2024 Election Will Bring MANY New Faces to Wisconsin Legislature
While we do not yet know what the outcome will be in the upcoming November elections, we do already know that the elections will bring many new faces to the Wisconsin legislature.
More than two dozen members of the legislature are not seeking re-election or are running for another office in November. Coupled with incumbent losses that may occur in November, the Wisconsin legislature will once again see a larger than usual group of new lawmakers in Madison when they take office in January 2025.
The 2022 elections also brought a larger than usual group of new lawmakers to the state Capitol. That means of the 132 members of the state Senate and Assembly, almost forty percent (40%) will have been in office for four years or less.
While fresh faces and perspectives can be a good thing, a lot of knowledge and understanding of the issues discussed in Madison will be lost.
More specifically, these new lawmakers will not know the issues important to the financial services and insurance industry.
With all the new faces expected in the State Capitol, it’s crucial for NAIFA to maintain its presence and continue to support those elected officials who have supported our issues in the past.
NAIFA – Wisconsin Achieves Significant Wins in State Capitol
NAIFA was able to achieve several significant victories in the State Capitol this past legislative session. From getting long sought-after reforms signed into law, to stopping proposals that could harm us – NAIFA was involved in several key winshub that will bring important benefits to our members and our profession.
Financial Literacy in High School
In December, Governor Evers signed 2023 Act 60 which requires Wisconsin high school students to complete at least a half credit of personal financial literacy in order to graduate. The new requirement will apply to students starting high school in fall 2024.
NAIFA and our partners had been working to bring a mandatory financial literacy requirement into the schools for several years. With fewer people saving properly for the future - and the debt of individuals increasing - we know that providing people with a proper financial education early on will lead to better financial decisions.
Previous efforts at passing legislation which would require a full credit of financial literacy education to graduate high school failed. But working with the bill authors, Sen. Joan Ballweg (R – Markesan) and Rep. Alex Dallman (R – Green Lake), we were able to make some changes to the bill which garnered strong bi-partisan support. This included making the requirement one half credit (instead of a full credit).
And our changes worked. Sixty-two (62) lawmakers - both Republicans and Democrats - signed on as co-sponsors of the bill. And it overwhelmingly passed the legislature with a 29-4 vote in the Senate, and a 95-1 vote in the Assembly. Governor Evers signed the bill into law on December 6, 2023, saying “We have to make sure our kids have the tools and skills to make smart financial and budgeting decisions to prepare for their future, so ensuring our kids have strong financial literacy is essential to setting them up for success as adults.”
Continuing to address Financial Elder Abuse
Financial elder abuse is a serious and growing issue. As more Wisconsinites reach retirement age, financial abuse will likely become more prevalent. According to studies, an estimated $3.42 billion has been lost in Wisconsin due to financial elder abuse.
NAIFA worked on legislation that will help address and prevent losses before they happen.
SB 628 – authored by Sen. Romaine Quinn (R – Rice Lake) and Rep. Jerry O’Connor (R – Fond du Lac) - provides new tools for financial service providers to create a list of persons that a “vulnerable adult” authorizes to be contacted if the financial service provider reasonably suspects that the vulnerable adult is a targeted victim of financial exploitation. This new process will allow the Financial Institution to contact a trusted individual to intervene in the fraud attempt before any money is moved.
A “vulnerable adult” is defined as an adult who is at least 65 years of age or who has a physical or mental condition that substantially impairs his or her ability to care for his or her needs and who has experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial exploitation.
Governor Evers signed SB 628, now 2023 Wisconsin Act 132, into law on March 21, 2024.