COMMITTEE ON LEGISLATION
MINUTES
MINUTES: April 2, 2007
LEGISLATION MEMBERS: Chair: Pinto; Legislators: Myers, Bronz, Young, Burrows, Bronz, Jenkins, Rogowsky
IN ATTENDANCE: CEO: B. Randolph; CA: L. Cipollo, M. Nicolas-Brewster, L. Trentacoste, L. Pizer; DOF: BOL: S. Bass, B. Bochow, B. Desoy, L. Gantress, R. Pizzulo, GUESTS:
With a quorum present, the Committee on Legislation was called to order at 1:15 p.m.
Financial Literacy Program
Legislator Young has completed research regarding the Federal Community Reinvestment Act. He talked about the need for us to provide more programs for our young people to teach them financial literacy. Additionally we need to hold the banks we do business with accountable and make sure they are being a good community partner by investing in our communities. We need to do business with banks that have good Community Reinvestment Act ratings.
Deputy Commissioner Bill Carter of the Westchester County Youth Bureau discussed the needs for financial literacy programs. He talked about the model programs which are available to teach young people about banking and how to spend and invest money wisely. More of these will help young people transition into better adults.
Peter Pucillo, Commissioner of Finance discussed the current system of banking which the County of Westchester uses. We do not deal with any banks which have an unsatisfactory Community Reinvestment Act Rating.
Legislator Young intends to establish a task force to review the activities of our banks and make sure they are investing in our communities. First, we will have the banks at a future meeting and Mr. Young will prepare in advance, questions for them about what types of investments they are doing in Westchester.
Any other legislators who want to submit questions to Mr. Young should do so by next Tuesday. He will then work with Mr. Pucillo and invite the banks to a committee meeting for a discussion.
Federal Legislative Package
The committee decided it would be best to meet with our congressional representatives at a future meeting instead of adopting a federal legislative package.
(Maisano, Rogowsky) Move to adjourn The Committee on Legislation. Motion passed 6-0.
Committee on Legislation adjourned at 2:43 P.M.
COMPLETE AUDIO RECORDING ON FILE FOR REVIEW UPON REQUEST.
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