SIGNED! Bill to Establish Financial Empowerment Office Becomes Law

New law will provide financial literacy resources and promote an equitable economic recovery for all

DENVER, CO – Today, the governor signed a bill into law that would create the Financial Empowerment Office.

Under the bill, sponsored by Senators Julie Gonzales and Chris Kolker, the Financial Empowerment Office would increase access to affordable financial products and resources like safe and secure banking, credit counseling, debt management, and access to capital in an effort to promote more equity, especially important during this economic recovery. These tools will help 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.

“As we work to build back stronger, we need to ensure an equitable recovery for our most vulnerable and marginalized Coloradans,” said Senator Julie Gonzales (D-Denver). “Communities of color and Coloradans in more rural regions of our state have been hit particularly hard by the pandemic, and this office aims to lift them up. By providing low-income folks with the tools and resources they need to bounce back, we can ensure that everyone, regardless of where they live or how much money they have in their pocket, has an equal shot at economic success.”

“Our state is certainly on its way to economic recovery, but many of our low-wage workers are still struggling,” said Senator Chris Kolker (D-Centennial). “As we power the Colorado Comeback, we need to ensure that we do everything we can to level the playing field so that every Coloradan, regardless of their socioeconomic status, has access to the same financial resources and knowledge as their neighbors to become economically resilient. This office will ensure an equitable and sustainable recovery for all!” 

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 to foster grassroots support and ensure community-driven results.