Establishing the office of financial wellness within the department of commerce

This bill establishes an office of financial wellness within the department of commerce. The primary purpose of the office shall be to focus on strategic action to maximize the financial wellness efforts of the state. The office shall serve as a liaison to other government agencies, public organizations, private entities, and not-for-profit organizations. The administrator of the office shall be the director of the department of commerce or the director’s designee. The director may establish committees and hire staff as necessary in furtherance of the objectives of the office. The primary objective of the office shall be to increase the financial literacy and well-being of Iowans by supporting education efforts, businesses, community organizations, and governmental agencies. The office shall collect and communicate financial wellness resources for Iowans and coordinate other efforts to promote financial wellness. The office shall provide an annual report regarding the office’s activities, including statistical measures, engagement, grant funding and the use thereof, initiatives sponsored by the office, and key accomplishments to the governor and the general assembly. The office shall adopt rules to implement its responsibilities and comply with the state government accountability requirements of Code chapter 8E. The bill provides that the office shall be funded from an annual assessment remitted by the banking division, credit union division, utilities division, insurance division, and alcoholic beverages division of the department of commerce.