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Information on Minnesota State Agencies, Boards, Task Forces, and Commissions
Compiled by the Minnesota Legislative Reference Library
Ladder out of Poverty Task Force
Function: At a minimum, the task force must identify specific policies, strategies, and actions to:
(1) increase opportunities for poor and near-poor families and individuals to acquire assets and create and build wealth;
(2) expand the utilization of Family Assets for Independence in Minnesota (FAIM) or other culturally specific individual development account programs;
(3) reduce or eliminate predatory financial practices in Minnesota through regulatory actions, legislative enactments, and the development and deployment of alternative, nonpredatory financial products;
(4) 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;
(5) 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
(6) 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.
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.
Active dates:May 20, 2010 -
The Ladder Out of Poverty Task force was born out of recommendations from the Legislative Commission to End Poverty and was created to identify specific policies, strategies, and actions.
Two LCEP members, Rep. Morrie Lanning (R-Moorhead) and Sen. Michael Jungbauer (R-East Bethel) sponsored the law, which will leverage the Family Assets for Independence in Minnesota program. FAIM helps Minnesotans gain financial self-sufficiency through education and matched savings incentive programs. It is run by local community action partnerships.
The task force expires June 1, 2012, or upon the submission of the report required under subdivision 3, whichever is earlier.
The task force consists of the following members:
(1) four senators, including two members of the majority party and two members of the minority party, appointed by the Subcommittee on Committees of the Committee on Rules and Administration of the senate;
(2) four members of the house of representatives, including two members of the majority party, appointed by the speaker of the house, and two members of the minority party, appointed by the minority leader;
(3) the commissioner of the Minnesota Department of Commerce or the commissioner's designee; and
(4) the attorney general or the attorney general's designee.
Record last updated:
Additional print information on this group may be available in the
Library's collection of agency notebooks. Please contact a librarian for
assistance. The Minnesota Agencies database is a work in progress.