New York- Good afternoon, and special thanks to Yahoo! Telemundo for inviting me to this important "Connected Culture: U.S. Hispanics, Media and Technology" research summit event.  And thank you Natalie for your kind introduction.  It is always such a pleasure to return to New York, and it is especially great to join you all here today at City University of New York for this important summit. 

I sincerely do appreciate the opportunity to speak before such a distinguished and innovative group of business leaders – all of you here today – individuals who are at the forefront of improving how we use technology to deliver information to so many households across the country.  Many of you focus on this on a daily basis, striving to find new ways to enhance accessibility and delivery of content in a way that can positively impact all people, including the U.S. Hispanic population.  Much of this information is information people rely on to better manage their lives and, quite frankly, help them succeed in every facet of their life.  

You know, one of my favorite parts of being U.S. Treasurer is that the position is just so dynamic, simply by virtue of the high-caliber individuals I meet with practically speaking on a daily basis.  And that is great because it not only gets me out of the office a lot!  Even better, it gets me out of the beltway a lot! 

I'm sure you all can appreciate how important that is to someone in a job like mine.  Because you see, it provides officials in Washington like me with the ability and the opportunity to meet with a wonderfully diverse group of professionals.  Oftentimes, much like today, that includes meeting with small, medium and big business leaders – so many individuals like you who are really the driving force behind the incredible growth our country has experienced in recent years, despite the many external challenges we as a people have faced.  And we have faced some significant challenges – everything from terrorist attacks on our homeland to natural disasters.  Nonetheless, as a nation we have persevered, overcome challenges, and better still, we have managed to grow our country's production level, and grow the number of available U.S. jobs.

As I mentioned earlier, our economy is moving in the right direction and there are lots of opportunities for Americans, and for many Hispanics living in the U.S.  In fact, the U.S. economy has added jobs for 42 straight months – and more than 7.6 million since August of 2003.  Those numbers are incredible!

It is of even greater significance when you consider those numbers within the context of the results of the incredible research groups like this one is involved in.  The U.S. Hispanic market is strong and getting stronger every day.  Not only has U.S. Hispanic unemployment generally decreased in recent years, but more importantly, more U.S. Hispanics have become owners of their own businesses creating a significant portion of the job opportunities the economy has created since 2003.  And cutting-edge businesses like the ones present here today have recognized this, and are responding to the needs and demands of this population. 

I'm sure everyone is familiar with the numbers – for some time we believed that purchasing power had surged to nearly $700 billion and projected to reach $1 trillion by 2010 – nearly three times the overall national rate.  However, other research indicates that the number may actually be significantly higher than that.

Add to that the fact that we've also seen recent record breaking lows in the unemployment rate. Right now it's at a low 4.5 percent.  These are successes the Hispanic community can be proud of.  But the larger question for everyone – not only Hispanics – is how do we make these numbers count?

That's why all of you are here today – to talk about how you can draw on this important market so that everyone benefits.  U.S. Hispanics are not only purchasing the goods and services you are promoting – they're also spending money to invest in businesses, creating wealth and opportunities for others, and putting more fuel into our strong economic engine.  Some great news also revealed by your recent research is that Hispanics are taking advantage of media and technology and the many available tools – utilizing them in a way that helps individuals to continue moving forward and attaining new successes in life.

That is good news from the Treasury's perspective because it provides us with an indication that we too in the federal government have began all our education efforts in the right foot and remain on the right track, particularly in terms of delivering messages on the state of the U.S. economy and providing important education information regarding a variety of education campaigns and initiatives we currently work on.

THE ECONOMY

For instance, as Treasurer, I also spend a lot of time helping Americans understand and take advantage of the many resources and benefits our country offers.  I also help my boss, Secretary Paulson; disseminate information about how our economy is doing.

And quite, frankly, we're doing great!  Our economy remains healthy and continues to grow – 97,000 jobs were created in February alone.  And as I mentioned earlier, the U.S. economy in fact has added jobs for 42 straight months. 

Additionally, wages are growing, and Americans are keeping more of their hard-earned money thanks in great part to the President's tax cuts.  At the same time, greater economic growth and lower taxes have actually helped federal revenue surge as well. 

The U.S. economy has been resilient in spite of many challenges.  But, we've been successful largely because we've remained flexible.  In fact, the challenges we've faced in recent years reflect why it's so important to continuing pursuing pro-growth policies that are designed to keep our country growing and make our communities prosperous. 

IMPROVING EDUCATION EFFORTS TO FILL THE JOBS OF THE FUTURE

Nonetheless, these economic opportunities may also present us with other types of challenges.  Jobs

today are higher salaried, but they are jobs that demand higher and higher levels of education. The job market has changed from agricultural-based to one that is primarily service and knowledge-based.

Lack of education in the Latino community is also a challenge for us – we are currently facing a 50 % drop out rate in this community.  As professionals, representing all sectors of the economy, we have to remain committed to also addressing this challenge.  Kids won't be successful if they don't graduate high school. We need to do more, and all sectors of the economy must work together to help parents and educators keep our kids in school and even pursue higher levels of education.  And we also need to make sure that U.S. Hispanic youth understands the importance and the value of education. 

The pursuit of an academic and professional education is indeed very important.  However, at Treasury we also maintain that attaining life skills and a personal finance education is also crucial to securing one's future.  I'm a firm believer that education opens doors.  I know it did for me.

 TREASURY FINANCIAL EDUCATION EFFORTS

As Treasurer, I also focus on a particular form of education that is important to all Americans – financial education.  Today's financial services market is increasingly complicated, and people need to understand the basics of money management and all of the options available to them.

This is particularly important especially in communities like the Latino community, or other traditionally underserved communities, that often spend more money on basic financial services.  I've been quoted frequently saying "it costs more to be poor" – and it can.  It costs more if you are getting charged a high rate of interest to cash a check when you could do it for free or at a much lower cost just by opening a savings account at a bank or a credit union. 

Luckily, younger generations of Latinos are starting to realize this, and are beginning to use mediums like the internet to open accounts, set up savings plans, and manage their bills online.  We are seeing this because younger generations are becoming more and more technologically savvy, and at the same time sharing that knowledge with members of their extended families – with younger and older generations. 

That is why at Treasury we are committed and focused on raising awareness about free tools that can help open doors for people and enhance their quality of life.  But, we cannot do this alone, and we rely on our many partners – including our media partners in TV, online, and on the radio to help us spread this important message.

I want to share with you one of the ways we're working to promote financial education.  Through the Financial Literacy and Education Commission – a multi-agency effort to exchange ideas and work together on this issue – the federal government launched a web site and toll-free hotline, in English and Spanish – www.MyMoney.gov and 1-888-MyMoney.  There consumer can find information about how to set up a budget, a savings plan, monitor and strengthen their credit history, purchase a home, pay for an education, minimize the risk of becoming an identity theft victim and more.  But this was just the first step.  In the coming year, we plan to launch a multimedia PSA to include an online component that will extend our reach even further.  In this way, we can draw on the opportunities that existing and emerging technologies can help advance the betterment of our society.

We also work on other campaigns like the GoDirect campaign or in Spanish "Directo A Su Cuenta" to motivate more federal benefit recipients to sign up for direct deposit.  We even have a Spanish web site – www.directoasucuenta.org.  And we also try to educate folks about tax credits they may be eligible for like the "Earned Income Tax Credit" for many eligible individuals who earn $38,000 or less and meet other qualification requirements.  The EITC program is also featured on the www.irs.gov web site and provides consumer information in Spanish.  Through television and radio interviews coupled with detailed information via the internet, U.S. Hispanics, English- and Spanish-language speakers are accessing the tools that can empower them and improve their lives – and their families' lives.

CONCLUSION

And so again, that is why I thank and applaud all of you for participating in this research summit. We need leaders like so many of you in our communities and in every industry. You all can help lead the way to greater opportunities for all Americans – including Hispanic-Americans.  And at the same time, reap the benefits of doing so on the business end of things.  The U.S. Hispanic market has truly become a market force to be reckoned with not only in terms of its population numbers or purchasing power.  It is also so, by its breadth of professional diversity and its growing ability to influence the political process and business landscape.   

But I also applaud you for your success in helping to fuel our economy, and also for fueling the dreams of so many young professionals and entrepreneurs you serve as a role model for and that you mentor.

I learned a long time ago when I first arrived in Washington that the federal government can only do so much alone. We need to call on the expertise and the good efforts of the private sector, nonprofits organizations, communities, and individuals and work together to make a difference.  No matter what differences in opinions people have, one thing is almost always true – we all want to enhance quality of life for future generations.  I think we're at least head in the right direction.