Senate Committee on Homeland Security & Governmental Affairs
Hearings
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The Federal Government's Role in Empowering Americans to Make Informed Financial Decisions
Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia
Monday, April 30, 2007
02:30 PM
Government and private studies, statistics, and national surveys indicate that far too many Americans of all ages lack the knowledge to make informed decisions regarding their personal finances. Financial decision-making also has become so complicated that most individuals stand to benefit from further financial education. Lack of understanding and uncertainty about financial matters and decision-making leaves individuals of all age groups and income levels unable to understand the ramifications of their decisions and vulnerable to predatory practices. Financial illiteracy has numerous negative consequences, which include excessive credit card and household debt, the payment of excessive fees, and the inability to save for retirement, a first home, education, or other long-term goals.
Witnesses
Panel 1
-
The Honorable Sheila Bair
[view testimony]
Chairman
Federal Deposit Insurance Corporation
Panel 2
-
Mr. Morgan Brown
[view testimony]
Assistant Deputy Secretary for Innovation and Improvement
U.S. Department of Education -
Mr. Dan Iannicola, Jr.
[view testimony]
Deputy Assistant Secretary for Financial Education
U.S. Department of the Treasury -
Mr. Robert Danbeck
[view testimony]
Associate Director for Human Resources Products and Services Division
Office of Personnel Management -
Ms. Yvonne Jones
[view testimony]
Director, Financial Markets & Community Investment Team
U.S. Government Accountability Office
Panel 3
-
Dr. Robert F. Duvall
[view testimony]
President and CEO
The National Council on Economic Education -
Mr. Stephen Brobeck
[view testimony]
Executive Director
Consumer Federation of America