FROM THE OFFICE OF PUBLIC AFFAIRS

Good morning, and welcome, everyone, to the Department of the Treasury. It’s always a pleasure to bring guests to this historic building, and particularly to this incredible room.

The group who has gathered here today is impressive by anyone’s standards.

It strikes me that any cause, any organization, would be honored, and fortunate to attract just one or two of these individuals to work and speak on its behalf.

I’m pleased to say that this fine group of men and women are here today because they are all dedicated to Financial Literacy.

So, welcome: Chairman Greenspan, Chairman Powell, Chairman Muris, Director Gilleran, Commissioner Barnhart, Chairman Dollar and the representatives of the other Commission members.

Welcome, and 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.

It has been said that, regardless of how much money you have, wisdom has to be acquired on the installment plan.

Similarly, it is true that regardless of an individual’s income, saving must be done steadily, deliberately, over a lifetime.

Learning about how to become, and stay, financially healthy, is a life-long pursuit as well.

And that’s why we’re here today.

So many individuals and organizations – across the many agencies of government, among members of Congress, and throughout the private sector – are dedicating major resources to improve financial literacy in America.

In other words, there is a serious movement afoot, and it is a good one. And this commission is not intended to replace those efforts… but, rather, to complement them, act as a point of synergy for them, and of course to give them institutional support.

A bit of history behind today’s inaugural meeting:

The Treasury Department’s Office of Financial Education was created by this Administration in May of 2002.

Its work was then recognized by Congress in the same action that created this commission… that is: Title Five of the Fair and Accurate Credit Transactions Act, which the President signed this past December.

Treasury’s Financial Education Office will serve as the supporting office for this new Commission.

Our work is to complement, encourage and sometimes coordinate the work of so many individuals and institutions that are committed to greater financial literacy in America. I would also like to see us identify some areas that need the most help, the quickest.

For example: we have 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.

There is a tremendous interest on the part of high school students to learn the financial facts of life: how to manage a credit card, how to save and invest, how important it is to save for retirement at the beginning of a career, not at the end.

When you consider the fact that the financial tragedy of bankruptcy is growing fastest among young adults in their early 20s, it becomes clear that we must work to satisfy the natural desire of young people to learn now and therefore reduce this problem for the next generation.

Another group that has an immediate need is our population of new immigrants to this country.

Many new immigrants come to America from places where consumer financial services are not common, where checking accounts and credit cards and mortgage loans are virtually unknown, and where a bank is not seen as a safe place to put your money.  They do not know how to get involved in the financial mainstream here, and so they remain outside of the mainstream, prey to the loan sharks and the financial predators. 

This commission, and anyone who is passionate about financial literacy, should reach out to these people to help bring them into the financial mainstream, where they can safely build up their assets, invest and save for their futures and their children’s futures.

I’m excited to work with the esteemed members of this Commission to address these and other issues in the realm of financial literacy. I envision this Commission as a forum where we work together, where we learn from each other… ultimately discovering what works, what doesn’t, and how we can best succeed. 

Together, we will work with the financial literacy community in reaching out to the millions of people in the multitude of different ways that we collectively offer.

Thank you very much.