There is hereby established a special commission to consist of two members of the senate appointed by the Senate President; two members of the house of representatives appointed by the Speaker of the House; the treasurer and receiver general; the secretary of the executive office of administration and finance or his designee; the director of the department of housing and community development or his designee; the secretary of the executive office of health and human services or his designee; the director of the department of economic development or his designee; the chairman of the board of higher education or his designee; one of whom shall be a representative of the Massachusetts Community Action Program Directors’ Association; one of whom shall be a representative of the Massachusetts Association of Community Development Corporations; one of whom shall be a representative of the Massachusetts Individual Development Account Solutions; and, eleven persons appointed by the Governor, one of whom shall be a representative of the general public who has participated or is participating in an individual development account administered by a community based organization based in Massachusetts; one of whom shall be a representative from the general public who manages an existing Individual Development Account program in Massachusetts; two of whom shall be representatives of the Massachusetts Bankers Association; one of whom shall be a representative of a private philanthropy or private foundation; one of whom shall be a representative of the Women’s Educational and Industrial Union; one of whom shall be a representative of the Asset Development Institute at the Heller School for Social Policy and Management at Brandeis University; one of whom shall be a representative of a public or private institution of higher education; one of whom shall be a representative of the Massachusetts Institute for a New Commonwealth; one of whom shall be a representative of the Massachusetts AFL-CIO; and, one of whom shall be a representative of the Federal Reserve Bank of Boston.

Section 2.

The commission is created for the purpose of studying and making recommendations concerning the development of financial assets as a way to ensure that all people in the state of Massachusetts achieve long-term and sustainable economic security and self-sufficiency and enjoy economic opportunity. 

Said commission shall examine the success of low-income workers of the Commonwealth in saving money and building assets, and the reasons why some people have had less success than others; assess the impact of current state policies and private sector practices on saving and asset-building; identify strategies that offer a real promise of significantly increasing the numbers of those who save and build assets and the amounts they accumulate; and make recommendations – consistent with the state’s short- and long-term fiscal condition – for state policies and practices, including action in coordination and collaboration with businesses and financial institutions, labor organizations, community- and faith-based organizations, to implement those strategies.

The commission, in formulating its recommendations, shall take account of the best  policies and practices in other states and jurisdictions, particularly, but not limited to those relating to Individual Development Accounts for low-income and low-asset households.  The focus of the commission shall include but not be limited to asset development strategies for low-income and low-asset individuals and families living in Massachusetts. Where relevant, the commission shall consider the impact of labor market, education and training, and family-support policies and practices on opportunities for financial asset-building. The commission shall be empowered to hold regular, public meetings and fact-finding hearings and other public forums, as it deems necessary.

Section 3.  Said commission shall file its recommendations together with recommendations for legislation, if any, with the house and senate clerks who shall forward the same to the general court no later than two years after the passage of this act.