FROM THE OFFICE OF PUBLIC AFFAIRS

May 25, 2005
JS-2469

The Honorable John W. Snow
Prepared Remarks
Financial Literacy and Education Commission Meeting
Washington, DC

It's my pleasure to welcome you all to the Treasury Department, and to its historic Cash Room.

We often talk about the history that echoes in this room… but I want to point out that history is still being made in this room today, and your group is a perfect example of that fact.

Yours is the kind of public-private coordination that really makes a difference in people's lives, and you are to be commended for that. Every time your work gives a young person – or a new American, or a baby boomer – the tools and knowledge they need to strengthen their financial future and protect themselves from identity theft, you have made an historic contribution to our country.

Every time a student leaves a "Teach Children to Save Day" event and opens a savings account, your work has made a difference. Every time a worker learns more about saving for their retirement from mymoney.gov or the 1-888-mymoney hotline, your work has mattered. And, down the road, when fewer young people are declaring bankruptcy and the national savings rate has increased… your work will have changed lives.

So I want to thank you for your commitment to this issue that is fundamentally important to all Americans. I'm extremely proud that President Bush and his administration are so dedicated to this cause. And I'm looking forward to seeing the national strategy for financial education next month, which I know you've worked very hard on.

You are capitalizing on a tremendous opportunity to start fresh with a new generation… to ensure that tomorrow's young adults understand how important it is to save, and how to protect themselves from identity theft, in the same way that they understand the basics of physical health or road safety.

As I've traveled the country to talk about saving and strengthening Social Security, it has been easy to see that there is a tremendous interest on the part of high school and college students to learn the financial facts of life. Young people want to know how to manage a credit card, how to save and invest. They have a growing appreciation for how important it is to save for retirement at the beginning of a career, not at the end.

As my son often tells me, young people don't believe Social Security will be there for them… so they want to learn about how to invest and save for their own retirement. The President and I hope that they will have the opportunity to save, to build a nest egg, as part of the Social Security system, and I believe that this interest in financial learning among younger generations will really help the launch and success of personal accounts.

One of the best things to come out of the Social Security debate so far has to do with financial education. Thanks to the President's leadership, more Americans understand how Social Security really works, and why its fiscal future is bleak.

There is also an increased appreciation for the need to get involved in one's own retirement future. Participating in the Social Security debate is part of that involvement, as is contributing to one's 401(k) or IRA.

The shape of the Social Security program for future generations is still a work in progress, but I believe that we can be very proud of the financial education that the debate has engendered thus far.

Thank you again for the excellent work you are doing on this Commission… I don't want to delay that work any longer, so I'll let you start this meeting by welcoming Chairman Dreier to the stage. Mr. Chairman, thank you for joining us…