Ladder Out of Poverty Task Force
The Ladder Out of Poverty Task force, born out of recommendations from the Legislative Commission to End Poverty,
was created to identify specific policies, strategies, and actions to:
- increase opportunities for poor and near-poor families and individuals to acquire
assets and create and build wealth;
- expand the utilization of Family Assets for Independence in Minnesota (FAIM)
or other culturally specific individual development account programs;
- reduce or eliminate predatory financial practices in Minnesota through regulatory
actions, legislative enactments, and the development and deployment of alternative,
nonpredatory financial products;
- provide incentives or assistance to private sector financial institutions to
offer additional programs and services that provide alternatives to and education about
predatory financial products;
- provide financial literacy information to low-income families and individuals at
the time the recipient has the ability, opportunity, and motivation to receive, understand,
and act on the information provided; and
- identify incentives and mechanisms to increase community engagement in
combating poverty and helping poor and near-poor families and individuals to acquire
assets and create and build wealth.
(b) By June 1, 2012, the task force must provide written recommendations and
any draft legislation necessary to implement the recommendations to the chairs and
ranking minority members of the legislative committees and divisions with jurisdiction
over commerce and consumer protection.
(M.L. 2010, Chp. 374)
If you would like to be added to the meeting distribution list for this task force, please e-mail greg.hubinger@lcc.leg.mn