April 3, 2006
JS-4154

Secretary Snow, Treasury Officials and
U.S. House Leaders
Launch National Financial Education Strategy

U.S. Treasury Secretary John Snow will join U.S. Treasurer Anna Cabral, Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr., Members of Congress and leaders of federal financial agencies tomorrow at 11:00 a.m. in the Treasury's media room as they introduce a plan to improve financial literacy in America.  The event kicks off a nationwide financial education tour for select Treasury officials.

The Financial Literacy and Education Commission, headed by the Treasury and comprised of 20 federal agencies, will release its strategy report, Taking Ownership of the Future – The National Strategy for Financial Literacy, tomorrow.  The report is a blueprint for improving Americans' understanding of issues like homeownership, credit management, and retirement savings. 

"The President's pro-growth policies put more money into Americans' pockets, created millions of jobs and put homeownership at an all-time high. With good economic times comes an increased level of economic independence and more Americans every day know the pride of ownership," Secretary Snow said. "Along with the power of ownership goes the power of financial knowledge; the two are inextricably connected.  Americans can only manage their money and other assets if they understand what they own, and they are more able to improve their own economic situations if they understand the basics of finance." 

Title V of the Fair and Accurate Credit Transactions Act of 2003 (P.L. 108-159) created the Commission, calling for the establishment of a national financial education toll-free hotline and Web site, as well as the development of the country's first national strategy for financial education. The Commission launched the Web site (www.mymoney.gov) and toll-free hotline (1-888-mymoney) in 2004 to provide the public with free, easy access to federal resources on a wide range of personal finance topics. Materials include information on choosing and using credit cards, getting out of debt, protecting credit records, understanding Social Security benefits, using insuring bank deposits and starting a savings and investments plan. Many of the publications are available in Spanish.

"President Bush's policies provided a jump start for American families' economic success," said Treasurer Cabral. "But understanding how to manage their finances plays a crucial role to ensure they may continue their prosperity."

Deputy Assistant Secretary Iannicola added, "The President's tax cuts have allowed Americans to keep more of what they make – financial literacy helps them make more of what they keep." 

He continued, "I want to thank the 19 other agencies that worked so hard on this effort and commend them for recognizing that while it is our economy that gives us choices, it is our financial knowledge that gives us the power to make good choices."

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.

For a copy of the Commission's report, please visit www.mymoney.gov or call 202-622-9372.