JS-1303: Remarks of Deputy Assistant Secretary for Financial Education, <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://www.treas.gov/press/releases/js1303.htm time: 6:15:36 Sep 17, 2008"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <BR> Dan Iannicola, Jr. <BR>At the Launch of Citigroup’s New Office of Financial Education



	FROM THE OFFICE OF PUBLIC AFFAIRS April 7, 2004 JS-1303 Remarks of Deputy Assistant Secretary for Financial Education, Dan Iannicola, Jr. At the Launch of Citigroup’s New Office of Financial Education Good morning. I want to congratulate Citigroup on this wonderful day. It is great to be here. Secretary Snow sends his regards. I think the story of today can be summed up in two words: problem and commitment. We all know what the problem is – too many of our kids know too little about basic financial matters. The problem is serious and poses a real threat to our kids’ futures. But there is more to this story than just the problem – there is also the tremendous commitment of many people and organizations to solve the problem. If you doubt the depth or breadth of that commitment you have but to look around. Here today we have players from all different walks: we have non-profits and for-profits, we have local government, state government and federal government; and we have organizations that are new to this effort and some who have been at it a long time. So how do we square the deep problem of financial illiteracy versus the intense commitment of this group? Is our commitment bigger than the problem? Which side will win? Well, with strong partners like Citigroup on our side – I like our chances. Citigroup’s announcement today is important for more than just the obvious reason - that it will put needed resources in the right hands. The announcement is also important because it reminds us that the wide availability of consumer credit is a positive force in our economy as long as people use credit wisely. It also reminds us that one of the best forms of consumer protection is consumer knowledge. And finally, it reminds us that for large corporations making a *profit* and making a *difference* are not just *compatible, they’re complementary. A lender’s best customers* are its best financially educated borrowers. Citigroup understands this. That is why they made this announcement today to help America’s kids. It is also why the U.S. Department of Treasury is here to commend them for it. Together we’re equipping our youth with the right knowledge *today* so they’ll make the right financial choices *tomorrow*. Best wishes to Citigroup as you move forward with your bold plans and please know that we at Treasury share your passion for a financially literate nation. Thank you.