FROM THE OFFICE OF PUBLIC AFFAIRS

July 13, 2004
JS-1784

Deputy Assistant Secretary for Financial Education, Dan Iannicola, Jr.
Teaches North Carolina Middle-School Students Financial Literacy Lesson at a Summertime Camp
and Addresses Business Leaders in Winston-Salem, North Carolina

Deputy Assistant Secretary for Financial Education, Dan Iannicola, Jr. today taught valuable personal financial management skills to about 100 students at Camp Challenge in Stokes County, North Carolina. Camp Challenge is a summertime camp open to boys and girls from low-income homes entering the sixth, seventh or eighth grades. The camp activities focus on preparing participating students for careers through classes in areas such as entrepreneurship, citizenship responsibilities, conflict resolution, as well as business and banking. Campers also participate in traditional camp activities such as horseback riding, swimming and hiking. While in North Carolina, Mr. Iannicola also met with The Rotary Club of Winston-Salem to discuss the important role the business community can play in helping improve financial literacy in local communities. Later in the day, he met with representatives from North Carolina's banking community to discuss best practices for financial education.

"American kids need to know more about financial matters so they can take full advantage of the benefits of our economy and avoid its pitfalls. Programs like Camp Challenge meet that need by equipping them early with the money management skills that can change their lives forever and for the better," said Iannicola. "On behalf of Secretary Snow and the Department of Treasury, I'm proud to be part of today's event."

Camp Challenge is focused on combating a lack of financial education. Each year over 600 youngsters from throughout North Carolina's 100 counties participate in the summertime camp experience where financial literacy is one of the most highly stressed topics. Participating students are chosen from each county's SOS (Save our Students) Program and Boys & Girls Clubs who have demonstrated academic achievement and advancement over the previous school year. Classes at the camp provide students with the opportunity to create a business and market their services to other campers. They learn how to balance a checkbook, budget and make a profit. They also learn about the value of money and how to manage it wisely.

As the primary sponsor of Camp Challenge, the North Carolina Bankers Association (NCBA) sponsors students participating in the camp each year to help them gain essential knowledge and skills for their futures. Camp Challenge is also sponsored by the North Carolina 4-H Youth Development and the Department of Juvenile Justice S.O.S. Program.

The NCBA was established in 1897. The trade group provides education and training programs and other services to its member financial institutions. The Rotary Club of Winston-Salem, North Carolina received its charter from Rotary International on February 1, 1916. Winston-Salem is one of Rotary International's 30,000 chartered clubs.

The Department of the Treasury is a leader in promoting financial education. Treasury established the Office of Financial Education ("Office") 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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