Whereas, the State has seen a dramatic rise in the amount of unsecured personal debt and the number of personal bankruptcies and recognizes the importance of educating Maine people in the management of personal and family finances; and

Whereas, this resolve establishes the Commission to Study the Scope and Quality of Personal and Family Financial Management Education; and

Whereas, this resolve is necessary as an emergency measure to afford adequate time for the issues to be appropriately addressed by the commission; and

Whereas, the study must be initiated before the 90-day period expires in order that the study may be completed and a report submitted in time for submission to the next legislative session; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore, be it

Sec. 1. Commission established. Resolved: That the Commission to Study the Scope and Quality of Personal and Family Financial Management Education, referred to in this resolve as "the commission," is established; and be it further

Sec. 2. Commission membership. Resolved: That the commission consists of 11 members appointed as follows:

1. Two members of the Senate, appointed by the President of the Senate;

2. Two members of the House of Representatives, appointed by the Speaker of the House; and

3. Seven members appointed by the Governor as follows:

A. One member who teaches personal finances in a Maine high school or community college;

B. One representative of the Finance Authority of Maine;