Financial Literacy and Education Commission
Encyclopedia
The Financial Literacy and Education Commission (the Commission) was established under Title V, the Financial Literacy and Education Improvement Act which was part of the Fair and Accurate Credit Transactions Act (FACT) Act of 2003
, to improve financial literacy
and education of persons in the United States. The FACT Act named the Secretary of the Treasury as head of the Commission and required 19 other federal agencies and bureaus to participate in the Commission. The Commission coordinates the financial education efforts throughout the federal government, supports the promotion of financial literacy by the private sector while also encouraging the synchronization of efforts between the public and private sectors.
Fair and Accurate Credit Transactions Act
The Fair and Accurate Credit Transactions Act of 2003 is a United States federal law, passed by the United States Congress on November 22, 2003, and signed by President George W. Bush on December 4, 2003, as an amendment to the Fair Credit Reporting Act...
, to improve financial literacy
Financial literacy
Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances...
and education of persons in the United States. The FACT Act named the Secretary of the Treasury as head of the Commission and required 19 other federal agencies and bureaus to participate in the Commission. The Commission coordinates the financial education efforts throughout the federal government, supports the promotion of financial literacy by the private sector while also encouraging the synchronization of efforts between the public and private sectors.
National strategy
Taking Ownership of the Future: The National Strategy for Financial Literacy is a comprehensive blueprint for improving financial literacy in America, published by the Commission. This national strategy covers 13 areas of financial education and contains 26 specific calls to action.Members
Member departments and agencies include:- Board of Governors of the Federal Reserve System
- Commodity Futures Trading CommissionCommodity Futures Trading CommissionThe U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
- Federal Deposit Insurance CorporationFederal Deposit Insurance CorporationThe Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
- Federal Trade CommissionFederal Trade CommissionThe Federal Trade Commission is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act...
- National Credit Union AdministrationNational Credit Union AdministrationThe National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
- Office of the Comptroller of the CurrencyOffice of the Comptroller of the CurrencyThe Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
- Office of Thrift SupervisionOffice of Thrift SupervisionThe Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
- Small Business AdministrationSmall Business AdministrationThe Small Business Administration is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses...
- Social Security AdministrationSocial Security AdministrationThe United States Social Security Administration is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors' benefits...
- U.S. Department of Agriculture
- U.S. Department of Defense
- U.S. Department of Education
- U.S. General Services Administration
- U.S. Department of Health and Human Services
- U.S. Department of Housing and Urban Development
- U.S. Department of Labor
- United States Office of Personnel Management
- U.S. Department of the Treasury
- U.S. Department of Veterans Affairs
- U.S. Securities and Exchange Commission