Financial Literacy Education Commission Sets Agenda for National Strategy

Financial Literacy Education Commission

Developing a long-term nationwide strategy for building financial competencies among Americans was the impetus behind the formation of a financial literacy education commission in 2003. This commission falls under the umbrella of the U.S. Department of Treasury’s Office of Financial Education, which in turn is overseen by the Office of Consumer Policy.

The commission was established under the auspices of the Fair and Accurate Credit Transaction Act of 2003, and its major tasks were identified as creating a national financial education website and setting the research, curriculum development, and educational agendas for promoting financial literacy around the U.S. To support the commission’s objectives, an academy of financial literacy emerged the same year known as the National Financial Educators Council. This council is an independent, socially responsible organization that creates curriculum and workshop resources based on best practices for financial education.

The federal commission is chaired by the Secretary of the Treasury and vice-chaired by the Director of the Consumer Financial Protection Bureau. Commission members are heads of the following agencies with interest in promoting financial literacy:

  • Office of the Comptroller of the Currency
  • Federal Deposit Insurance Corporation
  • National Credit Union Administration
  • Department of Agriculture
  • Department of Education
  • Department of Defense
  • Department of Health and Human Services
  • Department of Housing and Urban Development
  • Department of Labor
  • Department of Veterans Affairs
  • Securities and Exchange Commission
  • Federal Trade Commission
  • General Services Administration
  • Social Security Administration
  • Commodity  Futures Trading Commission
  • Office of Personnel Management
  • White House Domestic Policy Council
  • Federal Emergency Management Agency

One of the most important stated commission goals is promoting youth financial literacy; thus the “Starting Early for Financial Success” program has been given top priority. Building programs that improve financial literacy for kids will make a real difference in their lives as they mature.