Thank you so much, Terry [McGraw, National Council on Economic Education Chairman], for that kind introduction, and Bob [Duvall, NCEE President], for inviting me to be here today. I am delighted to finally see the launch of the Excellence in Economic Education Act. I started working on this program in 1999 when I discovered that there were federal efforts in economic education overseas and I was surprised to find that a domestic component did not exist. I admired the teacher training programs by the NCEE that have been bringing important economics concepts to schools and communities in the former Soviet Union and sought to create a domestic version. Although there were significant efforts underway in individual schools and school districts and by community organizations, economic and financial literacy had not been specifically identified as a federal priority. I could not understand the reason for this oversight, given the widespread lack of understanding about the need to increase savings, make decisions based on long-term concepts and tradeoffs, and take personal responsibility to learn about how to wisely use and manage one's money.

This finding led to research, outreach to the community, and, finally, development of the EEE Act. After the legislation's introduction, it took a number of months and the essential support of my colleagues in the Senate and House – some of them here today – to include the EEE as a program authorized within the No Child Left Behind Act. It took further efforts working with appropriators to obtain initial funding for the program in the last funding cycle, and will take even greater efforts this year to maintain funding for the program, given that the EEE was listed for termination in the Education Department's budget.

I would particularly thank the Senator from Virginia, George Allen, for standing with me to first-fund the EEE last year, and I also thank him for continuing to work with me to increase funding for the EEE in the current appropriations process. He was instrumental in helping me to obtain the signatures of our colleagues on a letter to appropriators asking that the EEE funding be doubled in the next fiscal year, and such support is necessary if we are to keep the EEE running.

Also essential is the hard work that I know the NCEE will put into the program to ensure positive results out of the EEE. I congratulate NCEE for being named the first grantee for the program, and I extend my very best wishes in their efforts to carry out the program's goals. It is another major step toward ensuring the economic and financial literacy of our citizenry.