FROM THE OFFICE OF PUBLIC AFFAIRS

January 13, 2005
JS-2196

Financial Literacy and Education Commission Holds Fourth Meeting

Treasury Assistant Secretary for Financial Institutions Wayne Abernathy today opened the fourth meeting of the Financial Literacy and Education Commission. Abernathy welcomed Commission representatives and thanked them for their hard work in establishing a national financial education toll-free hotline and Web site, as well as for working toward the development of the first ever national strategy for financial education. Abernathy was joined by Treasury's Deputy Assistant Secretary for Financial Education Dan Iannicola, as well as guest speakers and leaders in the financial services community including Rep. Judy Biggert (IL), United States Mint Director Henrietta Holsman Fore, National Credit Union Administration Chairman JoAnn Johnson, Commodity Futures Trading Commission Chairman Sharon Brown-Hruska, and Comptroller of the Currency Julie Williams.

"I'd like to commend the 20 agencies represented here for the continued commitment each has demonstrated to improving financial education, and in particular for successfully launching www.mymoney.gov and the 1-888-mymoney toll-free hotline," said Abernathy. "Special thanks to Chairman JoAnn Johnson and her staff at the National Credit Union Administration for hosting the MyMoney launch at NCUA headquarters this October."

Abernathy highlighted the Commission's important work in developing a national strategy for financial education, and thanked those who responded to a request for public comment on the national strategy. "The insightful comments we received from individuals, government, private, non-profit and local organizations have provided the Commission with valuable insights for developing the national strategy," he said.

In her address to the Commission, United States Mint Director Henrietta Holsman Fore remarked on the important work the Commission is undertaking and on the Mint's support through its financial education initiatives. "The Commission recognizes that a good credit rating, good money management and saving for the future sets a person on the road to a stable, prosperous life," said Director Fore. "At the United States Mint, we have an extensive educational outreach program for children, called H.I.P. Pocket Change, that not only uses coins to teach history, mathematics and geography, but also financial literacy."

Rep. Biggert expressed her commitment to raising levels of financial literacy and the need for solid personal finance skills to help improve lives. "If our young people learn how to manage money, credit, and debt, they can become responsible workers, heads of households, investors and business leaders," said Rep. Biggert. "But financial literacy is a lifelong process, and it's crucial that we continue our efforts to reach out to people of all ages and economic backgrounds."

The Commission heard from the toll-free hotline and Web site subcommittees on the launch of www.mymoney.gov and 1-888-mymoney in English and Spanish. Commodity Futures Trading Commission Chairman Sharon Brown-Hruska also presented comments on the Web site's launch, milestones and future enhancements.

Federal Deposit Insurance Corporation Deputy Director for Compliance and Consumer Protection Donna J. Gambrell presented comments on the launch of the toll-free hotline, caller feedback and continued promotion.

Treasury's Deputy Assistant Secretary for Financial Education Dan Iannicola also commented on behalf of the Commission's national strategy working group. Iannicola remarked on the Commission's progress to date in developing the national strategy. Iannicola stated that the national strategy working group is working diligently toward its completion in summer of 2005.

Other guest speakers also discussed financial education best practices in their organizations including: Securities and Exchange Commission's Director for Investor Education, Susan Ferris Wyderko; Citigroup's Office of Financial Education Director, Dara Duguay; Students In Free Enterprise President and CEO, Alvin Rohrs; and United Parcel Service Corporate Compensation Manager, Steven Nord.

The Financial Literacy and Education Commission was created by Title V of the Fair and Accurate Credit Transactions Act, signed by President Bush on December 4, 2003.  The Commission is composed of the Secretary of the Treasury and the heads of the Office of the Comptroller of the Currency; the Office of Thrift Supervision; the Federal Reserve; the Federal Deposit Insurance Corporation; the National Credit Union Administration; the Securities and Exchange Commission; the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs; the Federal Trade Commission; the General Services Administration; the Small Business Administration; the Social Security Administration; the Commodity Futures Trading Commission; and the Office of Personnel Management.

The Department of the Treasury is a leader in promoting financial education. Treasury established the Office of Financial Education in May of 2002. The office works to promote access to the financial education tools that can help all Americans make wiser choices in all areas of personal financial management, with a special emphasis on saving, credit management, home ownership and retirement planning. The office also coordinates the efforts of the Financial Literacy and Education Commission, a group chaired by the Secretary of Treasury and composed of representatives from 20 federal departments, agencies and commissions, which works to improve financial literacy and education for people throughout the United States. For more information about the Office of Financial Education visit: www.treas.gov/financialeducation.