SPRINGFIELD – State Senator Laura Ellman (D-Naperville)      chaired the Senate Financial Institutions Committee for the first      time Wednesday.

“I’m honored and excited to represent the 21st District as chair of      the Senate Financial Institutions Committee,” Ellman said. “Our financial institutions play an important role in our state and local economies.”

The Senate Financial Institutions Committee primarily deals with legislation and policy that will affect the state’s financial services sectors. Which includes banks, credit union and other lenders.

The first and only measure heard before the committee was sponsored by Ellman.

“This measure simply brings the state’s college savings pool program in line with federal requirements,” Ellman said. “It also ensures these plans can pay for certain vocational programs.”

The measure would amend the State Treasurer Act and make changes to the College Savings Pool, in order to bring the program in line with federal requirements governing 529 college savings plans.

As chair of the Financial Institutions Committee, Ellman intends to produce a more equitable, and accessible financial environment for Illinoisans.

Senate Bill 168 passed the Senate Financial Institutions Committee with a vote of 6-0 and will be reported to the Senate Floor for further consideration.