Minnesota Agencies

Identify specific policies, strategies, and actions to reduce asset poverty and increase household financial security by improving opportunities for households to earn, learn, save, invest, and protect assets through expansion of such asset building opportunities as the Family Assets for Independence in Minnesota (FAIM) program and Earned Income Tax Credit (EITC) program.

In 2012, the Ladder Out of Poverty Task Force was renamed the Asset Development and Financial Literacy Task Force. The Ladder Out of Poverty Task Force was established in 2010 to carry out the recommendations of the Legislative Commission to End Poverty in Minnesota by 2020.

The 2012 legislation defined 'asset poverty' as "an individual's or family's inability to meet fixed financial obligations and other financial requirements of daily living with existing assets for a three-month period in the event of a disruption in income or extraordinary economic emergency."

The task force was charged with providing written recommendations and/or draft legislation during the 2013 and 2014 legislative sessions.

Task force expired June 1, 2014.

Four senators, including two members of the majority party and two members of the minority party, appointed by the Subcommittee on Committees of the Committee on Rules and Administration of the senate; four members of the House of Representatives, including two members of the majority party, appointed by the speaker of the house, and two members of the minority party, appointed by the minority leader; and the commissioner of the Minnesota Department of Commerce or the commissioner's designee

Members: Senator Jeff Hayden; Senator Foung Hawj; Senator Dan Hall; Senator Eric Pratt; Representative Sarah Anderson; Representative Patti Fritz; Representative Ben Lien; Representative Tim Sanders; Anne O'Connor, Department of Commerce

The Legislative Coordinating Commission provided administrative assistance.