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| U.S. Senate Committee on Homeland Security and Governmental Affairs |
| Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia |
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| Title: The Federal Government's Role in Empowering Americans to Make Informed Financial Decisions |
| Date: 4/30/07 |
| Time (EST): 2:30 PM |
| Place: Dirksen Senate Office Building, Rm. 342 |
| The purpose of the hearing is to examine the status and effectiveness of federal financial literacy programs and to assess the activities of the Financial Literacy Commission.
Government and private studies, statistics, and national surveys indicate that far too many Americans of all ages lack the knowledge to make informed decisions regarding their personal finances. Financial decision-making also has become so complicated that most individuals stand to benefit from further financial education. Lack of understanding and uncertainty about financial matters and decision-making leaves individuals of all age groups and income levels unable to understand the ramifications of their decisions and vulnerable to predatory practices. Financial illiteracy has numerous negative consequences, which include excessive credit card and household debt, the payment of excessive fees, and the inability to save for retirement, a first home, education, or other long-term goals. |
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| Member
Statements |
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| Witnesses
Testimony
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Panel 1
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The Honorable
Sheila Bair
[View
PDF]
, Chairman
, Federal Deposit Insurance Corporation
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Panel 2
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Mr.
Morgan Brown
[View
PDF]
, Assistant Deputy Secretary for Innovation and Improvement
, U.S. Department of Education
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Mr.
Dan Iannicola
[View
PDF]
, Jr.
, Deputy Assistant Secretary for Financial Education
, U.S. Department of the Treasury
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Mr.
Robert Danbeck
[View
PDF]
, Associate Director for Human Resources Products and Services Division
, Office of Personnel Management
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Ms.
Yvonne Jones
[View
PDF]
, Director, Financial Markets & Community Investment Team
, U.S. Government Accountability Office
, Washington, D.C. |
Panel 3
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Dr.
Robert F. Duvall
[View
PDF]
, President and CEO
, The National Council on Economic Education
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Mr.
Stephen Brobeck
[View
PDF]
, Executive Director
, Consumer Federation of America
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