Dreier Introduces Financial Literacy
Enhancement Act
October 16, 2003
WASHINGTON, DC - Congressman David Dreier (R-CA), Chairman of the House Rules Committee, introduced legislation yesterday that directs the Secretary of the Treasury to implement a national public service campaign to highlight the importance of financial literacy for all Americans. The Financial Literacy Enhancement Act, H.R. 3294, was introduced with strong bipartisan support.
Letters of Support:
American Bankers Association
Credit Union National Association
National Association of Federal Credit Unions
"In today's 21st century economy, the advent of the Internet and wider access to financial products provide Americans with greater opportunities to save for education, buy a first home, or plan for retirement," Dreier said. "Raising public awareness regarding the importance of financial literacy is an important first step to help more Americans join the growing 'Investor Class' and attain financial independence."
Specifically, H.R. 3294, would direct the Secretary of the Treasury to:
- develop, implement, and conduct a pilot national public service multi-media campaign to enhance the state of financial literacy in the United States;
- work with an organization that is qualified in the distribution of public service campaigns and has secured private sector funds to produce the campaign; and,
- select and work with nonprofit, public, or private organizations that are experienced in the field of financial education to develop the public service campaign.
"Public service ad campaigns, when done well, have raised awareness and shifted attitudes and behavior around critical social issues," Dreier said. "Some campaigns, such as 'Friends Don't Let Friends Drive Drunk', have even achieved iconic stature in American popular culture. A national financial literacy public service campaign will help focus Americans on the importance of the necessary understanding, skills, and abilities needed to properly manage one's finances throughout life, allowing them to secure financial stability and provide for their families."
Original co-sponsors of H.R. 3294 are Representatives Spencer Bachus (R-AL), Judy Biggert (R-IL), Ruben Hinojosa (D-TX), Paul Kanjorski (D-PA), Sue Kelly (R-NY), Mike Oxley (R-OH), Earl Pomeroy (D-ND), and David Scott (D-GA).
