(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
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Secretary of the Treasury John Snow today chaired the first meeting of the Financial Literacy and Education Commission in the Department of the Treasury’s Cash Room. Representatives of twenty federal departments, agencies, and commissions, including Federal Reserve Board Chairman Alan Greenspan, Federal Deposit Insurance Corporation Chairman Donald Powell, Federal Trade Commission Chairman Timothy Muris, Office of Thrift Supervision Director James Gilleran, Social Security Administration Commission Jo Anne Barnhart, and National Credit Union Administration Chairman Dennis Dollar, participated in the meeting.
“Financial Literacy is the often the key to financial security. By coordinating our many ongoing efforts and joining forces with the financial literacy community, the Commission can work together, learn from each other and discover how we can best succeed in our efforts to make Americans aware of the many benefits of our financial system including opportunities to save, plan for the future, use credit wisely and purchase a first home,” said Secretary Snow.
At the inaugural meeting today, the members of the Commission discussed the establishment of subcommittees to fulfill two of the legislation’s charges: to establish and maintain a toll-free telephone number for financial education purposes; and establish and maintain a financial education website that will serve as a central clearinghouse for citizens who are in search of financial education information and programs.
The new Commission’s goal is to promote financial education and improve the financial literacy of all Americans. The Commission will work to encourage government and private sector efforts to promote financial literacy, and coordinate financial education efforts of the federal government, including the identification and promotion of best practices.
The legislation that created the Financial Literacy and Education Commission calls for the development of a national strategy to promote financial literacy and education among all American consumers; establishment of a website to serve as a clearinghouse and provide a coordinated point of entry for information about federal financial literacy and education programs, grants, and other information the Commission finds appropriate; and the establishment of a toll-free hotline available to members of the public seeking information about issues pertaining to financial literacy and education.
The Financial Literacy and Education Commission was created by Title V of the Fair and Accurate Credit Transactions Act, signed by President Bush on December 4, 2003. The Commission is composed of the Secretary of the Treasury and the heads of the Office of the Comptroller of the Currency; the Office of Thrift Supervision; the Federal Reserve; the Federal Deposit Insurance Corporation; the National Credit Union Administration; the Securities and Exchange Commission; the Departments Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs; the Federal Trade Commission; the General Services Administration; the Small Business Administration; the Social Security Administration; the Commodity Futures Trading Commission; and the Office of Personnel Management.
The Treasury Department’s Office of Financial Education has been designated by Congress to lend its expertise and provide primary support to the Commission to assist it in fulfilling its functions and duties. The Office of Financial Education (OFE) was established in May 2002, as part of the Treasury Department’s long-term commitment to ensure that all Americans have access to financial education programs that will help them make informed financial decisions throughout their lives. More information about the OFE can be found at: www.treasury.gov/financialeducation.