Secretary Paige released the following statement upon the inaugural meeting of the Financial Literacy and Education Commission, a multiagency initiative spearheaded by the Department of the Treasury to help educate students about basic financial and economic topics, such as balancing checkbooks and the responsible use of credit cards. The commission was created under Title V of the Fair and Accurate Credit Transactions Act of 2003.

"Historically, the Education Department has fully supported efforts to enhance the financial proficiency of students. Basic economic education and financial literacy are essential to the development and well-being of every American.

"Through various grant and student loan programs, the department has attempted to address this need. Additionally, through outreach efforts such as our first Forum on Economic Education and Financial Literacy held in January 2003, the department has committed itself to expanding the capability of our citizens to meet this growing challenge.

"To cite one example, the department has provided a $250,000 grant to the JumpStart Coalition for Personal Financial Literacy to strengthen the coalition's clearinghouse of financial information. Additionally, as mandated in the landmark No Child Left Behind Act, the National Assessment of Educational Progress (NAEP) will test the fundamental economic knowledge of high school seniors for the first time in 2006. Also as a result of NCLB, the department is becoming increasingly sophisticated in evaluating and monitoring the proficiency of our students. One vital outcome of this initiative is to promote the financial life skills necessary to compete successfully in today's global economy.

"The work of this commission presents us a unique opportunity to collectively improve literacy materials and curricula to better assist Americans in reaching financial security. The department desires to further its existing outreach programs to involve the expertise of the business community in providing economic education programs for elementary, secondary and postsecondary students. The entrepreneurial spirit of volunteerism and community involvement can leverage this effort.

"We look forward to this exciting endeavor and the potential impact this effort will have on the lives of everyday Americans. The combined efforts of this commission and the business and civic communities will help ensure real progress."

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