Honolulu, HI - Today, Senator Daniel K. Akaka (D-HI) successfully launched the first comprehensive financial education campaign for the military at the Hawaii Convention Center in Honolulu. More than 600 servicemembers attended the event. Sponsored by National Association of Securities Dealers (NASD) Investor Education Foundation, the campaign is designed to help military personnel and their families manage their money with confidence. Today's event is the first of such events that will take place across the country.

According to Senator Akaka, servicemembers and their families are being taken in by predatory lenders. This occurs near military bases where unscrupulous financiers are charging hidden fees, applying exorbitant interest rates, and successfully marketing unnecessary products.

"I am proud of the men and women in our Armed Forces and their families who support them. They should be equipped with the tools they need to make sound money decisions - to pay their everyday expenses, to invest in sound ventures, and to save for the future," stated Senator Akaka. "I look forward to seeing this campaign make a real difference in the lives of our troops and their families in Hawaii and across the country."

Senator Akaka praised the Windward Community Federal Credit Union in Kailua, Oahu for developing an affordable alternative to payday loans. He introduced legislation that would encourage credit unions and other financial institutions to offer this sort of low-cost, short-term credit product. S. 1347, the Low-Cost Alternatives to Payday Loans Act, would promote low-cost alternatives to payday loans by authorizing the Secretary of the Treasury to award demonstration project grants.

Senator Akaka is the Ranking Democrat on the Readiness Subcommittee in Armed Services. This is also the second year Senator Akaka is co-sponsoring free forums for Hawaii residents to better understand investing in securities. Joining Senator Akaka in this effort are the NASD, the Hawaii State Department of Commerce and Consumer Affairs, and the Hawaii Council on Economic Education.

Yesterday, Senator Akaka addressed 500 Kauai residents at an NASD Investor Forum in Lihue. A larger crowd is expected tomorrow at Hilo's Nani Maui Gardens from 2:00 p.m. to 3:30 p.m. and from 5:00 p.m. to 7:00 p.m.

Two weeks ago, the U.S. Senate passed Senator Akaka's resolution naming April as Financial Literacy Month.

"This is a time when we can highlight the importance of awareness of financial issues, and practical thinking about savings, budgeting, maintaining good credit histories, and economic concepts that apply to our daily decisions," said Senator Akaka.