Financial Literacy and Education Commission Convened on Comprehensive Financial Education Agenda

Financial literacy enthusiasts praised the agenda and outcome of the recent meeting of the Financial Literacy and Education Commission at the U.S. Department of the Treasury. The agenda covered a broad range of financial literacy topics, and focused a discussion of financial education for federal employees, as well as recent financial education and capability research conducted by numerous federal agencies.

The Commission, chaired by the Secretary of the Treasury and the vice chaired by the Director of the Consumer Financial Protection Bureau, was established to promote financial education literacy and to coordinate the financial literacy strategy and initiatives of its members. The membership is comprised of the heads of twenty-one federal agencies and all activities are organized and managed within the Treasury Department’s Office of Financial Education, which is housed in the Office of Consumer Policy.

This November meeting of the Commission follows what many industry watchers agree was a very successful meeting in May during which comprehensive financial literacy updates were provided by Richard Cordray, Director of the Consumer Financial Protection Bureau, Melissa Koide, Deputy Assistant Secretary for Consumer Policy at the U.S. Department of the Treasury, and Mary Miller, Under Secretary for Domestic Finance at Treasury. The meeting also featured a panel on the topic of retirement savings and young people, which was moderated by Judy Mares, Deputy Assistant Secretary for Employee Benefits Security Administration at the Labor Department. A report on the activities and plans of the Commission was presented by Melissa Koide, Deputy Assistant Secretary for Consumer Policy at Treasury, which was well received.

The Commission continues to focus on the implementation of the National Strategy for Financial Literacy, which was outlined in the Commission’s report constituting the concrete steps required to develop and execute the key elements of an overall national financial education strategy. Each chapter of the national strategy report calls for specific actions designed to enhance financial literacy for individuals and families throughout the nation and beyond.

Public meetings of the Commission remain highly anticipated and well attended events, as the meetings continue to serve as important hubs for information exchanges among key stakeholders in the financial education space. FinancialCorps will continue to keep you updated regarding meetings of the Commission and other important events within the local, national and global financial literacy industry.