Senate throws support behind Sen. Jon Carey

COLUMBUS -- The Ohio Senate recently offered overwhelming bipartisan support for Senate Bill 314, legislation sponsored by State Senator John Carey (R-Wellston) that would create SaveNOW, a program which seeks to promote financial literacy and boost personal savings rates in Ohio.

In April, Sen. Carey joined Ohio Treasurer Richard Cordray, as well as several members from the House and Senate, at a Statehouse press conference to unveil SB 314. Since then, the bill has received several hearings in the Senate Finance and Financial Institutions Committee and, last week, committee members voted 12-0 to send it to the Senate floor.

"This bill will not only help Ohio families work toward a more secure financial future, but will have a significant impact on the strength of our economy and the well-being of our communities," said Carey, in a news release. "I commend my colleagues in the Senate for their support of this important proposal, and I hope to work with the House in the coming weeks to move the bill forward."

SaveNOW builds upon the framework of Ohio's Linked Deposits Program, which, for more than two decades, has helped small businesses and farmers secure lower interest rates on loans to expand their facilities, create jobs or purchase needed materials or equipment. SB 314 would allow the Treasurer to use a portion of the existing Linked Deposits funds to partner with banks to provide above market interest rates on personal savings accounts, as an incentive for Ohioans to set aside more of their money. Participants would be required to take financial education classes.

"Unfortunately, many Ohio families are struggling to cover the cost of food, gasoline or their mortgage payment every month, leaving little room to save for retirement or put money aside in case there is an emergency," said Carey. "The goal of SaveNOW is to not only give these folks a path to save more of their income but also offer hope for greater long-term financial stability for themselves and their families."

SB 314 now moves to the Ohio House for further consideration.