AN ACT
RELATING TO FINANCE; CREATING A TASK
FORCE FOR FINANCIAL INDEPENDENCE.
BE IT ENACTED BY THE LEGISLATURE OF
THE STATE OF NEW MEXICO:
Section 1. FINDINGS AND PURPOSE.--
A. The legislature finds that:
(1) New Mexico has one of the highest rates of
poverty in the country;
(2) New Mexico households with low and very low
annual income levels have a difficult time obtaining assets;
(3) over twenty-four percent of New Mexico
children live at or below the poverty level; and
(4) New Mexico's poverty rate is eighteen
percent, compared to the national average of twelve and
one-half percent.
B. The purpose of this act is to create a task
force that will recommend and develop effective strategies to help New Mexicans
achieve financial independence.
Section 2. TEMPORARY PROVISION--TASK FORCE FOR FINANCIAL
INDEPENDENCE CREATED--MEMBERSHIP--APPOINTMENT.--
A. There is created the "task force for
financial independence", which shall function from the date of its
appointment until December 1, 2004.
B. The task force shall be composed of at least
fifteen members and be chaired by the lieutenant governor. Members shall be appointed by the governor
from the following:
(1) the New Mexico mortgage finance authority;
(2) the New Mexico bankers association;
(3) the independent community bankers association
of New Mexico;
(4) the New Mexico credit union league;
(5) the New Mexico community foundation;
(6) the state department of public education;
(7) the human services department;
(8) the economic development department;
(9) the New Mexico small business development
center;
(10) the labor department;
(11) the Hispano chamber of commerce;
(12) the bureau of business and economic research
at the university of New Mexico;
(13) the New Mexico small business investment
corporation;
(14) the health care industry;
(15) legislators serving on the interim economic
and rural development and telecommunications committee;
(16) legislators serving on other appropriate
legislative committees; and
(17) not-for-profit organizations that promote
asset building with low-income populations.
C. Each member of the task force shall be paid
per diem and mileage as provided in the Per Diem and Mileage Act for
nonsalaried public officers.
Section 3. TEMPORARY PROVISION--DUTIES OF THE TASK
FORCE.--The task force for financial
independence shall:
A. identify and explore current and proposed
strategies to foster financial independence and asset building;
B. pursue the strategies identified in
Subsection A of this section that will have the greatest impact for financial
independence and that are most viable, and formulate and advocate for public
policy efforts that are required for implementation;
C. develop suggestions consistent with the
current highly restrictive state budget environment;
D. explore asset building and implementation
strategies for New Mexico in the areas of:
(1) asset facilitation;
(2) asset incentives; and
(3) asset protection, including removing barriers
to asset accumulation;
E. seek private sector funding to assist in
preparing task force reports; and
F. collaborate with other state financial
independence task forces and other relevant national organizations in
formatting research in a manner that is compatible with national evaluation
methods.
HAFC/HB 935
Page 4