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Washington, D.C.,-The Financial Literacy and Education Commission, headed by the Treasury Department and comprised of 20 Federal agencies, released the Spanish version of its plan to improve the nation's financial literacy this week. The strategy, Taking Ownership of the Future: The National Strategy for Financial Literacy, seeks to develop the financial literacy of all Americans, including members of the Hispanic community, who play a growing role in the U.S. economy.
From 2004 to 2009, the Hispanic buying power is projected to increase by 45 percent. But Hispanic immigrants especially face barriers when trying to take control of their finances. This population is less likely to use mainstream financial services than Hispanics born in the United States. More than half of the emigrants from Mexico do not hold transaction accounts, while and additional 37 percent of other Latin American immigrants are without accounts.
President Bush understands that the Hispanic community in the United States is a driving force in our expanding economy, which is helping to propel it to new heights. But for those who speak English as a second language, even the basic act of opening a bank account can be very intimidating, said U.S. Treasurer Anna Escobedo Cabral.
Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. added, The President's vision of an ownership society is an inclusive one--everyone has a chance at ownership, regardless of background. The National Strategy supports this idea by seeking to empower all Americans with financial knowledge. By releasing the National Strategy in Spanish today, we are increasing access to greater financial literacy and the power that comes with it.
The Commission's strategy, available in Spanish at MyMoney.gov, is a blueprint for improving the understanding of issues like homeownership, credit management, and retirement savings. Chapter 9 focuses specifically on multicultural and multilingual populations.
Last month, U.S. Treasury Secretary John Snow joined Cabral and Iannicola to introduce the national strategy. Treasury officials visited more than 15 cities in April to promote financial literacy.
The 19 other federal agencies in the Commission include: 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 of 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.
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