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September 20, 2005
JS-2729
Treasury Secretary John W. Snow
Prepared Remarks to Financial Literacy & Education
Commission Meeting
Washington, DC
Good morning. Thank you all for having me here today, and thank you for the terrific work you are doing on this Commission.
Your purpose is true, and your work is meaningful. 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, you have made an historic contribution to our country.
Today your group, and our nation, is faced with a considerable challenge: the rebuilding and revitalization of the region and the lives devastated by Hurricane Katrina.
In the government, we are committed to rebuilding the communities that were ravaged by Katrina, and as we do so we know we must help people rebuild their lives with a sense of hope and opportunity. Our overriding goal must be that everyone has an opportunity to build a better life for themselves and their families. Nothing less is acceptable.
We are fortunate to have a really strong, vibrant economy in this country, and that is going to be critical as we pursue rebuilding efforts. With a strong economy, we can afford to meet any challenge.
The first priority of the government has been to save lives. Rescue, shelter, food and water, medical attention – all these things came first.
The next step is giving people financial footing. Treasury is working to ensure that victims of the hurricane can get access to financial resources, starting with the checks they receive from the government, like Social Security and unemployment pay.
Of course, knowing about the resources available, how to take advantage of them, and how to manage, financially, during this time can be very difficult. That's why Treasury's Office of Financial Education has developed a brochure – which will be available this week – that serves as a roadmap, a financial guide to hurricane recovery for victims of the storm.
The brochure will have toll-free phone numbers to resources that can help with the collection of unemployment insurance, Social Security benefits and FEMA benefits. It provides direction on managing debt, bank and credit union accounts in light of the fact that homes, records and paperwork may have been destroyed. It also some basic tips on budgeting. Perhaps most importantly, it outlines 10 tips for avoiding scams – something that is of concern during a time that tends to be overwhelming and confusing, making individuals vulnerable to things like identity theft.
The brochure will be available for free by calling 1-888-MyMoney, or online at www.mymoney.gov. We'll also make it available, of course, to financial institutions and will even be able to distribute the brochure directly to hurricane survivors in
As the President said in his September 15th address to the nation, the task of rebuilding "will require the creative skill and generosity of a united country" and our vision of the future is not just to rebuild, but to rebuild "higher and better."
After devastating loss, hurricane survivors can look forward to a new start, and the President's vision is that the new life will be better than the one left behind. Government resources and financial education can help them get a foothold on that new life.
And once hurricane survivors are on their feet, I know they will embrace being back in charge of their own lives, making their own decisions. Katrina derailed their independence for a short time, but they'll get it back. That's what Americans do.
Thanks to the generosity of a nation and our unique spirit of hope and independence, I am confident that the residents of places like
We are committed to helping the region re-build, to helping people re-build their lives. And we want to do so in a way that is fiscally responsible. We are a generous people, but we are also a prudent and responsible people. And in government, we have a solemn responsibility to spend the peoples' money well, honestly, effectively.
Will the relief and reconstruction be costly? Of course it will – but I want to assure you that this Administration is not, and will not stray from our course of federal deficit reduction. With continued economic strength – which we will enjoy with the continuance of the President's good economic policies – we'll be able to help our neighbors and continue to reduce our deficit.
Thank you again for having me here today; have a terrific meeting.
REPORTS