SB 546

Existing law establishes 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 financial literacy within the state. Existing law requires the fund to be administered by the Controller, who is authorized, among other things, to deposit private donations into the fund, as specified. Existing law requires those moneys to be made available upon appropriation in the annual Budget Act, and requires the Controller to report annually to the Legislature on the use of those moneys appropriated from the fund, as specified. This bill would repeal those provisions.