yea
Wagner — Yea
Blumenfield — Yea
Bradford — Yea
Hill — Yea
Solorio — Yea
Davis — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 597 do?
The California Constitution requires the Legislature to encourage the promotion of intellectual improvement. Existing law regulates financial institutions and their interactions with the public. Existing law recognizes the existence of specialized financial institutions that provide services, including, but not limited to, financial literacy training, to underserved communities. This bill would establish the California Financial Literacy Fund in the State Treasury for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians' financial literacy. The bill would require the fund to be administered by the Controller and would authorize the Controller to deposit private donations into the fund. The bill would require those moneys to be made available upon appropriation in the annual Budget Act and would require donations to be returned to contributors if not appropriated within 18 months. The bill would authorize the Controller to convene an advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. The bill would prohibit use of donations to promote or market the financial products of any contributor. The bill would require the Controller, beginning in 2013, to provide an annual summary to specified committees of the Legislature on the use of those moneys appropriated from the fund.
Who sponsors AB 597?
AB 597 is sponsored by Eng.
What is the current status of AB 597?
This bill has been enacted into law. Introduced February 16, 2011. Enacted.
Where can I track AB 597?
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