Committee backs creation of Arkansas Financial Education Commission to coordinate statewide literacy efforts

The Senate Education Committee approved legislation to create an Arkansas Financial Education Commission to coordinate financial literacy curriculum, outreach and programming statewide.

Sponsor said the commission would bring bankers, educators and other financial professionals together under the Treasurer’s office to improve students’ understanding of budgeting, credit, savings and investment. Grant Wallace, chief deputy treasurer, explained the commission will be housed in the Treasurer’s office and noted an intentional appointment for minority and female representation to ensure diverse perspectives.

Committee members urged the commission to address structural and historical inequities that affect households’ ability to build savings and understand tax‑code effects. Senator Urban and others asked that the commission’s work include context on historic policy drivers of wealth gaps so educational materials are actionable.

Members moved and passed the bill by voice vote. The sponsor added a cosponsor during the hearing and thanked colleagues for support. The commission now proceeds toward establishment and membership appointments.