New Financial Literacy Commission

Normal, AL, Feb. 3, 2004---United States Secretary of the Treasury John Snow recently chaired the first meeting of the Financial Literacy and Education Commission. Representatives from more than 20 federal departments, agencies and commissions were present, including Federal Reserve Board Chair Alan Greenspan and delegates from CSREES on behalf of Agriculture Secretary Ann Veneman.

“Financial literacy is often the key to financial security,” Snow said. “By coordinating our many ongoing efforts and joining forces with the financial literacy community, the commission can work together, learn from each other and discover how we can best succeed in our efforts to make Americans aware of the many benefits of our financial system including opportunities to save, plan for the future, use credit wisely and purchase a first home.”

The goal of the commission is to encourage financial education and to improve the financial literacy level of consumers in the United States. The commission intends to work with the public and private sectors to determine the best practices. In addition to promoting financial literacy, the commission will establish a Web site that will serve as a clearinghouse to announce education programs and grant funding opportunities, as well as to establish a toll-free hotline that will provide financial literacy information to the public.

According to the Federal Reserve, Americans are now trillions of dollars in debt for the first time in history, and a record 1.6 million Americans filed personal bankruptcy last year alone. Financial literacy is not only critical to the nation’s economy, but it is also important in helping Americans avoid or recover from financial hardships.

“The formation of the commission also means that Extension resource management specialists will have the opportunity to become personal finance experts in their respective states. They are in an excellent position to create financial literacy programs that will directly impact the lives of consumers across the United States,” said Dr. Bernice Wilson, an Alabama Cooperative Extension System resource management specialist.

The Financial Literacy and Education Commission was created as a result of Title V of the Fair and Accurate Credit Transactions Act to further help Americans tackle such issues as identity theft, consumer disputes, accurate reporting of financial records and access to consumer credit information.

For more information, contact Dr. Bernice Wilson, at (256) 372-4969.

Source: Department of the Treasury

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