Snap Fact #129
President Obama Established The President’s Advisory Council On Financial Capability To Assist Citizens To Achieve Financial Security!
On January 29, 2010, President Obama signed the Executive Order establishing the President’s Advisory Council on Financial Capability to assist in financial education for all Americans. The Council began its operations that October. The Council's mission is to ensure that each citizen has the resources to understand financial matters and make informed financial decisions. The Council was also mandated to make access to financial resources more available, and to also provide active consumer protection. When all is said and done, the members of the council have the daunting tasks of protecting both consumers rights and access while balancing that with the country’s financial stability as well.
The committee's makeup includes non-governmental specialists from a variety of fields including consumer support, community development, financial planning, and education.
Their challenge is to reach out to various groups such as college students, working adults, and other categories of citizens and provide them with the services mentioned. The Council literature states, "We believe that Americans deserve not only improved financial education, but also access to the tools and resources needed to make smart financial decisions."