Bill to Establish Financial Empowerment Office Clears Committee

Senator Julie Gonzales’ bill to provide financial literacy resources and promote an equitable economic recovery passes through Senate Finance

DENVER, CO - This afternoon, Democrats on the Senate Finance Committee gave initial approval to SB21-148, a bill sponsored by Senator Julie Gonzales that would create the Financial Empowerment Office in the Department of Law.

Specifically, the Office would be tasked with promoting methods to increase access to affordable financial products and resources like safe and secure banking, credit counseling, debt management, and access to capital. These tools improve Coloradans’ financial management opportunities, promote fiscal stability, and center community-informed strategies that dismantle systemic barriers for low-income Coloradans and communities of color.

“Today, leaders from the Black and Latino communities, as well as urban and rural residents, and even the banking and lending industries all testified in support,” said Senator Julie Gonzales, D-Denver. “Although Colorado’s economy appears to be on its way to recovery, a closer look reveals that low-wage workers are still very much on the margins. To ensure an equitable recovery, we must do more to level the playing field and provide everyday Coloradans with the tools they need to break out of cycles of poverty and become economically resilient. I will continue to work to ensure that the American Dream of economic freedom is accessible to all Coloradans.”

In addition to the tasks assigned, the Office will be required to collaborate with other state agencies in supporting the creation of community-based efforts and helping to build financial education and well-being in communities across the state so as to foster grassroots support and ensure community-driven results.

Having passed the Senate Finance Committee, the bill now moves to the Appropriations Committee for consideration. Track the progress of the bill here.