FROM THE OFFICE OF PUBLIC AFFAIRS

October 12, 2004
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Secretary Snow Announces Launch of MyMoney Web site and Toll-Free Hotline

Treasury Secretary John Snow today announced the launch of the new national financial federal education Web site, mymoney.gov, and toll-free hotline, 1-888-mymoney, during the his visit to Ohio. Secretary Snow commended the efforts of numerous federal government agencies in launching the new, free service, which provides the American public with easy access to important information on a wide-range of personal finance topics.

"The launch of mymoney.gov is an outstanding contribution to the public and private efforts to improve financial literacy in America," said Snow. "Gaining a better understanding of your money, and how to manage it, is critical to raising your quality of life. The mymoney service is going to help millions of people across America improve their lives through a better understanding of their own finances."

The my.money.gov Web site and the toll-free 1-888-mymoney hotline were launched today by several representatives of a federal government commission, the Financial Literacy and Education Commission, which was created to improve financial education in America. The launch of the new service was announced today at the National Credit Union Administration's headquarters in Alexandria, Virginia. Several government officials gathered including: Chairman JoAnn Johnson, National Credit Union Administration; Acting Chairman Sharon Brown-Hruska, Commodity Futures Trading Commission; Assistant Secretary Wayne Abernathy, Department of the Treasury; Deputy Assistant Secretary Dan Iannicola, Jr., Department of the Treasury; and Director Donna Gambrell, Federal Deposit Insurance Corporation.

Treasury's Assistant Secretary for Financial Institutions Wayne Abernathy praised the coordination efforts of the Financial Literacy and Education Commission's Web site and hotline subcommittees. "I applaud the Commission's coordination efforts. Each agency involved lent its time, insight and expertise to the hotline and Web site subcommittees and helped bring about this new personal finance resource," said Abernathy. "The mymoney Web site and toll-free hotline are a result of twenty federal agencies' partnership and their commitment to a common goal of improving financial education across the country."

Treasury's Deputy Assistant Secretary for Financial Education Dan Iannicola also remarked on the importance of this new service. "The federal government offers the public a treasure of financial education materials free of charge. Up until today, though, it has been a hidden treasure." Iannicola continued, "With the new mymoney Web site and hotline people all across America can get easy access to the information they need to make smarter financial decisions."

The Web site and hotline were created to help the public gain easier access to information that can help them better understand their money - how to save it, invest it and manage it wisely to meet personal goals. The public can visit mymoney.gov or order a tool kit, which includes a sample of what the Web site has to offer. The Web site has all the downloadable information found in the My Money Financial tool kit in addition to more resources. Many of the publications are also available in Spanish. Individuals that order the toolkit will receive information to help them choose and use credit cards, get out of debt, protect their credit records, understand Social Security benefits, insure bank deposits and start a savings and investments plan. A free My Money Financial Tool Kit can be obtained by placing an order either through mymoney.gov or by calling 1-888-mymoney. A similar version of the My Money Financial Toolkit is also available in Spanish.

The General Services Administration's Federal Citizen Information Center in Pueblo, Colorado assembles and mails the tool kits, and provides hotline operators, which support English and Spanish requests for the financial education tool kits. The average time for delivery of a tool kit is two to three weeks.

The new Web site and toll-free hotline were created in response to federal legislation, which tasks the Financial Literacy and Education Commission with establishing and maintaining a Web site to serve as a coordinated point of entry to information about federal financial literacy and education programs, as well as to establish a toll-free hotline for those seeking information about issues pertaining to financial education. The Fair and Accurate Credit Transactions Act (Public Law 108-159 Section 511), signed by President Bush on December 4, 2003, established the 20 member Commission to develop a national financial education Web site and hotline, as well as a national strategy on financial education.

The Financial Literacy and Education Commission, is chaired by the Secretary of the Treasury and is also made up of the heads of 19 other federal agencies including: 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 of 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, homeownership, 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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