The Federal Government’s Role in Improving Financial Literacy
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07/05/13Research has shown that many Americans lack the knowledge of basic personal economics they need to make informed financial judgments' and manage their money effectively. Title V of the Fair and Accurate Credit Transactions Act of 2004, known as the Financial Literacy and Education Commission, comprised of 20 federal agencies, and charged it with coordinating federal efforts and developing a national strategy to promote financial literacy. The act also mandated that GAO report on recommendations for improving financial literacy among consumers. This article is a review of the findings of the GAO.