TAPE/#

Speaker

Comments

TAPE 51, A

005

Chair Walker

Calls meeting to order at 3:03 p.m. and opens a public hearing on SCR 4.

SCR 4 – PUBLIC HEARING

013

Marjorie Taylor

Committee Administrator. Gives overview of SCR 4. Mentions -2 amendments (EXHIBIT A).

020

Sen. Margaret Carter

Represents Senate District 22. Testifies in support of SCR 4. Submits written testimony (EXHIBIT B).

062

Chair Walker

Comments on SCR 4.

072

Chair Walker

Closes public hearing and opens work session on SCR 4.

SCR 4 – WORK SESSION

073

Sen. C. Starr

MOTION:  Moves to ADOPT SCR 4-2 amendments dated 3/18/05.

VOTE:  5-0-0

Chair Walker

Hearing no objection, declares the motion CARRIED.

079

Sen. C. Starr

MOTION:  Moves SCR 4 be sent to the floor with a BE ADOPTED AS AMENDED recommendation.

VOTE:  5-0-0

Chair Walker

Hearing no objection, declares the motion CARRIED.

SEN. CARTER will lead discussion on the floor.

091

Chair Walker

Closes work session and opens public hearing on SB 748.

SB 748 – PUBLIC HEARING

098

Marjorie Taylor

Committee Administrator. Gives overview of SB 748. Reports that it has a subsequent referral to Ways and Means.

103

Chair Walker

Discusses purpose of SB 748. Mentions article from the Register Guard submitted for the record (EXHIBIT C). Mentions SB 827 from the 2003 legislative session.

117

Sen. Kruse

Says that he was required to take a class on finance when he was a senior in high school. Asks if it is still a requirement.

118

Chair Walker

Replies no.

130

Pamela Leavitt

Credit Union Association of Oregon. Testifies in support of SB 748. Submits written testimony and informational packet (EXHIBIT D).

175

Kerrie Davis

Rogue Federal Credit Union. Testifies in support of SB 748. Submits written testimony (EXHIBIT E).

235

Chair Walker

Asks about program developed by the credit union.

240

Davis

Explains efforts.

255

Claudine Oriani

OSU Federal Credit Union. Testifies in support of SB 748. Submits written testimony (EXHIBIT F).

323

Chair Walker

Asks if OSU Federal is available to provide finance education in the classroom at no cost to the school.

326

Oriani

Replies yes.

338

Chair Walker

Says that there are many individuals from different businesses available to provide finance education at no cost.

343

Oriani

Explains that a course in finance education at the high school level would most likely be an elective course because of the way the curriculum is structured.  

353

Cori Frauendiener

Marion and Polk Schools Credit Union. Testifies in support of SB 748. Submits written testimony (EXHIBIT G).

TAPE 52, A

005

Frauendiener

Continues testimony on SB 748.

040

Mike Lewis

Certified Public Accountant. Testifies in support of SB 748. Submits written testimony and pamphlet on financial planning (EXHIBIT H).

140

Chair Walker

Asks if Lewis has been following the bankruptcy legislation.

141

Lewis

Replies no.

143

Chair Walker

Discusses the legislation. Asks if Lewis sees a lot of credit card debt.

150

Lewis

Replies that he does see a lot of credit card debt.

164

Chair Walker

Says that studies have shown that it is not just low income individuals who are in debt. Mentions college loans and debt. Asks question regarding the program mentioned for seniors in high school.

187

Lewis

Explains program.

197

Sen. Kruse

Comments on opportunities to borrow money and talks about spam on the internet.

221

Tim Martinez

Oregon Bankers Association. Testifies in support of SB 748.

241

Linda Navarro

Oregon Bankers Association. Testifies in support of SB 748. Submits informational packet (EXHIBIT I).

340

Navarro

Continues testimony on SB 748.

394

Chair Walker

Asks if they are working with the Department of Justice and the Attorney General’s Office.

396

Navarro

Explains.

411

Deb Wilding

West Coast Bank. Testifies in support of SB 748.

TAPE 51, B

005

Wilding

Continues testimony on SB 748.

030

Bernie Kronberger

Wells Fargo Bank. Testifies in support of SB 748. Submits written testimony and informational packet (EXHIBIT J).

138

Sen. Morrisette

Asks how many of the 25 year old individuals who filed for bankruptcy were college graduates.

140

Kronberger

Says that he does not have those statistics.

141

Sen. Morrisette

Asks if there could be a connection between the two.

146

Chair Walker

Comments that college students are not able to discharge their student loan debt very easily in bankruptcy court.

153

Sen. Kruse

Says that the interest rate on a student loan is much more manageable than the interest rate on a credit card.

159

Sen. Morrisette

Clarifies earlier comment.

167

Kronberger

Stresses the importance of  financial awareness.

173

Sen. Morrisette

Asks Sen. Walker about SB 827 from the last legislative session.

178

Chair Walker

Talks about SB 827.

200

Paul Cosgrove

Oregon Financial Services. Testifies on SB 748. Submits financial literacy booklet (EXHIBIT K) andinformational packet (EXHIBIT L).

232

Susie Irvine

President, American Financial Services Association. Testifies on SB 748.

332

Irvine

Continues testimony on SB 748.  Shows internet website on money skill. (The website address is: http://www. moneyskill.org)

424

Cosgrove

Comments on web-based curriculum.

TAPE 52, B

005

Chair Walker

Asks if students do the online training during the school day.

008

Irvine

Replies yes and explains.

022

Sen. Morrisette

Asks how much the online training costs.

023

Irvine

Replies that it is free.

027

Sen. C. Starr

Comments on web-based education.

040

Elizabeth Bickford

Director of Financial Aid, University of Oregon. Testifies in support of SB 748. Submits written testimony (EXHIBIT M).

119

Chair Walker

Asks how many students access the individual financial counseling.

122

Bickford

Replies approximately 2,000 students yearly.

130

Bickford

Continues testimony on SB 748.

174

Kate Peterson

Director of Financial Aid, Oregon State University. Testifies in support of SB 748.

265

Andrea Morgan

Oregon Department of Education (DOE). Testifies on SB 748. Submits written testimony (EXHIBIT N).

323

Chair Walker

Asks why finance education classes are not available if it is part of the curriculum.  

329

Morgan

Says that finance education curriculum is being included in other classes.

341

Chair Walker

Asks Morgan’s position on SB 748. Asks  how much it would cost the DOE to implement SB 748.

346

Morgan

Says that the DOE is neutral to opposed to SB 748.

365

Sen. C. Starr

Comments on establishing standards. Says, “it is beyond my understanding why we find it so difficult to implement something that is so widely available.”

393

Sen. Kruse

Wonders why life skills curriculum is not part of the requirements for the Certificate of Initial Mastery.

399

James Mattiace

Teacher, Springfield High School. Testifies on SB 748. 

TAPE 54, A (Tape 53 was not used due to a recording error)

010

Mattiace

Continues testimony on SB 748.

025

Chair Walker

Comments on testimony. Asks question regarding unfunded mandates.

030

Mattiace

Explains.

045

Chair Walker

Comments on a program at North Eugene High School.

061

Sen. Morrisette

Comments on experience with teaching.

070

Mattiace

Says that he is not opposed to the idea.

080

Chair Walker

Closes public hearing and adjourns meeting at 5:11 p.m.