Financial Capability Council Presents Report to President Obama

Recommendations Aim to Improve Financial Literacy

Date: February 19, 2013

Contact: Paul Golden 303-224-3514, pdg@nefe.org

WASHINGTON, D.C. — The bipartisan membership of the President’s Advisory Council on Financial Capability February 19, issued its report to President Barack Obama, offering 15 recommendations designed to assist the American people in better understanding financial matters and making informed financial decisions.

In its meeting at the White House, members from the 15-member Council presented the report to President Obama and key White House and Treasury officials, including Gene Sperling, director of the White House Economic Council, and Neal Wolin, acting secretary of the U.S. Department of the Treasury.

“One of our most significant understandings as a result of our two years of work is that financial capability is balanced upon three legs,” says Ted Beck, Council member and president and CEO of the National Endowment for Financial Education. “Financial education, effective regulation, and thoughtful design of options, also known as choice architecture, need to be present in appropriate amounts in order to build and sustain financial capability in consumers. Financial education will be more effective in an environment that supports financial capability.”

The Council’s four top recommendations focused on the consistent and continuing integration of financial education into Americans’ lives: in families and schools; in workplaces; in local communities; and through an appropriate balance of research-based education, regulation and product design to benefit consumers. Several resources endorsed by the Council are available free to the public, including MoneyAsYouGrow.org and the “Creating Financially Capable Communities” and “Financial Capability at Work” blueprint booklets. The Council also laid the foundation for an initiative to incorporate personal finance competencies into teaching of the Common Core State Standards for English and mathematics in grades K-12.

The presentation of its report and official recommendations concludes the work of the Council, which President Obama issued under Executive Order 13530 on January 29, 2010.

To read the official documents and for more on the Council’s work, click here.

To view the Council’s report to the President, click here.

About the President’s Advisory Council on Financial Capability
The President’s Advisory Council on Financial Capability was created by President Barack Obama in January 2010, to advise the President and the Secretary of the Treasury on ways to improve financial capability among all Americans. The 15-member Council includes representatives of nonprofits, private sector companies, academia, state government and other organizations dedicated to the delivery of financial education.

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Contacts

  • Paul Golden

    Media Relations Director

    Direct: 303-224-3514
    Cell: 303-918-3620
    pdg@nefe.org

  • Patricia (Pat) Seaman

    Senior Director of Marketing and Communications

    Direct: 303-224-3538
    pas@nefe.org

Contacts

  • Paul Golden

    Media Relations Director

    Direct: 303-224-3514
    Cell: 303-918-3620
    pdg@nefe.org

  • Patricia (Pat) Seaman

    Senior Director of Marketing and Communications

    Direct: 303-224-3538
    pas@nefe.org