(a) The purposes of the commission are to:

(1) Formulate and implement educational programs to improve the financial literacy of the citizens of this state, including, but not limited to, elementary school students and parents;

(2) Educate the public in Tennessee about effective personal management of financial resources including, but not limited to, college savings and retirement savings;

(3) Design, implement and disseminate publications and web site media to promote financial literacy education;

(4) Establish and maintain a web site that would serve as a clearinghouse and coordinated entry point for assessing information about financial literacy programs as well as publications, grants, and materials promoting enhanced financial literacy and education;

(5) Make grants and awards to implement and improve programs for financial literacy education;

(6) Initiate educational programs and campaigns deemed advisable by the board that are designated to promote financial literacy education;

(7) Conduct a formal review of the current personal finance standards taught in grades kindergarten through eight (K-8) and recommend revisions, including, but not limited to, integrating financial education into reading, language arts and math. Such recommendations shall be presented to the department of education and the state board of education for consideration of statewide applicability; and

(8) Develop, and report to the department of education and the state board of education, the means to include in existing standardized achievement testing for grades five (5) and eight (8), as an additional social studies component, the following personal finance concepts:

(A) Decision making;

(B) Earning an income;

(C) Saving and spending;

(D) Use of credit; and

(E) Budgeting.

(b) The board of directors has the authority to adopt a charter, bylaws and to promulgate such reasonable substantive and procedural rules, regulations and policies as the board deems necessary to further the purposes of the commission. Any rules and regulations proposed by the board of directors shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.

(c) The commission has the authority to raise funds, including corporate funding, and to solicit and accept monetary gifts, including monetary gifts made by will, trust or disposition, grants, and other monetary aids from any personal source, to promote its activities and to support its ongoing programs; provided, that the commission does not have the authority to borrow money or guarantee any obligation without the express, prior approval of the state funding board. As the chair of the commission, the state treasurer has the authority to raise funds on behalf of the commission.