(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-1302
Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. today joined Citigroup to announce the formation of Citigroup’s Office of Financial Education, and a 10-year, $200 million commitment to financial education. Citigroup will focus its efforts in three areas: Personal Financial Education, Small Business Financial Education, and Institutional Financial Education.
A financially educated borrower is a lender's best customer. Citigroup understands this, and that is why the company has made this strong commitment to equip our youth with the right knowledge today so they'll make the right financial choices tomorrow, said Iannicola.
Iannicola continued, The financial services industry is uniquely positioned to help bring financial education to those who need it most. Citigroup's announcement today demonstrates that clearly. The Department of the Treasury shares Citigroup's passion for a financially literate nation.
Today’s event took place at the Harlem YMCA Jackie Robinson Youth Center in New York City. Participants in the event included Charles Prince, Citigroup CEO; Marge Magner, Chairman & CEO, Global Consumer Group and Chairman, Citigroup Foundation; Lolita Chandler, Harlem YMCA Member, Board of Managers; Canon Frederick B. Williams, Church of the Intercession; Dara Duguay, Citigroup’s Office of Financial Education Director; Hon. Gregory W. Meeks, U.S. House of Representatives; John M. Reich, Vice Chairman, FDIC Board of Directors; and Karen Johnson, Assistant Secretary for Legislation and Congressional Affairs, U.S. Department of Education.
The Citigroup Financial Education Program is a global, company-wide effort working jointly with the Citigroup Foundation to identify, support and implement initiatives that help give individuals, families, and institutions the tools needed to make sound financial decisions. Through these initiatives, Citigroup will help people understand how to use financial education resources, teach people the basics of financial education, identify new programs to promote financial education, provide financial education grants from the Citigroup Foundation, and strengthen communities in United States and around the world.
The Department of the Treasury’s Office of Financial Education was established in May 2002. The OFE focuses the Department’s financial education policymaking, and ensures coordination on financial education within the Department and all of its bureaus. The OFE provides the Department of the Treasury with expertise on the many complex and interdisciplinary issues involved in financial education, and taps into the Department’s wide base of expertise on finance. The OFE also supports the efforts of the Financial Literacy and Education Commission, a group chaired by the Secretary of Treasury and composed of representatives from 20 federal departments, agencies, and commissions, which works to improve financial literacy and education for people throughout the United States.