FROM THE OFFICE OF PUBLIC AFFAIRS

October 21, 2004
JS-2048

Treasury Officials Join Bankers in Schools Across the Country
to Promote Financial Education

Officials from the U.S. Treasury Department teamed up with local bankers from around the country today for the second annual Get Smart about Credit Day. Partnering with the American Bankers Association Education Foundation, ten Treasury officials visited high schools, a community college, and an Airmen Leadership School to teach young people how to budget, use credit responsibly, and build a positive credit history. 

"Today young people all across America are learning how to get control of their financial futures by managing their use of credit.  Mismanagement of credit can cause a host of problems, including late fees, garnishment, repossession and bankruptcy," said Treasury's Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. "However, the wise use of credit can bring into reach things like a higher education, a home or a car. The difference is education."

The ABA Education Foundation, a non-profit subsidiary of the American Bankers Association, develops and provides financial literacy educational programs. The foundation has supported the banking industry in teaching personal finance skills in schools and communities across the country.  It provides programs that are specifically created for young children, teenagers, and adults to provide them with the skills they need to budget, save, and manage credit. 

The Department of the Treasury is a leader in promoting financial education.  Treasury established the Office of Financial Education in May of 2002. The Office works to promote access to the financial education tools that can help all Americans make wiser choices in all areas of personal financial management, with a special emphasis on saving, credit management, home ownership and retirement planning.  The Office also coordinates the efforts of the Financial Literacy and Education Commission, a group chaired by the Secretary of Treasury and composed of representatives from 20 federal departments, agencies and commissions, which works to improve financial literacy and education for people throughout the United States.  For more information about the Office of Financial Education visit: www.treas.gov/financialeducation.