FROM THE OFFICE OF PUBLIC AFFAIRS

May 20, 2004
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Treasury Deputy Secretary Samuel W. Bodman Opens
Second Meeting of the Financial Literacy and Education Commission

Treasury Deputy Secretary Samuel W. Bodman today opened the second meeting of the Financial Literacy and Education Commission in the Department of the Treasury’s Cash Room. Deputy Secretary Bodman welcomed the twenty representatives from federal departments, agencies and commissions that form the Commission, and thanked the participants for their continued commitment to improving financial education for all Americans. Government, nonprofit, and private sector guest speakers, including congressional representative Senator Daniel K. Akaka (D-Hawaii), also delivered remarks at the meeting and were thanked by the Deputy Secretary for their continued efforts in the area of financial education.

“I’m very pleased to see such widespread participation today and to be here to thank you for your continued commitment to improving financial literacy. There are many tangible examples of the progress we are making in this important endeavor,” said Deputy Secretary Bodman. “The Commission is raising awareness and improving financial education in this country. In so doing, it is helping to improve the economic well-being and the quality of life of all Americans.”

At today’s meeting, the members of the Commission heard from the toll-free hotline and website subcommittees, established at the inaugural meeting last January, on their progress in developing and maintaining a toll-free hotline number for financial education purposes, as well as a financial education website to help the public seeking information about financial education resources and programs. Commissioner Sharon Brown-Hruska, Commodity Futures Trading Commission, delivered a presentation on the progress of the website subcommittee, and Deputy Director Donna J. Gambrell, Federal Deposit Insurance Corporation, presented on behalf of the hotline subcommittee.

Other guest speakers discussed financial education best practices in their organizations. Governor Edward M. Gramlich, Board of Governors of the Federal Reserve System, discussed the Federal Reserve Board’s increased efforts to educate employees about personal financial management through programs like There’s a Lot to Learn About Money! . North Dakota Commissioner Karen Tyler, North American Securities Administration Association, highlighted the association’s financial education initiatives in general and outreach to students and seniors through its Senior Investor Outreach Initiative and Youth Outreach: Teacher Training Blueprint program. Executive Director Laura Levine, Jump$tart Coalition for Personal Financial Literacy, discussed the organization’s national financial education efforts and the results of a recently released nationwide survey that reveals increased aptitude in managing financial resources among high school students. President Carrie Schwab Pomerantz, Charles Schwab Foundation, also delivered a presentation on its Money Matters: Make It Count program, created to promote financial literacy among teens by building basic money management skills.

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 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.

The Department of the Treasury is a leader in promoting financial education.  Treasury established the Office of Financial Education in May 2002. The Office works to promote access to the financial education tools that can help all Americans make wiser choices in all areas of personal financial management, with a special emphasis on saving, credit management, home ownership and retirement planning.  The Office also coordinates 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.  For more information about the Office of Financial Education visit:  www.treas.gov/financialeducation.

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