FROM THE OFFICE OF PUBLIC AFFAIRS

October 1, 2004
JS-1975

Treasury Welcomes Public Comment
on Development of National Strategy for Financial Education

Treasury's Office of Financial Education today called on financial education advocates, as well as government, academic, nonprofit and the private sectors, to respond to its request for public comment on behalf of the Financial Literacy and Education Commission for development of the first-ever national strategy for financial education.

The Financial Literacy and Education Commission was established under Title V, the Financial Literacy and Education Improvement Act, of the Fair and Accurate Credit Transactions Act of 2003 (P.L. 108-159). The Act calls for the establishment of a national financial education toll-free hotline and website, as well as the development of the country's first national strategy for financial education.

Deputy Assistant Secretary for Financial Education, Dan Iannicola, Jr., is leading the Commission's efforts to develop the national strategy. Iannicola emphasized the value and insight that may be gained by tapping into the expertise of groups for development of the national strategy. "All across America, dedicated groups and individuals are working to meet our country's need for financial education," said Iannicola. "Through this request for comment, we hope to learn from those who are making a difference in their communities by using financial education to improve lives. We'll use their insights to craft a sound national strategy to raise our country's level of financial knowledge."

The request for comment was filed at the Federal Register and was published on August 26, 2004. The comment period runs through the end of October of 2004. More information on the request for public comment for development of the national strategy can be found at: www.treas.gov/offices/domestic-finance/financial-institution/fin-education/strategy.shtml.

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.

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