Snap Fact #129

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." 

The Financial Literacy and Education Commission has launched its National Strategy for Financial Literacy to educate and advise Americans on the path to financial security. April 9th, 2012 will be their 6th meeting. One of the Council's projects is The National Financial Capability Challenge, an awards program designed to increase the financial knowledge and capability of high school aged youth across the United States so they can take control over their financial futures. It challenges high school teachers and other educators to teach the basics of personal finance to their students, and rewards students, educators, schools, and states for their participation and their success. Educators and top-scoring students will receive award certificates. The Challenge will run from March 12 to April 13, 2012.