December 5, 2005
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Remarks by U.S. Treasurer Anna Escobedo Cabral
before ASPIRA Conference
San Juan, Puerto Rico

Good morning, first I would like to express my sincere thanks to ASPIRA and its members for their gracious invitation. Thanks especially to Ron Blackburn-Moreno and your staff for organizing this fantastic event. I bring you all greetings on behalf of my boss, Secretary John Snow, and congratulate each and every one of you for your amazing work and commitment to education.

It's a special honor to be here with people who care so much about our youth. Since its inception almost 45 years ago, ASPIRA's mission has been to "empower the Puerto Rican and Latino Community through advocacy and the education and leadership development of its youth." This is a truly noble and very important cause.

In the United States, efforts like yours to promote education, including financial education, are of great consequence as the country continues to experience outstanding economic growth, particularly in the recent months.

Most of you are aware of how important it is for our Hispanic youth to be well-prepared and trained to fill the jobs of the 21st century. Hispanics are now the largest minority in the United States, with an estimated population of 40 million. And they are estimated to grow exponentially in the coming years.

Yet, over 30 percent of all Hispanics do not complete high school. The number of Hispanics who do not graduate from four year colleges and universities increase dramatically to 90 percent. Among Hispanics who do complete high school, about 53 percent pursue a post-secondary education immediately after graduation as compared to almost 66 percent of non-Hispanic whites. This shows how essential ASPIRA's efforts really are.

Why? Well, let's first consider the big picture and also consider the difference that a group like ASPIRA can make. Compare the figures I just shared with you to those that reflect the reality of the "Aspirantes" students: ASPIRA has a 95 percent high school graduation rate – and 90 percent college going rate.

Also, since its founding, ASPIRA has provided a quarter of a million youth with the personal resources they need to remain in school and contribute to their community. And it is also my understanding that most mainland Puerto Rican leaders today were encouraged by ASPIRA during their adolescence.

Clearly, the program is making a big difference for the better. This translates not only into benefits for each individual student, but also for the economy of Puerto Rico and the United States.

In the United States, we continue to see a significant growth in our economy thanks to the President's commitment to a pro-growth agenda. Just last week, the government released new jobs figures for the U.S.:

• Payroll employment rose by 215,000 in November.
• The economy has created nearly 2 million jobs over the past 12 months.
• Over 4.4 million jobs have been created since May 2003.

These new opportunities suggest that it is important that we continue to encourage and prepare our youth so that they will be equipped with the skills to compete and be successful in today's and tomorrow's job market.

Now, I want to share with you a little bit about my background, only because I think it will help me convey to you how just one teacher, one educator, can make a difference in the life of another for the better. And also because I hope it will encourage you to continue moving forward with your good work.

Neither of my parents graduated from high school – they faced various unique challenges. They did what they had to do to put food on the table and worked with their hands to make a good life for their children. Their dream was for their children to graduate from high school.

Unfortunately, I did not know of the existence of groups like ASPIRA once it came time for me to make the crucial decision about whether to go to college or get a job right out of high school to help out my family. However, I did know a teacher who cared, and who I believe played an important role in dramatically changing the course of my life for the better.

Like many Latino parents today, my parents back then knew that school was important but didn't consider college a realistic option. I was fortunate that a high school algebra teacher took an interest in me. He helped me fill out college and financial aid applications and visited my home, convincing my father to let me attend the University of California at Santa Cruz. I became the first in my very large extended family to go to college and was later able to enroll at the Kennedy School of Government at Harvard.

One step led to another, and I soon found myself working in of Congress addressing policy issues of importance to the Latino community and all Americans. Today, I have the honor of serving as Treasurer of the United States. An important part of my responsibilities as Treasurer is to promote financial literacy and education, which I take great pride and interest in.

You know, there is a Spanish saying that says: "El que guarda siempre encuentra." This "dicho" or saying has been passed down through generations of my family. I know I am constantly telling my kids to "save your money and "stop spending money on things you don't need" because you never know when there will be a rainy day. Now, the interesting thing is, this "dicho" doesn't just apply to my children, or even your children, but to every single child.

At Treasury, we are working hard to provide our citizens with the right tools that can teach them how to make sound financial decisions and how to build a nest-egg for the future. For instance, Treasury currently leads the efforts of a federal commission comprised of 20 federal agencies – the Financial Literacy and Education Commission – to improve financial literacy of all people across the country.

President Bush understands that acquiring knowledge, and in particular personal financial savvy, is crucial to helping improve individual lives as well as driving the continued steady growth of our nation's strong economy.

And so, noting the importance of enhancing access to tools that can help people make wiser financial decisions, in December of 2003 the President signed legislation establishing this federal commission. As part of its work, the Commission in 2004 launched a national financial education web site and national toll-free hotline – www.mymoney.gov and 1-888-mymoney.

I encourage you to visit mymoney.gov. The site has resources on a whole host of personal finance topics from the federal government including: budgeting, taxes, credit, financial planning, paying for education, retirement planning and more. The web site is an effective tool and great resource you can tap. You can also order a sample of some of the publications that are available on the web – what we call the MyMoney Tool Kit. It has information to help you choose and use credit cards, get out of debt, protect your credit record, understand your Social Security benefits, insure your bank deposits, and start a savings and investing plan. We've made some available for the ASPIRA conference today – please check them out.

Again, these are free tools you can use to integrate financial education lessons in established courses of study – in any classroom at no extra cost. I also encourage their use as a complement to ASPIRA's financial literacy program, which I am glad to hear focuses on serving the Latino community, especially youths from low-income families. Thank you for championing this effort as well. I look forward to working with you in the future on this front.

In closing, I'd like to leave you with this thought in mind: Of all the decisions an individual must make in his or her lifetime, the decision to stay in school and earn a degree is without a doubt of the utmost importance. One does not just learn arithmetic and history, but it is the experience in its entirety that allows a student to mature. Learn how to learn. Accept others who are different, learn from them. These aspects are vital to a young man or woman in becoming a positive impact in society.

And I want to thank you and commend you once more for teaching these important things to the students you serve through your example and unwavering commitment.