Overview
As part of its long-term commitment to financial education, the Department of the Treasury established the Office of Financial Education (OFE) in May 2002, under the leadership of the Assistant Secretary for Financial Institutions and the Deputy Assistant Secretary for Financial Education. The mission of the OFE is to ensure that Americans have access to financial education programs that help them obtain practical knowledge and skills to make informed financial choices throughout their lives. The OFE concentrates its efforts on several issues, including basic savings, credit management, consumer protection, homeownership, and retirement planning. In addition, the OFE is responsible for the Department of the Treasury’s financial education policymaking and for coordinating financial education initiatives within the Department and its bureaus.
The Office carries out its mission in five ways: performing public outreach to increase awareness, setting standards to help raise the effectiveness of financial education programs through the John Sherman Award for Excellence in Financial Education, giving technical assistance to financial education providers, brokering partnerships with those who provide and need financial education, and coordinating the Federal effort by leading the Financial Literacy and Education Commission (the Commission). The Commission, which is composed of 20 federal agencies and is chaired by the Secretary of the Treasury, was created by the Fair and Accurate Credit Transactions (FACT) Act of 2003 and charged with improving the level of financial education in the United States.
Through these types of initiatives, the OFE will continue to deliver important financial education information to both the general public and those with specific financial education needs.
Last Updated:
March 9, 2007
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